The beginning of college life not only marks the beginning of a new chapter but also brings with it monetary freedom!
From asking your mom for money to buy chocolates, you move to getting a monthly allowance. As liberating as it may feel, managing money can become quite a task at times. Initially, every month begins with the feeling of being super rich and ends with living like a pauper.
So, here are few tips to ensure that money survives you till the end of the month:
Set a budget!
Divide your allowance into parts. Keep some money aside for shopping, some for eating out, some for daily expenses like travelling, etc. This way you can have a budget for everything that you want to do. You will know the extent to which you can spend on a particular activity and keep tab of the pace at which you are spending.
Wants & needs
While your needs might be few, there is no end to what you would want! Make a priority list and shop for it first before moving on to indulgences. Once your essentials are in place, you can make a list of the items that you want to spend on or those things that you have been dying to buy for quite some time. Between your wants and needs, fulfilling needs should be a higher priority.
Earn extra cash
Though college is essentially for studying and you should spend those three years focusing on academic aspirations, you can always take up internships and/or freelance assignments that help you make a few extra bucks. Also, spending your own money is always a very different and learning experience.
Cash backs & coupons
Your willingness to go out and having money in your pocket don’t usually go hand in hand in college. When you want to go out, you may not always have money. A smart way to enjoy and keep money in control is to always be on the lookout for exciting offers and discounts – free drink for ladies, 1+1 on pizzas, 30% student discount, etc.
This may sound funny and look even funnier. But trust me, it is helpful. Maintain a pocket diary in which you can note down your day’s spendings. So whenever you don’t understand how and where your money vanished, this tiny little diary will help you track it. Make it a habit to note down every penny spent in this diary. You will acquire this habit only with time but gradually you will realize how helpful it is!