Money Management

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Money Management
Just like ocean tides, money comes in and goes out. Therefore, it is essential that one gets to manage his or her money inflows and outflows lest he or she risks being broke at all times. Management of money, especially for college students, has proven to be a real nightmare. However, by getting to know one’s expenses, students can manage to save. While in college, there are three primary and vital expenses each student has to incur. They include tuition and fee, books and supplies expenses and personal expenses such as eating and cell phone bills. Therefore, to ensure that one keeps track of his or her expenses, there is the need for a budget. With a budget, one will be able to plan for his or her financial needs. In short, a budget is beneficial in the sense that it helps one to plan for his or her finances. However, most people find it difficult to stick to their budgets due to lack of discipline. Most individuals make a budget but end up spending on the things that do not form part of their financial plans.
Notably, there are various money management strategies that individuals can use to ensure that their present and future financial needs are met. However, of all the available strategies, I find three to be the most crucial and applicable. They include not spending every penny I make, keeping track of my money and prioritizing spending. First, not spending every penny I make is one of the important money management strategies that would help me ensure that I live within my means and save as much as I can.

It is important for individuals to skip buying the things they cannot afford to ensure that they have a better future (OKMM 2). Even though this strategy limits individuals from purchasing the things they may fancy, it, however, helps in saving as much money as possible and therefore can guarantee financial freedom in the future.
Work Cited
OKMM. “Your Money Matters: A Guide To Your Personal Finances”. Oklahomamoneymatters.Org, 2018, http://www.oklahomamoneymatters.org/resources/documents/YMM_College_Guide.pdf. Accessed 16 Oct 2018.