How to Manage Your Expenses

Where does my money go?! All of us have found ourselves asking this question, haven't we? Well, those financial literacy classes may not help you much, but maybe these tips will.

• Create a budget.The process of creating a budget involves anticipating and planning for future spending. It requires meticulous planning for how much expenditure is anticipated in the future. It is strongly advised that students create a budget for each area, such as food, phone, travel, etc.

• Keep a track of all your expenses. Each person should be very aware of where their money is coming from and going. You may find out where you overspend and where you squander money by keeping track of your costs. You can keep an Excel or pen and paper spending log. To make budgets and keep track of your costs, you may also utilize several money management apps if you have a smartphone. Examples of these apps include:

- Monefy

- Spendee

- Goodbudget

• Separate wants from needs. Your costs should be divided between expenses for needs and expenses for indulgences. No matter what, you must pay the necessary bills. On the other hand, you can postpone the luxuries based on your financial flow.