Staying Afloat on Students Allowances

Managing with near the edge pocket money seems tough? Here’s telling you how to supplement it and plan better for later life

You are eighteen and have just landed at the campus you dreamed of. Or have you?  First things first, the pocket money from your parents is not looking good to you.

Now, there have always been two kinds of kids in college- the ones whose every wish is financed by their folks and the ones who have to fend for their little luxuries.

The first group is, no, not lucky. They are boring. The reason why your parents didn’t really load you with gold is that this is the age when you can hoard up on experiences. If you don’t have at least twenty interesting stories to tell about your college years when you are 40, you would officially be a loser. Working two jobs at a time to get some extra pocket money for those parties, food, gadgets, bills, and clothes, has traditionally been a life saver for students.

Here’s how you can manage your finances and even multiply them:

• Chalk out monthly payments: Make a realistic account of your income, expenditure on transport, fees, food and other necessities for each month. Make sure your main income is directed towards the payment of the basic necessities.
• Get a bank account: Getting a bank account the minute you leave school will ensure that the payments from your part time jobs will be made swiftly.
• Learn to save: If you are eyeing that expensive perfume or book, then save from your income every month until you can buy it. Spread it out over three to four months so that you don’t feel the crunch.
• Keep a log: Keeping a tab of your expenses is essential in planning. It doesn’t have to be daily. Avoid mental calculation. It helps to see the stark figures.
• Look for online jobs: If you are computer savvy then go for online jobs. These won’t take you out of campus, won’t be draining and can be done from home or hostel. This is an easy trick to make some quick money.
• Apply for fellowships: Be in top form in your class. This will help  in securing scholarships and fellowships. Make sure you find out about the available programs in your university. Most students remain oblivious to these opportunities in their college years. And it doesn’t help to learn about these at a later stage.
• Freelance: Freelance writing or editing for publishing houses is becoming very popular among amateur writers and it is an easy way in which you can establish yourself by the time you leave college.

So be independent now. Starting early in matters of finance is always good. By the time you pass out from college, your resume will also start to look impressive. Manage your income and pocket money well. It will keep those debts at bay. Practice restraint. Some discipline and self control along with a little intelligent planning should help you stay financially secure until you start on a professional career.