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Hampton University class of 1995
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How Smart Students Track Their Spending Habits
Posted By: Rachelle Wilber on January 18, 2018

Budgeting as a student can be pretty difficult. Full-time students often donít have much money to spare in the first place. If youíre a savvy student who wants to keep your finances in check, though, there are a number of smart ways to keep tabs on your spending habits. Say goodbye to financial irresponsibility and unnecessary stress today.

Download a Personal Finance App

There are applications for practically everything these days. People can download apps that can help them count their calories. People can download apps that can help them organize their finances, too. If youíre interested in budgeting properly, it can help to download a personal finance app that you can use on your mobile device. Apps can help you rapidly and efficiently budget your lifestyle. They can help you budget the amount of money you spend on groceries and dining out. They can help you budget the amount you set aside for miscellaneous purchases as well. Students who want to avoid the stresses of unpleasant bank account surprises can make great use of personal finance apps.

Purchase a Wallet

Wallet use, perhaps surprisingly enough, can often help students who want to stay on top of their spending habits. It can be particularly smart to withdraw cash and keep it in your wallet at all times. If you understand that you have a certain amount of money in your wallet that youíre permitted to use for the day, this can help you avoid the pitfall of going over your budget. Using a debit or credit card can often feel like youíre using ďimaginaryĒ moolah. If you donít ever see the cash with your very own eyes, it can seem like pretend money. Buying a wallet, however, can give you the luxury of being able to monitor your cash use like a hawk.

Keep a List on Your Mobile Device

There are many people who find apps convenient. There are many people who find them overwhelming and frustrating, too. If youíre part of the second category, you donít have to break a sweat. You can keep track of your budget using your mobile device. You donít have to rely on a complex and sophisticated download, though. Just open the ďnotesĒ section of your cellphone. Make a list of all of your daily purchases. Leave nothing out. Itís important to include big purchases. Itís just as critical to include small ones. If you bought a pack of bubble gum at the bodega across the street, you need to include it in your list. Remember, little purchases can quickly and easily add up if youíre not careful. Maintaining a list can help you feel a sense of responsibility.

Make a Habit of Checking Your Account on the Internet Each Morning

College students often have daily rituals and routines. If you want to track the money you spend well, you can make it a habit to check your bank account on the Internet each morning not long after you wake up. Online banking can help you assess all of your most recent purchases. It can give you the exact amount of money thatís available in your account, too. This can help keep overdrafts and other issues out of sight and out of mind.

College students should always take a prudent approach to spending. If you donít want to go overboard with your spending, think twice before making any purchases. Ask yourself if you truly need something. Ask yourself if youíre acting on an impulse. If you want to stay far away from awful financial shocks, caution is always vital.
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