The excitement of starting college can hardly be compared to anything else for the students at that time. For some it means no more high school, for others it's about more freedom yet for some others it is all about going to a new city and meeting new people. College life is one of the most exciting period of one's life. You look forward to the life in high school, when you are living it you are at the cloud nine and when you are graduating all you want is to live it once more. There is a lot that you learn while at college and it's not just about academics but also many life lessons. One such being money management. Most college students are living off a shoe-string budget but yet they manage to make the best of both worlds. But for those of you who are still struggling with managing your finances in college here are some tips to help you survive on that frugal budget of yours.
Create a Reasonable Budget
The first step towards managing your finances in college is making a reasonable budget. It is the key to surviving on a tight budget. If you are thinking that your friend is quite good at managing his finances and you'd just follow in his footsteps then hold that thought right there. Remember that every individual is their own person. Each of you has a different set of priorities and requirements. What works out for your friend may not necessarily work for you. Create your own budget surely take tips and advice from those around you but draft out your own personalized budget. First, budget the fixed expenses such as that of house rent, monthly bills and other utilities. Determine an amount of saving from the remaining amount. Then use the leftover money to make the budget of other things such as that of food, clothes, groceries etc. Re-evaluate your budget on regular basis to ensure that it is suitable of your needs.
Earn Some Extra Cash
If you feel that the money that your parents are sending monthly isn't enough to cover your expenses it's time to look for some other sources of income. You could work part-time but that would mean that you'd have to manage a part-time job along with your studies. Not to mention that not every boss is understanding enough of your priorities as a student and wouldn't offer you any relaxation or extra perks. There are some other ways to earn that extra cash one way is that you could sell things that are of no use to your anymore such as your old books. Or you could always take to freelancing, offer your services for a decent amount of payment. Whether you are good at writing, dancing or playing some musical instrument sell your services to earn some extra cash.
Learn the art of Self-Control
When living on a budget one of the hardest thing to control is your own habit of impulse purchase. You look at something and you want it, no matter whether the thing is of any use to you or not. And not just that suppose you and your friends had planned for a party but instead of saying no for it would look bad in your part you go to a bar with them. Where you could have easily said no to booze but instead you end up wasting all your remaining money on it just to appear cool in front of your friends. You need to learn to prioritize things when surviving on a college student's budget. Moreover, if you can't learn self-control now bigger and far worse challenges would trouble you later on in life.
Get Some Roommates
No matter how hard it might be to accept the idea of having roommates, of having to share your own personal heaven with others and sometimes even watch them turn it into a mess you gotta do it. Roommates can come in quite handy while living on a budget. First of all, the burden of the rent reduces considerably. And secondly, you have company. Okay, that doesn't sound quite as exciting as the first one but how about this one if you find a good roommate one that shares your interests and dislikes you could easily end up becoming close friends. And close friends means sharing. Whatever is yours is mine and whatever is mine is yours. Suddenly, the clothes in your wardrobe and possibly more options for food.
All this doesn't mean that you end of up sulking and compromising things every moment of your college life. For that would be an utter and complete waste of what could have been one of the most important phase of your life. But it simply means that you should make the best of your life within the limits of your budget. Treat yourself, party with friends but keep in mind the budget that you have. Money management is important not just while you are at college. Once the skill is learned it will stay with you for the rest of your life. However, remember that it takes a lot of hard work to succeed and live a fulfilling college life on a tight budget. But if you survive that you can survive any hardships that your professional life would bring upon you. For more such articles on college life please visit, www.jagranjosh.com/college. Alternatively, you can also get more such articles in your inbox by submitting your email-id in the box below.