College is the beginning of a new phase in a student's life. One that many of us look at as the gateway to our freedom.Unlimited fun, friends and no boundaries that's the calling of college life. But, with this freedom also comes a heap load of responsibilities.
College for many of us means a life away from home. And at times managing everything on their own can be a little difficult for college students. Especially, when it comes to managing all their expenses with a limited amount of pocket money they get from home. In the first few months of college there is a lot of excitement amongst the students. And in this excitement at times they end up using most of their pocket money in the first few days of the month. Leaving them with very little amount of pocket money for the rest of the month. Sometimes they even refrain from asking their parents for more money. For they fearthe parents asking,' it's not even half the month yet, where did all the money go?'
Managing their pocket money and allocating budgets for all their expenses is very important for students. It helps them keep track of their spendings and manage the pocket money properly ensuring it lasts the entire month. Proper management and budgeting can also help them save some money for emergency uses. Moreover, money management is a great habit that if learned early will help them greatly as they move ahead in life.
A Budget For Everything
The budget for many of us means adding up of major bills such as the rent, tiffin service, transportation charges and others. Although this format works out well for working people, it can be a little deceiving for college students.
For, when it comes to college students a majority of their spendings are small that usually go unnoticed but when added up, it makes up a huge sum of their overall expenditure. For Example - The everyday spending on the coffee can add up pretty fast.
It's important for students to make a budget for everything including movie nights, late night snacks, eating out, party stuff, books, and supplies etc. Including all these smaller expenses can help you keep track of your overall spending.
Purchase Old/Used Books -
Don't go running off to buy your books as soon as you get the list form the college. Some books are pretty expensive and there is a very good chance that you won't need it for more than one semester. Good amount of your money can be saved by getting old and used sets of the books you need.
It's best to first consult your seniors on the books that you will need for that particular semester. You can also ask them to lend their old books to you as they won't require them again. If you are unable to get the books from them for some reason you can also look for bookstores selling old/used books in your area. You can also try Amazon it is the best place to look for old and used books online. And if you are more comfortable with online studies, you can buy kindle version of your books. Moreover, many college libraries have the facilities of book banks that lend books to students for a year-long period. It's one of the best ways to procure in syllabus books for the semester.
Learn To Cook
Learning to cook may not sound fun and cool but it's a really useful trait. Especially, when you are staying away from home. Dining out, takeouts, partying with friends all is fun but it can be done for only so long.
Eating out every day not only burns a hole in your pocket but also affects your health in the long run. Moreover knowing how to cook can be fun.You can experiment and try out new dishes and also impress your friends with that special recipe of your mom.
Look for Student Discounts
A lot of places offer student discounts. All you need to do is show your college identity card at the checkout. Even if a store doesn't specifically mention student discounts offered, there is no harm in asking, right?
Some of the places you can avail these discounts are movie theatres, music concerts, eating joints, book fairs or even when buying a new laptop. After all, if you can buy things at a discounted rate with showing just an ID Card why not go for it. Student discounts are one of the most popular and easy to adapt methods of money management for college students.
Go Cash, Avoid Swiping Cards Everywhere-
Money management can go down the hole when making payments with credit cards and e-wallets for every small purchase. Especially for college students whose majority of expenditure is in small bits and pieces that are hard to keep track of.
Swiping a card at the cash register is way too easy and you hardly realize the amount of money that you have spent. Making payments in cash, however, is a different story. Giving away hard cash makes you realize how much money you have spent. Moreover, people usually tend to avoid overspending and control impulse purchases when paying by cash.
You can make a budget at the beginning of every month, set apart money for major spending such as rent, bills, fees etc. Once that is sorted allocate money for your day to day expenses and withdraw some cash for it. Making payments in cash can help you manage your money more efficiently.
Freelancing can help you add some extra bucks to your pocket money. You can do part-time jobs or work from home as per your choice of job. A lot of degrees also open up freelance work options for students. For example- if you are good at writing you can take up freelance projects as a content writer or blogger, if you are good at playing some musical instrument, say a guitar, you can take classes for other students.
There are many options for a student to be a freelancer like tuition for school kids, dance classes, music classes, summer holiday projects, photography, writing assignments, volunteer work etc. And when you earn money of your own, you are always sceptical of wasting it on unnecessary items and get better at money management.
Money management is a great skill for any individual to have. It helps them prioritizetheir needs and control impulse purchases. For college students staying away from home money management becomes a top priority. They have to manage all their expenses with limited pocket money allowances they get from home. It helps a student make the best of his college life and also teaches him the art of saving money. Proper management of anything is important in life. Once, building a budget and money management becomes a habit it helps them lifelong.
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