Writer: Dhriti Shah, Hong Kong
Written on the 10th of May 2025
Knowing how to manage your money well is a lifelong skill for everyone. Planning your finances could be the key to achieving both your personal and career goals. Whether you’re a student planning for further education or just trying to build financial independence, budgeting is the way to go.
Here’s how to take control of your finances, and pave your journey to success...
Know Where Your Money Is Going
The first step to saving is knowing what money comes in, and what goes out. There’s many budgeting apps that can help you track your expenses such as GoodBudget, PocketGuard or Mint. If you’d like more control over your tracker you can simply create your own using a spreadsheet and some useful youtube videos.
If you’re a student, remember to record even the little everyday things, the coffee, snacks, online shopping, can all add up faster than you think. You could also try the 50/30/20 rule. Spend 50% of your incoming cash on needs, spend 30% on wants, and spend the rest 20% on savings and debt repayment.
Automate Your Savings
Set up automatic transfers to a savings account as soon as you get paid. The next step is to start an emergency fund (aim for 5000–10,000 as a student, 3–6 months’ expenses post-grad). Lastly, use a high-yield savings account (like Ally or Marcus) to grow your money faster.These three key steps will help you control your money without you physically having to watch over it constantly. By setting aside your savings as soon as you get paid, you get a better idea of your budget for necessities and leisure spending.
Cut All Costs Without Giving Up Your Joy
You don’t have to completely deny yourself of fun just to save money. There’s so many alternatives to everyday expenditures that you can use instead. Try cooking at home instead of buying take-out every once in a while. Instead of buying new textbooks and resources, try buying them secondhand. As students, we all have plenty of discounts at our disposal as well.
Be Smart About Your Debt
Firstly, you want to have as little debt as possible so that you can save that money for more important things. So instead of getting a student loan for university, make sure you apply for all the grants and scholarships that are available for you. If you do end up having some debt, focus on high-interest loans like credit cards to help yourself. And lastly, think of some simple side hustles to do to pay off your debt faster. You could tutor, freelance, or the best option: sell goods and services that display your skills.
Overall, stepping up and taking control of your financial situation is the best way to achieve independence. Regardless of whether you have a goal to achieve long term, or if you just want to build better habits, always remember that every little thing amounts to something in the end. Stay on the right path and keep consistent with your journey, and you’ll watch your finances blossom before you know it!
Bibliography:
Ayoola, E., & Tindall, T. (2025, May 13). 28 Proven ways to save money. NerdWallet. https://www.nerdwallet.com/article/finance/how-to-save-money
Habits, B. M. (2025, April 1). How to start saving money: Simple money saving tips. Better Money Habits.
https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money