It’s 2016 and I feel that a student’s New Years Resolution should be to manage their finances effectively

Many have already mastered this great skill, however they are some who still struggle and I know it can be hard when your Student Finance drops and you are surrounded by January sales. Trust me, I know the feeling. But you have to learn to discipline yourself, as doing so can save you from a lot of stress. Imagine, at the end of the year, you could be that person we all envy who has extra money to spend on whatever you want during the long summer holidays.

Self control

In order to be that one person, you have to have self-control. How many times have your friends suggested going on a night out and you know that you cant afford to, yet you still manage to fork out the money? This has to be left in 2015. There is nothing wrong with saying no – maybe suggest a movie night in at yours and look for domino’s pizza deals, which will be very inexpensive, especially if it’s a large group of friends.

Come up with a plan

I know so many people who don’t even know how much money they have in their account, yet continue to spend with no plan of action in place at all. As soon as your money from Student Finance drops, you should come up with a plan that will help guide you, so that you wont be struggling and living off pot noodle towards the end of the year. Your rent should be paid before anything else and from there you can begin to calculate the amount of money you’re going to spend on food, toiletries, clothing and any resources that are going to help you with your studies.

Get yourself your very own financial advisor

Another factor I’ve found useful when trying to budget my money is having someone close to me act as my very own personal financial advisor. This is beneficial, as sometimes it’s easy to want to give up and splurge on useless items. However, if you have someone close to you who understands your habits, if you talk to them, they can help lead you down the right path again.

I hope you have found some of my tips and advice useful. The most important thing when managing your finances is self control. The more you practice, the better and more disciplined you will become at managing your money effectively in 2016.

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