// How to Avoid Financial Troubles

As a student, recent graduate or even a full-time worker, managing finances can be one of the greatest hardships. Luckily, we are here to help with the 6 top tips everyone should follow in order to avoid any financial troubles.

1. Create a realistic budget

Creating a budget and sticking to it is definitely the most useful advice for successful finance management. Have a look at your spending patterns and create a budget which is possible to follow. It might help to break down your spending into different areas such as university, food and entertainment. If keeping track is not easy for you, download a budget application to your mobile phone which will help you see how much money you have been spending on what. Saving money has never been easier.

2. Do not impulse buy or buy things because they are on sale

How many times have you walked into a shop and bought something because it was on sale or buy something just for the sake of it? If you do this often, try asking yourself, ‘would I buy this for the full price?’ or ‘do I really need this?’. This will help you avoid spending money on things that are actually unnecessary.

3. Find alternative non-spending free time activities

Entertainment can be one of the most expensive spheres on which students spend their money. Try to find alternatives to going for lunch or to a concert. For example many pubs do free open mic nights or gigs, go to a park or to a free museum to meet up with friends and get books from the library instead of buying them.

4. Check your bank account regularly

To make sure you are following your budget and everything is as it should be financially, check your bank account once a week or at least fortnightly. By doing so you can avoid scams and unpleasant surprises.

5. Save 10 percent of your income

If you are working half-time or full time, try to save 10 percent of your income to weather possible financial troubles. It can be a good idea to start a savings account that can cover a reasonable amount of your expenses in case of emergency.

6. Student discounts

If you are a student, make sure you take advantage of the amazing line-up of student discounts. Whether it is entertainment, books or food, you can save a great amount of money if you know where to go. An easy way to track the different discounts is downloading a mobile application – for example Student Recommended – which ensures that you will not miss out on great deals.

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