In my opinion, time management and money management are highly related to one another! The less in control I am of my time and life during the day…the more money I seem to end up spending without even realizing that its gone! Another reason I think they relate to one another is because time management is necessary in order to keep your money organized and on track. Not only will managing your time possibly open up new opportunities for a job, but with that job comes MORE MONEY (hopefully)! I also think when you aren’t running around all over the place and have your time organized well…you are more likely to not spend on the things you really don’t need (such as spending your money on eating out because you forgot to eat while you were actually home).
I found a website that provided with me 12 Money Management Tips for College Students (now, I know not all of you that use Geezeo are college students BUT, many of these can be applied to others as well).
1.) Track where your money is going – Geezeo is a great tool for this! It allows you to change the tabs on your purchases/spending so that you are able to track where all of your money is going…and where you really need to cut back your spending habits. It even sorts your top 6 expenses by tag so that you can quickly determine what may need to be cut out (for me…excessive shopping is in my top 6 for sure!)
2.) Plan by setting your goals – Make sure you set goals for yourself that you know you want to achieve. Some of them may be a reach, but by using Geezeo and seeing these goals everyday…it motivates you to keep pushing towards that goal and possibly stop spending on the things you don’t need.
3.) “Going Out” money – Lets be realistic, as a college student (or any other social individual for that matter) we need relaxing and having a good time money! You need to unwind after a busy week of classes/exams or a long week of work otherwise we would all go crazy! Just make sure you place some money into your budget so that you don’t overspend too much!
4.) Don’t spend it all at once – This one is hard. When you are all back for the first day of the semester and have no work to do yet, spending gets a little bit crazy! But if you spend all your money at once…at the end of the semester when you want to celebrate after finals, the opportunity may be lost due to the lack of funds in your accounts!
5.) Don’t overuse your credit cards – This is extremely hard, it really feels like “free money”…of course, we all know that it’s not once your bill shows up. As you may have read in my Ease of Shopping with a Credit Card blog, it is really easy to spend without even realizing it.
These are the top 5 tips that I found but you can check out the last seven here! It really offers some great advice that everyone should follow. Many of the tips they offer can be fufilled through using Geezeo as your guide and make sure you check out the other Geezeo groups that offer great advice from people just like you and me who all struggle with things such as shopping, keeping track of their money, and overusing credit cards!!
February 21st, 2008 at 8:26 pm
You are absolutely correct. The more hectic and out-of-control my life is on any given day directly relates to how frugal I am, and how many smart money choices I make.