If there is a time and season, it should come as no surprise that everything will come to an end one day.
As a student, there may come a time when you no longer depend on your parents or guardians for your financial needs. And one of the smart decisions you can make is to choose to live life economically.
Living Economically is one of the ways to prepare yourself to be responsible financially. Just like the ants that store food for winter, an economical child is storing up for when things are no longer going as planned.
Nothing lasts forever, but poverty can if you do nothing about it. So the sooner you begin to develop this economical lifestyle, the better for you.
What does it mean to be economical?
To be economical means to live simple and sensibly. It means you spend less for financial gain. When it comes to spending money you are careful about the purchases you make.
Your lifestyle is based on living on the bare necessities, saving, and making plans for what you can use the money to do in the future.
Just because you keep a close eye on your pocket doesn’t mean you are stingy.
Reasons why you should live Economically
Money is important
Money is required to buy food, put clothes on your back, pay rent, buy a car, start a business, travel, and pay for medical services. If you need money for all of these, why then will you not consider how you spend it?
As a student, you may not be making money because your priority is to study, but you won’t deny the fact that money is exchanged as the value for your education.
Life is unpredictable
A lot of people believe that no harm will befall them. However, nobody planned for COVID-19; we woke up one day and learned that bats have infected humans with coronavirus, and people were being quarantined.
A lot of people lost their lives, others their jobs and business (both good and bad people suffered). Some people go to work and get fired before the end of the day. The future is uncertain and yet there are several things you have to consider in the long run.
You may say, “I believe that nothing bad will happen to me.” – well, you are not the only one. Just remember, anything can happen.
Tomorrow is a mystery
You’ve heard people say tomorrow is a mystery or tomorrow may never come, so live every day like it’s your last day. Ah! Does this mean that it is okay to squander all your money today because tomorrow is not guaranteed?
No. You cannot afford to use money as if there will be no consequences for your actions especially when you don’t have a lot of it. Financial constraints can hinder you from taking opportunities that can help you have a good life.
You still have to prepare yourself for tomorrow and be ready for any challenge. You can be economical with your money and even your time.
To improve your mindset
Living economically doesn’t apply to just students alone, but to everyone in society. A lot of adults can confess that they wish they had learned about making informed financial decisions at an early age.
You need to be able to identify all the ways that you can spend money wisely. You’re not cheap because you’ve refused to buy the latest phone when you have a perfectly good phone. You’re certainly not miserly because you’ve refused to give your friends money to spend on drinks.
People may say, life is short. Tell them that having no money can make a person’s life shorter.
Start living economically today
Don’t think that because you’re a student you shouldn’t live economically. You don’t have to wait until you have made enough. Money is a scarce resource. And basic economics is interested in the distribution and allocation of resources and how it affects society.
You can start knowing that you are building a good habit that will help you now and in the future.