Sometimes students run out of their stipend due to one unnecessary spending or the other. However, if they cultivate the good habit of managing their stipend it may well relieve them of the burden of being cash-strapped when they actually need money.
Here are ways to properly manage your stipend:
DRAW UP A BUDGET
When your parent give you stipend when going back to the campus, always draw up a budget that will indicate where money comes to you and how you wish to spend them. But ensure you don’t go outside your budget. Be disciplined enough to stay within your budget.
OPEN BANK ACCOUNT
As a student ensure you open bank account where you can save your money. Let the bank be around your campus so that you can cut down expenses on transportation fare. Always save money into the account and get necessary ATM card.
SEEK SCHOLARSHIP OFFER
Look for scholarship offer. This will relieve you and your parent. This kind of opportunity ensure that you don’t spend your entire stipend. It takes the payment of some fees off your parent’s and your necks.
THINK OF OTHER SOURCES OF INCOME
Look for other sources of income that can earn you more money. Consider part time job, or think about how you can leverage on your skill and endowment to fetch you more money.
STOP BUYING ON EMOTION
Never let emotion determine your pattern of buying. Don’t buy what you don’t plan for. Don’t be pushed to copy others, otherwise you may end up spending your entire stipend. Discourage impulse buying.
COOK YOUR OWN FOOD
The best thing sometimes is to cook your food yourself so that you don’t incur unnecessary spending. You spend more when you eat outside or buy food from vendors.
CUT DOWN TRANSPORTATION FARE
It might be advisable that you cut down expenses on transportation fare. Consider using public transport instead of commuter buses that charge high fare. You might even need to trek if where you are going is within a trekking distance. When you trek, you may be exercising your body, however avoid unnecessary stress.
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