Money Management in Undergrads and Post Grads
Introduction Money management is the basis of being financially responsible. Learning how to plan, develop, use, and maintain a personal budget is the first step in being able to make quality financial choices and decisions. The ability to apply positive money management skills, set financial goals, and understand effective cash flow strategies are the next steps that allow students to be responsible consumers (Burmaster, et al., 2006)
Although money management can be learnt, age group behaviour has been characterised with the way at which money is managed by youth although research has shown other factors contribution to money management in youths, such as personality and traits (Norvilitis, et al., 2006).
In a study about student expense budgets, male and female students reported different financial needs at different times in their careers. For example, senior women spend more money in rent than senior men. This difference was attributed to a preference. women are likely to pay more money for a nicer apartment. The researchers argued that more knowledge about student expenses would help in creating realistic budgeting seminars (Jackson & Pogue, 1983).
In a research done by the University of Kentucky, successful money management can be learnt which is listed below;
Get organized
Decide what you want to do with your money
Look at all available resources
Decide how much money you are worth.
Find out how much money you make
Find out how much money you spend.
Set up a plan for spending your money and stick to it
Evaluate your spending plan.
The more knowledge students have about their financial responsibility and status, the less likely they are to be in debt (Norvilitis, et al., 2006). In “Borrowing against the Future: Practices, attitudes and knowledge of financial management among students,” Micomonaco (2003) finds students tend not to have a budget or calculate credit card bills based on their actual spending.
Students are in a unique
Although money management can be learnt, age group behaviour has been characterised with the way at which money is managed by youth although research has shown other factors contribution to money management in youths, such as personality and traits (Norvilitis, et al., 2006).
In a study about student expense budgets, male and female students reported different financial needs at different times in their careers. For example, senior women spend more money in rent than senior men. This difference was attributed to a preference. women are likely to pay more money for a nicer apartment. The researchers argued that more knowledge about student expenses would help in creating realistic budgeting seminars (Jackson & Pogue, 1983).
In a research done by the University of Kentucky, successful money management can be learnt which is listed below;
Get organized
Decide what you want to do with your money
Look at all available resources
Decide how much money you are worth.
Find out how much money you make
Find out how much money you spend.
Set up a plan for spending your money and stick to it
Evaluate your spending plan.
The more knowledge students have about their financial responsibility and status, the less likely they are to be in debt (Norvilitis, et al., 2006). In “Borrowing against the Future: Practices, attitudes and knowledge of financial management among students,” Micomonaco (2003) finds students tend not to have a budget or calculate credit card bills based on their actual spending.
Students are in a unique