Is money management a big issue for you? Especially for college students with a lot of necessary expenses like books, devices, projects, etc. it is difficult to manage the expenses. Here are some tips on managing your personal finances.
- Make a budget – It’s a very effective method that helps you see beforehand what and how much your expenses are and what your income is. In the budget, you must include all possible expenses. Using this you can prioritize your expenses and avoid the unnecessary ones. With technology, you can use various applications available or maintain a diary as well.
- Keep a tab – Always note any expense you incur. This habit will help you to tally the expenses with your budget. It will help you plan better next month. Additionally, it will be a mirror for you. You will be able to identify unnecessary expenses and avoid them in the future. For proper money management, this is very important.
- Buy used books – In colleges we require various books. The books are costly and required for a very short time period. First, if the book is available in the library, use it rather than buying your own copy. It will save a lot of money. Secondly, if not available look for resellers offline and online. There are a lot of people who wish to sell these books at a comparatively cheaper price.
- Don’t borrow – Until and unless it is very necessary to avoid borrowing from anyone. Eventually, you’ll have to repay that money. If you can’t balance it out in the next month it’s only going to increase. Be very careful about this. Also, one should never borrow money for the expenses that are not urgent. In fact, you can adjust them in the next month’s budget so as to know where to cut expenses.
- Work a job or internship – College going students can easily get jobs or paid part-time internships. If you feel you do not have enough money, they are the best way to earn. This way you can earn and learn at the same time. These part-time jobs easily give 4-5K as a stipend. Along with fulfilling the monetary needs, it will serve a plus in the resume.
- Student discounts – Most companies offer student discounts. The student discounts range from 5-20% minimum. Find out the brands providing student discounts and purchase products from there. Whenever purchasing anything make it a habit to ask for student discounts. The companies don’t usually share upfront about this facility. Discounts are generally given on valid student ID cards.
Running on a small budget with expenses can be difficult. But managing it the right way can lead to responsible spending. Spend responsibly and manage your finances wisely.