The 2018 Bankers Forum was able to give exciting insights into cybersecurity. For parents who have students living on their own, this is an important topic to be aware of. As students who are far away from their parents, they are most likely to use online banking, which is closely related to cybersecurity. There is an interesting connection between a student’s mental health and the way they manage their allowance. Students have the freedom to choose how they’d want to spend their money. However, this freedom comes at a price and may ultimately harm the student’s mental health. Thus, the forum emphasized why the parents should teach their children proper budgeting, especially if they are living on a weekly or monthly allowance.
Most students, if not all, struggle with their finances. Their finances, alongside other pressures in school. These strains may include doing well with their academics or only fitting in with the other students, which can become unbearable. Such tensions can damage their mental health. To lessen such burdens, here are three tips to help your child budget their allowance.
1. Keep Sight Of Your Essentials
The first thing to take note of when you receive your money is to list down the essentials you need. Depending on how often you receive your stipend, this can be food, toiletries, medicine, or water. It is essential to take note of such expenses to remain healthy and in proper shape. Poorly addressing your needs can negatively affect how you live each day.
2. Oversee Other Possible Expenses
As students, some expenses may become sudden such as the need to buy items for a particular class or activity. You may also need to restock on your learning materials, such as notebooks or pens. There may be a chance that your class will have a field trip and need enough budget to attend. Prepare for other expenses to prevent yourself from panicking.
3. Keep Your Rewards At A Minimum
There is nothing wrong with rewarding yourself from time to time. However, make sure to take note of your budget, and as much as possible, try saving for it. You may want to buy new clothes, a gaming console, or get a massage. Whatever reward you seek, make sure you control your expenses. Being able to treat yourself from time to time gives a temporary high and make you feel better.