College life is a whole package of fun that consists of outings, get-togethers, parties, treats, and gifts, too, at times. With all these, comes the topic of money and money management. But as a college student, did you know that handling money on a monthly basis or even through the year is an easy task? Just with a few add-ons and tips, it can be an interesting process throughout. As a result, it would also make you very responsible to maintain money matters. Here are a few simple tips to help you manage money like a pro, as a college student.
1. PLAN-OUT THE EXPENSES
Now when you’re about to start a new month, always have an organized handy notebook or an app such as Pocket Money Manager, to have all the upcoming expenses pre-planned well in advance. It can be a monthly outing, food purchases, shopping or buying college essentials. Such events are predicted beforehand, so you can very well be ready for them.
2. UNDERSTAND YOUR INCOME
As a college student, you would be having your own source of income. Some of you would receive it via scholarships or stipends, and some, through pocket money from parents. But then the judgment of pre-planning your expenses begins with the analysis of your total income. This creates awareness as to how the money can be broken down to only the essential expenses and not spend on everything very blindly. What if your income is low? Put your worries on it away, and download the StuCred app now, to avail loans up to 30,000.
3. BUDGET CREATION
After the draft-plan is all done, your next step is to create a budget. Doing this is very crucial to keep the flow of money under your control. Create a separate column beside all your planned expenses for the month, or week, and add your budget there just for you to know how much you spend, how much you need to spend, how much can you spend and how much you will spend. This is the best analysis you can make to maintain your budget according to your money income.
4. SLASH OUT UNNECESSARY COSTS
Omitting the expenses that are not an immediate priority should be done in order to save money. Some of them would be on your monthly expenses list, but they can be waited out, like getting upgraded to a new phone when the old one is working just fine, getting inked and many more. They would be fun, but they can wait past books and food expenses for the month, isn’t it? Plan them out well and know your priorities well in advance.
5. REVIEW YOUR EXPENSES REGULARLY
Try to keep a regular check on all the cash you spend and the balance that you have left, weekly. That way you need not worry about being broke by the month end. You can spend with great ease and seek out more fun.
6. CREATE EMERGENCY STASH-CASH
It’s not like the expenses that are created and the budgets drafted will always remain constant. They may vary depending upon the circumstances. If there’s a sudden increase in any of the expenses, or if there’s an emergency situation with the immediate requirement of cash, it’s going to be a dead-end. To avoid this, always separate out a certain amount as an emergency stash-cash for multiple purposes. Remember and probably take a vow or something, to never spend this cash on anything else in haste.
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