Money management is a tricky business and it becomes even more problematic when you are a newbie in college or university. The add-on expenses of travelling, flat/pg rent, food might be an issue for many of the students who live far from home.
As a college student, everyone is burdened with responsibilities which they were not aware of earlier. In that scenario, the sudden pressure of money management might feel a monstrous and overwhelming job.
Whatever the reasons might be, we are here to help you in channelising your money, at the same time apprising you as to how to earn a little extra for your pocket, as who doesn’t want to earn extra coin of the realm.
Let us first have a glance at how one can channelise and manage their money to be saved from future predicaments.
5 Financial tips for money management for college students-
Prepare a budget for everything – Every sliver of purchase adds on to your expense and drains the cash available with you. In that case, creating a budget is the ultimate solution to this problem.
In your budget, all the essential, as well as non-essential expenses, should be noted down and it should be taken care of that at no time your expense is more than your income.
There are many budgeting apps like Mint, Toshl Finance, Left to spend, etc. which can help in managing your budget.
Beware of automated payments– We live in an age where “lazy” shopping is becoming the new norm for many. Automated payments for subscription services for fashion, music and other shopping apps have come into trend. Students are needed to beware of those subscriptions that require a monthly fee. Instead, allocate your money towards something useful or save it altogether.
Earning extra– Work as much as you can without hindering your studies. During college, students can start their on blogging channels, take-up paid internships, work as a freelancer, etc. to earn a little extra cash.
Pay in cash– When swiping our credit cards for payment, we tend to ignore the fact that it is actual cash that is being spent. To resolve this issue, we should make it a habit of paying in cash for trivial purchases. Because when cash is gone, it’s gone!
Set up a checking account– Many banks like ICICI Bank Campus, HDFC Bank’s DigiSave Youth Account, Axis Bank Youth Savings Account, etc. provide discounts and offers to the students on their payments and purchase. Opening an account in these banks can also be a great way to save and channelise your money.
Besides these 5 tips, one can also save money by buying and selling old books through Amazon, cooking at home, using online coupons available on the internet for certain purchases, etc.
A college student is endured with variant expenses, due to which all their income runs out of their hand. But by following these tips and tricks one can easily manage their money along with earning a little extra for their pocket.