Take control of your personal finance

Be honest with yourself with your finances. It is very difficult to keep your own personal finance balanced especially if you are a student. When you are a student you have to think very carefully about how much money you spend and can you put some into savings. It is important that you can save some money so you do not have to take a student loan. When you take a student loan you have to pay it back with interest and that might take a long time for you. If you have a student loan, how do you think you will buy your dream house after graduation? Start to save now. Do not wait for the day when you have “extra money”. Usually that day will not come for many years or possibly never.

At first you must plan your own budget. It is good to plan a weekly budget and a budget for the whole month. Always someone says that you have to draw up a budget. It is difficult to make a realistic budget and follow it. Do not overstate your incomes and understate your expenses. We normally do it without noticing it. If you have prepared a reasonable budget, it is much easier to follow and you are happy at the end of the month because you can really save money. Saving is easier if you save for something concrete for example a holiday trip, a dream house or a car.

If you have not got a part-time job yet, get one as soon as possible. A part-time job does not disturb your studies even though some people claim that it does. Take only two or three sifts per week so you have time for studies and some hobby also. Many times a part-time job supports your studies instead of disturbing it. After graduation you might have big problems in getting your favorite job if you have not got previous work experience. So do not ever underestimate any job.

You know with your budget how much money you can use for clothes, food, free time etc. The saving starts from little things, like can you take a tote bag with you so you do not need to buy a plastic bag at a grocery store. If you buy five plastic bags in a week, it costs you 65 Euros per year.  Do you need to buy a coffee every morning or can you make it at home? Savings from unnecessary little things can make you a lot of money for other necessary things.

Plan your weekly menu carefully. When you go to the grocery store, you only buy products on the shopping list. This is the way how you can avoid buying impulsively. It is important that you become familiar with offers so you can go buy the necessary products from sales. Do not use credit cards! It is very important that you use cash only so you are aware of how much you have spent. That is your way to get by on your own and not have liabilities.

It is very expense to use a car. Using public transport is more ecological and much cheaper. You can save a lot of money if you change from a car to public transport. You can also meet new people in the subways or in the busses.

Electricity, insurance and water bills take a big part of your budget. It is very clever to contact the different companies for competitive bidding on prices. Ask for a few offers before you decide and sign the contracts. You may get a better deal from little company than a company that is the market leader. Do you need to live in a tropical environment? If you can lower the temperature in your house, you will get cheaper electricity bills. Take a few minutes shower instead of taking a half an hour shower every day. Repair any dripping taps so your water bill stays low.  Remember to pay the bills before the due date because if you do not pay the bills before that, you get a reminder of the payment and that will cost more. That is an easy way to make sure that you do not pay more than originally needed.

Think about your living expenses again. Do you need to live in the center of a city? In the center of a city the rent is very expensive, if you can move a little bit away from center you can save a lot of money and get a bigger apartment.  Your friends may go to party often and eat at restaurants. Can you convince them to organize house-parties at your place? It is much cheaper and funnier than going out every time.


Kuluttajaliitto. Näillä vinkeillä voit säästää. Read 14.3.2014 http ://www.kuluttajaliitto.fi/teemat/kuluttajan_talous/raha-asiat_ja_niiden_hoito/nailla_vinkeilla_voit_saastaa

Kotivinkki. Säästäminen arjessa: 30 vinkkiä. Ani Kellomäki. 3/2011. Read 14.3.2014  http://www.kotivinkki.fi/jutut/saastaminen-arjessa-30-vinkkia

Martat. Talouden suunnittelun avuksi budjetti ja kirjanpito. Read 15.3.2014  http://www.martat.fi/rahat/talouden-suunnittelu/

Mikkelin ammattikorkeakoulu opinnäytetyö Pirkko Muinonen & Reetta Rissanen. Nuoren oman talouden hoitaminen. 11/2011. Read 14.3.2014http://publications.theseus.fi/bitstream/handle/10024/36286/Muinonen_Pirkko%20ja%20Rissanen_Reetta.pdf.pdf?sequence=1

Taloussanomat. Menot hallintaan – kolme tapaa onnistua. Satu Alavalkama. 5.6.2013. Read 14.3.2014 http://www.taloussanomat.fi/raha/2013/06/05/menot-hallintaan-kolme-tapaa-onnistua/20137756/139

Työ- ja elinkeinoministeriö. Kuluttajan talous. 30.10.2013. Read 14.3.2014https://www.tem.fi/kuluttajat_ja_markkinat/kuluttajan_talous

USA TODAY. Dara Continenza.7 tips to save for your dream vacation. 13.3.2014. Read 15.3.2014 http://www.usatoday.com/story/travel/2014/03/13/save-money-budget-dream-vacation/6320475/

U.S. NEWS. Kimberly Palmer. 6 Best money tips for young people. 12.10.2010. Read 14.3.2014 http://money.usnews.com/money/personal-finance/articles/2010/10/12/6-best-money-tips-for-young-people


http://tahtisilma.blogspot.fi/2010/07/raha-ja-elamantehtava.html http://vitonen.fi/kulttuuri/kahvi-plus-suklaa-lyomaton-makupari/  http://hannuoskala.fi/wp-content/uploads/2012/03/metroliike.jpg

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2 Responses to Take control of your personal finance

  1. winsentti says:

    I found this very helpful. Well written!

  2. h4tersgonn4h4te says:

    This blogpost changed my life. Thank you!

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