Its college! Gone are the school days, when you were still thought of as a kid. Getting into College seems to be a big thing to children, something really important in their lives. Of course, your graduation days do hold an important value in your life, as they give you some of the best memories and the best lessons for your whole life. Some things you cherish forever if you do with a wise mind, while you may regret some forever if you just loose the right track.
There are many things that a fresher needs to take care of while starting off with his college. Yes, the dresses, the shoes, the food, the books, the syllabus and so on, off course. But there is another thing as important as that. You lose it, you regret for it.
Yea, that is the thing everyone is going crazy all the time. Even to earn money, you need money. Even to make money, you need to put in money first. It is funny to think the other way round about how much value just a piece of paper holds in our lives. And that is the reason why you should be good at managing it.
Right when you step into your college, you realize that you expenses are shooting up high in the air. The school days are gone, so you check out a lot of new clothes and accessories, trying to look the best you can. And the fees, dorms’ payments and other things pile up for you made make up a huge bill. And then you realize that this is going to happen every semester or every year you spend at the college. Many of the students will be paying bills, handle budgets and other finances for the first time.
Such things do build up the child for further life decisions, whether easy or tough. So, to take the best decisions for any situation when it comes to money, you need to keep certain things in mind. Planning well can help you solve any problem. Following the simple tips mentioned below, you will not only be spending the money wisely, you be making your parents proud too!
- Find a bank which offers well for your college situation
You may need to take up loan facilities for your fees. Thus create an account with a bank that provides various benefits for students and offers good loan facilities. Also, there are other facilities too nowadays which are provided by banks for the students. Do check them out before finally signing them for one. It is also advised to keep a check on the interest rate the banks charge for the money you take in.
- Plan a budget well in advance
You must have seen your parents working out for the monthly or weekly expenses. Buying cereals, sending gifts for grand mom, fixing the chandelier up in the kids’ room and few more things to do. So this should be a familiar sight for you.
And you too, are an adult now. So, try becoming a responsible one, rather than just blowing up all the bucks you have. Plan for every week your expenses. What all things you need to buy, or if you can sell some things and so on. This gives a rough estimate that how much are you going to need in the coming days.
Also, keep in your mind that while you make a budget, make a realistic one. Do not just cut down too low on the costs, making it impossible for you to live well, just to save money. That is not saving money, but rather foolishness. Know your expenses well and then think wisely to make one.
- Think wise before choosing your credit card
Credit card. How exciting it seems when dad goes in front of a machine , pull out a card from his pocket and the money pops out! Seems like magic when we are young.
And you are grown up now, so you know it is no magic. Credit cards are important and so it is equally important to use it wisely. While choosing the credit card, do not pick it up just because they are giving some t-shirt free, or a membership at the nearby spa or so. The offer won’t stay for long, but your credit card is for years to come. Building credit is important, and thus you need to think well before opening your first credit card.
Thus, choose the one which suits well to your needs.
- Watch out for opportunities for money
Students can get a lot of chances to earn some cash. Search online for some part time jobs, or ask an elder person who can guide you well. Thus, by choosing to work in a part time job along with your studies, you can get your pocket money easily, without making your parents worry about it.
Although, there are few things that you should keep in mind while looking for a part-time job. Choose a one which suits your time schedule. It should not keep you in a hectic work mode all day that you don’t get to time even for your assignments. Also, choose one on which you are confident that you can work well. Trying on something completely new can take time to perform well, and you may suffer in your studies due to it.
- Think well when you shop
Since you are no more a kid now, you surely going to have access to money all the time. Sometimes less money, and sometimes a pretty good amount might be there in your account. And you just feel like hanging out or go shopping with your pals.
But hey, that is where the wise think the most. Before finally choosing any product, think twice, “Do I really need it?”
“Is there anything similar which I already have?”
“Will it affect my daily life if I do not buy this?”
And you may surprised but you will be cancelling many items on answering such simple questions in your mind. Shopping is the time when you are at a real test that how well you can actually plan your expenses. Buying that pretty dress just because your friend is buying or picking up those shoes because they are on sale is not a wise thing to do.
- Just ‘hanging out’ may cost a lot too
Often we do not realize where we spend the extra cash. At the stationary guy? No, that is required for studies. At the cafeteria? No! Off course you need food.
Not at such times, but it happens when you just bored and think what to do. And then random plans shoot up from here and there for a burger down the street, the new movie which just released or anything around. And then, you go happy but come back empty! That is such a common thing to observe in our lives. By controlling the random expenses here and there, you can help yourself in a better way. Off course, a break is required in between anything, but keep in mind that the break should not cost a bomb to you.
- Understand the importance of savings
No one knows when the bad hour can strike in your life and leave you in rough situations. To deal with such kind of scenarios, one must prepare himself beforehand to some extent, with whatever they can. of course, no one can predict the future but we can reduce the impacts with our smart planning.
And smart planning surely brings saving money on the first list. Going first time to the college may make it sound a little wired, but it is important to do so. Suppose you are short of cash in your credit and you get to know about the science project you have to submit tomorrow anyhow. What do you do then! In such crisis situations, some bucks which are kept aside from the regular expenses can come to rescue. Many more situations can come across us even as students. Thus, it is always a good habit to save money. Even when you grow up, it is going to help you.
- Work on your cooking skills
Food! Surely brings all the best of the sweets and savories to your mind. How much would a pizza cost you? Well, not much. But what if you and your gang order it every now and then? And there comes your pizza boy at the door, with a big pizza, some creamy dip and coke?
Well, this can surely burn a hole in your pocket!
Getting in orders for food every other day can rise your monthly budget many times. You wouldn’t even realize where all the money is flowing away uselessly. And when you realize, it is too late!
To avoid such mistakes, cut down on the food mills. Go out, have your delicacies, but once in a while. Maybe twice a month. Or when an occasion is nearby. If you really a foodie by heart, then why not cook your favorite thing by yourself! It would not only make you smart at spending your money, you can show up your cooking skills to your friends as well!
- Be one of the ‘sale’ lover
And all hell breaks loose when it is the sale! Whatever you wanted to buy since so long is put out on the racks with the price tags shouting out discount to you! What a merry sight it is!
Who doesn’t love shopping! Of course we all do. And everyone needs to buy some things at some or other point of time.
But while you have just entered to your college, you need to be careful about your bills too. Just as I told earlier that do not shop whenever you feel like and end up buying unnecessary things, try making a habit of buying things when they are on sale. Every store, brand or so announces sale at various times in a year. Do keep an eye on them and hit the malls at that time, if it is important to go shopping. Buying an item at a discounted price is far better than buying it at the actual price. And this is the reason why you see huge crowd when the sale is on!
- Plan your workout properly
Feeling the urge to cut the extra pounds off your body? Or want to get back into that dress you don’t fit in properly now?
Surely you can get the body you want in the gym! But hey, calculate all the things before you finally sign the papers for a month or two. The offers seem just perfect and calling out to you, but if you think well, you realize that you get the same facilities in your college gym too! And being fresh to the college, hitting the gym seems really cool. But you can be smart while being cool, by joining the college gym. The facilities provided are all the same as the one in your locality, but at a much lower price. And if you join a gym outside your college and hire a trainer to guide you better, god help you. You can make a similar workout schedule by yourself, and start sticking to it. For example, instead of running on the treadmill, why not go for a jog in the morning? Or practice the core exercises in the college gym with the instructor? Try making a suitable schedule first and then start following it in your daily schedule.
College days are some of the best memories of life. And they can be even better, if we live them with a little planning, leaving us with much more things to cherish later. Following these tips, you can plan a budget for yourself, which is practical and stick to it.
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