Why do most students have such a low chance of getting on a budget?
It’s not just because you don’t have to pay tuition.
Another reason is that they pay a scholarship even for minimum grades.
And this is quite a good help for first-year students.
Today we will tell first-year students about the basics of financial literacy and how to make the most of their scholarship.
Expense and Income Accounting
How is it that we can’t explain where we spend so much money?
The thing is that our brain perceives information in small portions, which is successfully used by cunning marketers.
Be sure to keep an account of finances, which will help you find black holes and get rid of them, adjusting the necessary expenses.
And it will be nice to remember what you bought on your first scholarship when you were a student.
Solution: you can keep records the old-fashioned way (in a notebook with a pen) or the modern way (mobile applications like Coinkeeper).
Controlling Your Purchases
The first step is not to be influenced by advertising.
And even when thinking about what to buy on your scholarship, don’t fall for the first advertising appeal.
Second – learn to separate what you want from what you need.
Make up your mind, is this purchase more necessary to you or the sellers?
Solution: if you decide to buy, ask yourself twice if you really need it.
What’s it for? How will it be used?
Better yet, put the purchase off for 2-3 days and if you’re still thinking about this thing, go back and buy it.
The Ability to Save From Any Amount
The size of your scholarship doesn’t matter.
Your task is to learn to save 10% from any income: salary, scholarship, birthday money, from a hundred dollars found at the stall.
This habit will help you save quickly and always have a safety cushion.
Over time, this method will transform into a primary investment or even an additional income.
Solution: find a regular piggy bank or open a standard savings account at the bank.
Even better if the account has percentage savings.
It’s a small thing, but it’s nice.
And if you can trust no one, choose a deposit that cannot be withdrawn before the deadline.
The Ability to Give Back
This secret is shared by many millionaires who before their wealth have got used to giving 10% to charity.
Somehow, the money invested comes back in large quantities.
No one knows how it works.
But centuries of history have shown that the theory works.
Magic or not, why not take advantage of it?
Solution: it’s no secret that today there are real charities as well as fake ones.
Want to invest in a worthy cause?
Choose a trusted foundation.
Important: When giving money, do it gratuitously, that is, donate it.
If you don’t expect gratitude in return, your luck will return at the most appropriate moment.
And, of course, life favors in every way those who do not sit around doing anything, but who are constantly on the move and looking to earn money.
It is good if the newly enrolled student will not be pleased with little, and will find stable and good earnings.
And if studying actively gets in the way, there is always a reliable help service nearby that you can turn to PaperHelpWriting and study financial literacy.