Financial Management Tips for School Children


Managing finances can not only be done by people who already have a job. And the fact is, not all adults are good at managing money, you know. One of the reasons is because they do not get used to managing finances from an early age. Well, while you’re still in school, it’s a good idea to follow tips on managing finances so that in the future it’s easier for you to achieve what you want.

Making a Financial Plan

This is the first thing you should do to manage your finances. Make a financial plan per week or per month so that the money coming in and out of your wallet can be monitored. For example, in a week you are given pocket money, you can divide it 50% for snacks, 30% for transportation, and the rest for urgent needs.

Differentiate Needs and Wants

Sometimes we are tempted to buy something we want, not what we need. In fact, we do not have much money. So, from now on, avoid this behavior because usually at the end of the day you will think “How come I’m so wasteful, huh?”
It’s okay to spend money on fun as long as it’s within the limits of the financial plan you’ve made.

Creating a Savings Account

Since childhood, you have been taught the importance of saving, right? Yup, saving is a common way for those who are good at managing finances. If you don’t have a savings account, there’s nothing wrong with going to the bank. Making savings for school children is not difficult.

Discipline

Guaranteed, you will find it difficult to manage finances without discipline. No matter how strict the financial plan you have made, it will be in vain if you continue to violate it. Discipline means following your financial principles and not being easily tempted to spend money on things you don’t need.

More Appreciate Any Small Money

Successful people are people who value money, believe it or not? For schoolchildren like you, respect for money can be expressed by setting aside pocket money, collecting small change (remember, little by little it becomes a hill), and looking for odd jobs.

Looking for Additional Income

There’s nothing wrong with using your free time to make money, right? After all, if you have additional income, you will also be wiser in managing your finances. More than that, you can get work experience from an early age which of course will be useful for your future.

Don’t Forget Alms

Having a financial plan does not mean you are stingy in sharing. Remember, alms are necessary, not least for schoolchildren like Loopers. Alms can also be a way for you to learn not to be arrogant and greedy.
That’s how to manage finances for school children. Apply early so that later you are better at managing money. Your expenses are certainly not much compared to adults, but not all adults are good at managing money and you certainly don’t want to be one of them.