Tips to manage your money while in college

Posted By: Staff

Most often than not, saving and managing money while in college works out to be an almost 'impossible' challenge to achieve for students.

Even so, with basic math, you still can figure out your approximate budget for the programme. Plan up your income and expenses for the month accordingly. It is highly recommended to have your income greater than your expenses, to stay on the safer side.

Though there are natural tendencies to be independent and live life on your own, managing your money is part of that independence that you've been entrusted with. Having a balanced control over financial matters is as important as enjoying life in the campus. Being wise with money assists you to stay diligent in managing other things.

Few tips to manage your money while at college are:

Being organised.
Generally, when you organise your money, you save a lot on time and money. It is better not to make impulse purchases. By paying bills on time, you can avoid late fees or fines.

Practices that actually help.
Public transportation or walking is the best practice if you think your bike costs you more. Likewise, use a bike instead of a car, if that works out at lower maintenance cost. Reasonable phone packages with unlimited texting and incoming calls, can be considered. Selling your old(previous) semester books would fetch you some money. Buying used textbooks would save you some more money.

Tips to manage your money while in college

Quit shelling out unnecessarily.
Cut down on worthless expenses. Minimise the number of times you eat out monthly. Just buy what you can eat and not anything more. Never miss out on a free service or free deals if available.

Look for discounts.
There are places offering discounts for students with college ID. Look for memberships at shopping malls or gym or eating joints around, before you join or take part. You can enjoy reduced (discounted) rate on membership deals.

Share the cost.
Split the cost on rent and utilities with your friends or room-mates on rooms, if you can't afford the entire price. And if you're planning for meals or groceries, share the cost with your pals to feel the burden lesser and enjoy the benefits.

Avoid being debt-stricken.
Be careful to keep credit cards at bay, when you can absolutely manage and live your life without it. Think and work hard on alternatives, but never go for a loan that is not education-related. Open a savings account that earns interest instead. Keep away from being debted to banks or loan institutions.

Take complete advantage of college facilities. Try to get a job at your campus, if that is allowed and feasible. But do not misuse anything that comes freely though. Consciously be honest to yourself and live a contentful life. Maintain small emergency funds that can aide you in times of emergency. Have a general budget for your finances before you start college, to avoid any kind of mid-semester problems.

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