1. Record and limit your expenses
Try to maintain a detailed daily record of how much you spend on everything. Maintain this for one full month, then at the end of the month add in your monthly expense – school fees, utility bills, loan interests, and so on. Knowing how much you spend is the first step to a healthy financial balance. Once you have a complete list, try to cross out unnecessary spending and cut down the essential ones.
2. Spare money for emergencies
Always, always spare some cash for emergencies. You never know when you’ll need them and when you do, you’ll be grateful that you are prepared. Emergencies can come in the form of sickness, accidents, breakdowns, disasters, and so on. It is also helpful to set aside some money for some expected expenses that do not occur monthly, such as car maintenance, marriage, graduation celebration, retirement, etc.
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