Knowing how to effectively track and
manage your college allowance will let you know if you need to get a part-time
job or solely depend on your parents.
Having your own money that you yourself earned can be fulfilling and
will prepare you once you graduate and get a place of your own and be
independent. Get started on being a wise
spender and saver by taking note of the following:
Write down your expenses
Jotting down your expenses will help you
realize how real your allowance is – that it disappears as fast as it
came. This is somewhat a money journal,
where you document every spending that you do every minute of everyday.
Use an Excel spreadsheet
This will be efficient if you do not
like long-hand writing and is constantly glued to your laptop or tablet or
desktop computer. Just create the basic sum and minus formulas and you have an
automated computation of your spending.
Sign up with personal finance sites
Mint.com and other related sites offer
money management and goal-setting for those who need outside help in
reconciling what you have and what you spend on and what you should be keeping
as emergency savings. Some are paid and others are free.
Resources:
