Studying in college? Here's how you can manage money
Most students attending college tend to spend more than they have in their hands, hence ending up not saving anything at all. From peer pressure to unreasonable fancies, there are many reasons why collegegoers end up borrowing money from their friends or family. However, money management is a very important lesson, which, sadly, isn't taught in college. These tips can help you.
Create a budget
Setting up a budget for everything can help you prioritize things that are important and those that can wait. Fix a desired budget for food, travel, mobile and internet, clothes, rent, stationery supplies, grooming, and other routine activities. Doing this can save you from blindly spending too much money and also help you steer clear of events that can financially drain you.
Know the difference between needs and wants
There is a fine line of difference between needs and wants, owing to which we often get confused about what to spend money on. Classify all your expenses into necessities and luxuries, which can help you focus financially on one thing at a time. While needs like food and health demand urgent attention, wants like fashion and travel can be deferred.
Take advantage of student discounts
This is a great way to save some cash that you probably aren't aware of. There are many restaurants, cafes, cloud kitchens, and food chains that offer student discounts on their services. And all you need is your student ID card to enjoy them. Even some cinema halls, clothing brands, and transportation services offer such discounts, so you can always check with them.
Steer clear of peer pressure
You may not believe that peer pressure is the leading cause of financial mismanagement among college students. But most of them buy expensive phones, earphones, gaming tools, accessories, clothes, footwear, etc, not because they need them but because their friends have them. That's where you have to draw the line. Resist peer pressure and instead focus on your personal finance to avoid unnecessary expenditures.
Do paid internships or part-time jobs
As a college student, you can easily get various internships and part-time jobs with organizations that can pay you a stipend or salary. Today, it has become a very common thing to pursue after one finishes attending college for the day. However, as you do that, ensure that you also get the time to finish your assignments and study for your exams.
