Recording Pocket Money Expenditures as a Basic Strategy for Personal Financial Management for Students

[Suba]

Although since school age, we have been accustomed to saving in piggy banks, at that time, the lack of understanding and financial literacy made us neglect to record all expenses and pocket money that we received from our parents.

The importance of financial literacy from an early age, one of which is recording pocket money receipts from parents, in addition to providing understanding to students, will also form a healthy and wise financial character/behavior, where at first students will know consumptive and less useful expenses, then can control expenses.

If the habit of recording income and expenses is consistent, then when they are adults, they will already have healthy financial behavior.

 

[Augusta]

Tracking your income and expenses allows you to create a realistic budget, see where you're spending money, and identify areas where you can cut back or save more.

 

[Suba]

When I was in school, I didn't know about budgeting, and I didn't get budgeting lessons until high school, and I don't think other school kids can do personal financial budgeting either.

 

[Augusta]

Sure, They also learn to value possessions more, when they have had a hand in paying for them.

 

[Springtime]

Yes, recording pocket money expenses may help a student to analyze where s(he) can cut some of the expenditure, and save it for future use.

 

[Augusta]

Some students need some way of seeing where their money is going each month. Budgeting can help one feel more in control of finances

 

[Stardom22]

Most students are very spendthrift. They don't actually track their spending habits and being on the position to be in line with the financial stability journey.

 

[Min George]

It is not out of place to record how you spend your pocket money as a student. It is part of responsible financial management.