“You only live once, or YOLO, and this is true. We should seize the day or “carpe diem,” but that doesn’t mean we should only live for the present and not worry about tomorrow. If you are a college freshman who has just started accumulating debt, time is on your side, and there is hope that you will not end up with a mountain of debt after graduation, just like everyone else, unless of course, you are Musk, Bezos, or Gates. You don’t need to be a Hawking, Page, or Zuckerberg to follow these simple but proven steps.”

Create a budget

It is important to keep track of your income and expenses, and creating a budget can help you do just that. This will help you prioritize spending and avoid overspending.

Save money

Start saving a portion of your income each month, even if it’s just a small amount. This will help you build an emergency fund and prepare for future expenses. If you can put your money to an interest bearing current account the better, more on this in future articles.

Minimize debt

Try to minimize your debt by avoiding unnecessary purchases and paying off any credit card balances in full each month.

Use student discounts

Many businesses offer discounts to students, so take advantage of these opportunities to save money.

Live frugally

Look for ways to cut costs, such as cooking at home instead of eating out or taking public transportation instead of driving.

Get a part-time job

Working a part-time job can help you earn extra money and gain valuable work experience.

Invest in education

Invest in your education by taking advantage of free resources such as online courses or attending workshops. This can help you acquire new skills and increase your earning potential.

Avoid impulse purchases

Before making a purchase ask yourself if it is necessary and if you can live without it. The way to look at it is whenever you see a shiny new gadget, or anything fancy that you want to buy, think about the companies behind it, those companies are in competition trying to separate you from your money, will you concede and give them your money? I think the better option is to join them, instead of buying the new iPhone why not buy Apple Shares instead?

Shop around

When making a purchase, compare prices from different retailers to ensure you are getting the best deal.

Plan for the future

Start planning for your future by setting long-term financial goals, such as saving for retirement or buying a house. This will help you make smart financial decisions today that will benefit you in the long run.