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Principles For Budgeting Under 25

As you enter university, a new life living away from home as well as financial freedom can come as new territory for anyone. Part of adulting is being able to manage one’s finances well.It is essential to create a budget to keep track of one’s expenses and income. Before putting pen to paper on the elements that make up a great budgetting system, it is key that one understands what makes up a great budget.

1.Be Realistic

A practical approach to the income you expect every month and your expenses including your spending of drinks and food are key considerations. Whether you are a student new to adulting or a seasoned graduate who now receives a sizeable salary, budgetting could help you stay financially independent.

2.Always Be Aware of Your Expenses and Income

When living on a weekly allowance, the term “shoe-string budget” is a realisty for many. Getting acquainted with the money you expect to receive and the cash you will use in the month will keep you on your toes. Always include your savings and cash that could be required in for emergencies and micellaneous activities. Be honest with yourself to ensure that your budget works well for you.

3. Stick To The Allocated Budget

When you do finally come up with a budget, ensure that you follow through with the estimated expenditures. One of the most difficult aspects of adulting is making tough decisions. When changing your spending habits, always prioritise the most important aspects for your monthly expenses.

Check out the video below to learn how to make a simple budget on Excel.

 

 

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