Importance of Financial planning for students

You need to build a strong financial foundation during your student life. The best way you can build a financial foundation is by understanding where you spend your money. Sometimes, you will never know where your money went. It is very important to track it.

Create a monthly budget.?You simply need to plan how much you want to spend each month. First, make a list of all your fixed expenses (that you need to do at any cost), then add all your other expenses. Now, you need to follow the budget you made. Just creating a budget won't do anything to you until and unless you actually follow it. Try to stick to your budget as much as possible.?

Manage all your debt?- I assume that you might (or might not) have any debts. If you have any kind of debt, it will always come between you and your financial goals. Make sure you manage all your debt and pay them off on time. You cannot save any money until you don't pay off all your debts.

Build an emergency fund.?This is pretty important in college. You might want to save a good amount as emergency funds. You want to make sure that you have saved enough for any emergency or travel. Or else, you might get into debt again.