So many people dislike the “B” word, students included.
It offends some.
Others don’t know why the term is being used.
And others don’t think it applies to them.
What is the B word? The “B” word is budget. Students currently may not already have a budget for their personal finances. But understand budgets are good for you especially as students transition into adulthood. Students have to be very alert when it comes to their income, cash flow, and expenses. Whether students are starting out, growing, or seasoned with budgeting, have them pay attention to how funds are being distributed. The success of handling money depends on it. Here are two reasons why students should always pay attention to their budget.
- It gives clarity to plans for the future. Having a budget provides information on growth and in which direction. It provides an accurate account of growth readiness and possibilities.
- It highlights where unnecessary money is being spent. Having a budget provides a clear record of expenses. Knowing where the student is spending money allows them to cut back on expenses or add expenses that will help them grow overall.
Currently budgeting may not be huge deal for students, but it is something they need to know about and implement even if only on a small level. Have them start and stick to a budget and shift accordingly if needed.