Money management paper Education Essay Research Paper

Money Management
Your Name
Subject and Section
November 27, 2018
Managing one’s finances is essential for all people from all walks of life. This becomes even more important for students who are in a tighter budget due to the student loans and daily expenses that they have to deal with. Being a student myself, I found that saving money involves a different approach for students as compared to those already working, due to a multitude of various factors. For one, students are focused mostly on their academics and their social life. Due to the demands of school work, many are tempted to indulge themselves in luxuries (e.g., vacation, shopping, parties, etc.) after an exam thinking that they highly deserve it. However, this is one of the recurring problems that I tried to solve as a student because this behavior could lead to even more debt, which could affect my future. In doing this, what I did first was opened a separate bank account. Every after I get my allowance, I make sure that I allow certain percentages of what I receive to different necessities such as clothing, housing, and paying-off debts among others. Nonetheless, prior planning all of these, I immediately save 10% of what I get, place it in the bank, and completely forget about it. Although most financial planners would say that the best money-management strategy is 50-30-20 rule (50% – necessities, 30% - discretionary items, and 20% - savings), this 10% rule is still the best considering my case as a student (Pant, n.d.).
Aside from prioritizing saving money after receiving my monthly allowance, I also make sure th...