I cannot overstate the importance of starting to become financially self-independent.
Managing time for self-care is as important as taking care of someone you love.
Spending money is not OK either. Self-care could include taking care of the budget, expenses, and cash flow.
Here are some reasons every student should take care of their finances:
1. Making a wish list of things you wish to buy hoping it is the latest trend and you just need to have it. While having it may give you a momentary sense of satisfaction, a healthier financial habit would be to make a list of things you want to buy and then at the end of the month treat yourself to one item that would satisfy your shopping urge.
2. Rather than buying products in the middle of a 20% discount or black Friday sale, purchase shares of those companies, because sales of a company impact its profit and revenue generation as well as its stock price. (Not a suggestion, but a great trick!)
3. Spend less on your pockets and try to save more every month. You often intend to save, but you only spend your pocket money. Keeping track of your cashflows will make you aware of your spending patterns and allow you to realize what is essential and what is not.
4. “Price is what you pay. Value is what you get.” and “If you buy things you don’t need, you eventually will have to sell the things you need.” These are both quotes by Warren Buffett.
5. Last but not least important is that it is not necessary to have it all figured out, life skills like personal finance are crafted by spending time on them, reflecting, and setting new goals moving forward. You just need to start.
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