Back when we were students, we largely survived on a shoestring budget, relying on funds from our families, student loans or even part-time jobs.
When we graduate and start working, we start to lose control of our spending. Here are 5 tips on how we can potentially go back to surviving on $500 a month and live like a student again!
Tip 1: Create two bank accountsThis is probably the most extreme of all but also the most effective. Forced savings creates a forced expenses limit. The best part of this is that it’s a challenge to you to stay motivated and see how long you can actually last on this $500 (or budget) you set for yourself.
The moment your salary gets credited into your bank account, set up a GIRO automated transfer to your expense account. Do this as an experiment
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