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THEME 3 Introduction Money Management Do you know people who handle money carelessly? Lots of seemingly smart people are clueless about where they stand financially. There is Beverly, a professional

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1. Create a budget: Start by making a list of all your income sources, including allowances, part-time jobs, or scholarships. Then, make a list of all your expenses, such as rent, groceries, transportation costs, and entertainment. Deduct your expenses from your income to see how much money you have left for saving or discretionary spending.
2. Track your expenses: Keep a record of every purchase you make, whether it's a cup of coffee or a textbook. Use a budgeting app or a simple spreadsheet to categorize your expenses and see where your money is going. This will help you identify areas where you can cut back and save more.
3. Separate needs from wants: Prioritize your expenses and distinguish between essential needs and non-essential wants. Focus on covering your basic needs first, such as food, shelter, and utilities. Then, allocate a portion of your income for discretionary spending on non-essential items or experiences.
4. Cut unnecessary expenses: Once you've tracked your expenses, look for areas where you can make cuts. For example, consider cancelling unnecessary subscriptions, eating out less frequently, or finding cheaper alternatives for entertainment. Redirect the money saved towards your savings or paying off debts.
5. Set financial goals: Determine short-term and long-term financial goals for yourself. These goals could include saving a certain amount of money each month, paying off student loans, or saving for a specific purchase or experience. Having clear goals will motivate you to manage your money effectively.
6. Build an emergency fund: Start setting aside a portion of your income into an emergency fund to cover unexpected expenses like car repairs or medical bills. Aim to save at least three to six months' worth of living expenses in case of a financial emergency.

Who needs managing your money- student?

1. College students: Managing your money is crucial for college students who are often faced with various expenses such as tuition fees, textbooks, accommodation, and daily living costs. Learning how to effectively manage money can help them avoid debt and financial stress.
2. Recent graduates: As students transition into the workforce, managing their money becomes even more important. They will have to navigate expenses like rent, utilities, loan repayments, and saving for future goals. Developing good financial habits early on can set them up for long-term success.
3. Young adults: Managing money is relevant for all young adults, whether they are in school, starting a career, or pursuing further education. Building financial literacy and practicing responsible money management can lead to a more secure and prosperous future.

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