I had a thousand rupees but spent them all on buying clothes. Now I have new clothes but nothing to eat. Wait, have you ever been in a similar situation? Then this is exactly what you should be reading.
As a college student, the thought of having no one to restrict you on how you spend your money is pretty exciting but here comes the scary part, managing it. You are going to have to do a lot of things on your own including handling your expenses. Here are strategies that will help you manage money not only in college but in the future as well:
Create a budget
I know you’ve heard it a billion times before, but budgeting is the key to saving money. Note down your day-to-day expenses including something as low as one rupee. At the end of the month, take a look at the expenditure and how much you spent on what. Cut down on anything that is not really necessary.
Buy used textbooks
Each semester, we study new subjects which means having to buy different books every time. With text books being oh so expensive, buying new ones will definitely burn a hole in your pocket. The best option is to buy used ones which are usually around half the price, or if you have already bought new textbooks, selling them at the end of your semester would fetch you money.
Use your student ID card for discounts
Most students think that an ID card would only be of use inside the campus, but there are places like salons and restaurants that accept local college ID and offer massive discounts.
Working part-time when you’re in college helps you manage time along with earning extra money. If you think you might not be able to work and study at the same time, then take up a summer job. That way, you will be able to work full-time and earn more.
Avoid unnecessary expenses
Each time you withdraw from an ATM that is not your bank, you will be charged money. Try to withdraw money only if it’s an emergency or go to a free ATM. With e-wallets like Paytm and Google Pay accepted at almost every place you go, why pay for having to take out your own cash?
Everyone else in college is new to this just like you are. It might take time to get used to it, but you will eventually learn how to put your money to good use.
I’m a vivacious, half-sane fantasist obsessed with travelling, guinea pigs and the stars.