Recommendations On How To Control Your Money

 

I have identified some recommendations that can be used on how to use or control the money management among polytechnic students.  The recommendation that provided are recommendation to responsible party, recommendation to university and recommendation to students. The recommendation given at least  will decrease the rate of financial problems among students.

Recommendation to students

            Students are encourage to make a monthly budget as these will help them to know how much money has been spent and where the money goes to. The monthly budget is very important to those who doesn’t know how to control their money and students should be able to understand the concept of needs and wants.

Needs would be defined as goods or services that are required. This would include the needs for food, clothing, shelter and health care. Wants are goods or services that are not necessary but that we desire or wish for .It is also can be defined as something that we have an options whether to own it or not . For example, one needs clothes, but one may not need designer clothes. One does not need toys, entertainment and gems. One needs food, but does not have to have steak or dessert.

            Besides that, students should control themselves from being overspending the loan which is Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) that are provided by the Ministry of Finance or any kind of loan as they didn’t have any occupation and salary yet. Some of the students are not from the rich family background and this can be a motivation and reminder for them to control their money and don’t put any burden to the family.

            Last but not least, friends are the most influence people around the students and this will lead them to follow whatever kind of their friend’s lifestyle. In this case, the researcher make a suggestion to always remind themselves and know their limits on spending the money.

Recommendations to University

Distribution policy loan / scholarship student of each semester should be modified to a periodic distribution of every month. With this policy, students can control their spending and be cautious when shopping to avoid problems of lack of money. If they no money received during the month, they have to wait next month and this makes their financial planning students will practice prudent financial management.

Provide an overview of financial management methods to student polytechnic because many students who receive scholarships or student loans at this stage. In addition, graduates will also finish their studies and subsequent work. Once they get the first salary, then that's when his knowledge of financial management is becoming increasingly important to adopt as more variable factors to be taken into account

Maybe for some students or prospective students, student loan is not an option but the only method shall pay the tuition fees and so on. However, there are times when borrowing money is not enough to cover other essential expenses of students on campus.

Recommendation to responsible party

External parties should play a role in the review of financial problems among students. For example, outsiders can organize campaigns to overcome the financial problems of students. Furthermore, the bank can provide students can join the campaign for the mushroom stock savings benefit for saving and thereby to help students shop. Apart from the bank, the polytechnic can also create a campaign for students to shop carefully and not wasteful in their financial management to study at the polytechnic. Next, the influence of peers in the students' expenses are also helpful in overcoming this problem and apart from the parties, the students themselves should have the properties to save on daily expenses.