Financial Literacy for Students

One of the key steps in financial education is to save money, which may seem like a daunting task at first if you are a student and aren’t unfamiliar with it. Miami Edison Sr. High School will give you some tips that will help you save money for everything you want.

When you learn to save and make it a monthly habit, you start to change your perspective on personal finances. In other words, you form a financial discipline, you ask yourself more questions - such as Is it worth making this expense? or How can I strike a balance between lifestyle, current comfort, and saving money for study expenses?

The second question is very important from the beginning because depending on the answer you will give yourself. You will choose, consciously and absolutely naturally, the methods by which to start saving.

These being written, we invite you to discover 4 practical tips for saving money:

Save as soon as your income source comes in (If you work)

Once you've set your goal and the amount you want to save per month. It may vary from person to person, but a suggestion would be 10% of your monthly income. Make it a habit to transfer the amount to your savings account as soon as your salary arrives.

Plan your weekly menu

When you decide, at the end of each week, what you will eat in the coming days and, therefore, what are the amounts of food needed to prepare what you want, you have even more financial clarity. You only get to spend as much as you need.

Carefully analyze your current shopping habits

Before you buy something, ask yourself, as realistically as possible, if you really need that item. Ask yourself if you don't already have one. Think about whether there is a real functional need behind the acquisition or whether it is not a momentary impulse, which is based on a possibly repressed emotional need.

Think, for example, if you have clothing items in your wardrobe that you don't even remember when or why you bought them: maybe they're still labeled. Well, you may have taken them because of your anger, rage, or other emotions at the time.

Ride your bike more often

Cycling can help you, in the long run, to make financial savings not to be neglected, especially if you are now used to driving more and more. And when it comes to health, cycling is good for both body and mind. Last but not least, it is eco-friendly. Another option, also healthy for body and budget, is to walk more and more often.

Final thoughts

Saving money and financial literacy does not mean that you no longer enjoy dining with friends. It does not mean to completely change your lifestyle. Financial literacy means you save money and make it a healthy habit and enjoy life at the same time.

When you find the right one, it's even easier to save money every month, instead of just doing it for a few weeks or months in a row, and then abandoning the whole project that you're not even sure why you started.