Separating wants from needs
Many students don't know their wants from needs. They claim what they actually want is their need, making them spend more. Managing finances as a student can be challenging, especially when it comes to distinguishing between wants and needs.
Separating wants from needs is an essential step towards better financial management. Separating wants from needs allows you to prioritize spending on necessities, such as rent and groceries, over wants, such as entertainment and shopping. This helps ensure that you have enough money to cover your basic expenses.
By prioritizing your spending on necessities and avoiding the habit of overspending on non-essential items, you can fully maintain financial buoyancy and achieve your long-term financial goals.
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