If you're a student in healthcare career school, you probably have more than a few things on your plate. With all there is to do, it can be difficult to find the time to do a good job on important tasks like balance your bank account, manage your budget and keep track of your insurance rates. Here are three tips that can help you better manage your finances.
1. Zone in on your savings
Though everyone talks about saving money, not everyone does it efficiently.1 You may try to budget for a car or a laptop. However, there are other long-term things to save for as well. You should consider putting money away for a house, a family, retirement and more. These bigger goals definitely need commitment and hard work to achieve. Lay out a plan on how you can set aside money each month to put in a savings account for short-term and long-term goals.
2. Look at your budgeting skills
Most people have a budget they try to stick to. But is that budget really helping you? Are you actually saving money or cutting costs? Some people may believe that they're doing a good job at cutting corners with money when they're not actually doing a great job at all.2 Set aside some time to write down everything that you spend money on each month. Look at your bank accounts if you think you may be forgetting a few things. Examine your checkbooks to see where most of your checks are being sent. Of course, there are things you can't avoid, such as paying a mortgage or a health insurance bill. However, there are some costs you can avoid, such as expenditures on clothing, dining and even trips to the bar. Look at how much you eat out, how much you spend on gas and how often you indulge in certain luxuries such as a trip to the salon or dry cleaning. By redefining what you consider to be “necessities” you may find some new ways to save.
3. Investigate your insurance
If you have family members who are dependent on you, it's important that you take a hard look at all of your insurance plans. That includes your car insurance, health insurance and even your retirement plan. Making sure you have the best deal in case something happens to you can help protect your family from hard times and allow them to manage money down the road.