Managing finances as a student can be burdensome. Students typically do not have a constant source of income. The money they possess might be limited to either the allowance their parents provide or income from part-time jobs.
The limited income might pose a challenge, especially if there are additional expenditures such as rent or transportation.
Managing finances as a student also would help prepare students to invest and save money for future endeavors.
They might often wonder “How to manage my finances?” So here are some tips on how to save money as a student.
Tips for Managing Finances as a Student of Delhi University
Given below are some tips for managing finances as a student:-
Create a Budget – Set a Maximum limit for yourself
The first and foremost part of the list of tips for managing finances as a student is creating a proper budgetary plan. This involves a few different steps:
- Calculate the total income inflow from all the sources (including allowance from parents, stipend from part-time jobs, etc. )
- Make a list of all the expenses such as transportation, food, rent/living expenses (if the student is living in a pg or a rented flat), groceries, entertainment, etc.
- Allocate a definitive sum of money towards all of the expenses.
- It is also important to allocate some of the income towards savings and emergency funds.
A budget is telling your money where to go instead of wondering where it went
John Maxwell, American author
Keep Track of your Expenditure – Accounts Rule
Once students have a budget with all the expense limits set, it is vital to make sure that they stick to it. One way they can monitor their budget is by keeping the receipts of the stuff they spend. Adding up everything would give them an idea of the amount they have spent till now.
This would help them in managing finances as a student as they would know how much money they have left. This can also be maintained with the help of spreadsheets, which would help them learn money management as a student.
Differentiate between ‘Wants’ and ‘Needs’ – Priorities
Wants and needs are two different things. Wants are what the heart desires and usually can be compromised. Needs cannot be compromised, necessary things, for eg food.
If they are running short on budget, students should try controlling their expenses on their wants and cutting out extra expenses, which would help them in managing finances as a student.
This is a tip for managing finances which might also help in the longer run.
Use Public Transportation – Affordable & Comfortable
If you’re a student living in or around Delhi, the most feasible mode to traverse around the city would by far be public transport.
The public buses running in Delhi are free for women and minimal charges for men. The Delhi metro is a very affordable and convenient mode of transport these days. It also eliminates the problem of getting stuck in traffic for hours.
An additional upper hand of using public transport is fewer vehicles on the roads, hence less pollution.
In this way, you can contribute to sustainable development as well! 1 teer se 2 nishane
Find Part-Time Jobs – Earn More Save More
Students can increase their allowance by opting for part-time jobs if they don’t have one. These days, students have a lot of opportunities owing to the modern digital age.
They can opt for a WFH part-time job or even some other service jobs. Jobs such as barista, serving in restaurants, etc. are very common among students abroad.
Use Student Discounts – Extra benefits
Many retailers, service providers, restaurant services, etc provide goods for discounted prices to students. Such outlets can often be found in and around college campuses in Delhi.
Students should take advantage of these offers to save money on basic utilities such as food, entertainment, clothes, etc. This would help them learn money management as a student.
Buy Pre-used Things – Most Effective Way
Being a student, a big part of your expenditure might be on books. Instead of buying brand new books every semester, students can go for used books. They can borrow it from their seniors.
Or another great and affordable option is visiting second-hand university book markets. Tilak Nagar and Daryaganj are great options that provide books of good quality at a very cheaper rate.
Cook at Home – Eat Healthy Save Money
Eating out can be costly, especially when done frequently. Students can try making their meals at home, which can be cheaper and healthier.
Shop Online
Online stores provide lots of discounts and schemes. Generally, the goods are listed at lower prices as compared to physical markets which will help you to save money as a student.
Paying bills and shopping online from where students can cash back or discounts might be another great way to save up some money.
Avoid Credit Card Debt
Students should be careful while owning a credit card to not carry a huge balance and use it carefully. High-interest credit cards can quickly accumulate and can cause financial trouble.
Instead, They can try using other easier options available these days such as mobile wallets or UPI apps. Most places these days have the availability of these options and even prefer using them.
This is another tip for finance management as a student which may also help further on in life.
Take Help
Elders around you might have advice about various saving techniques and managing finances as a student, as they are more experienced and have been doing it for a few years.
Your parents would know you, your habits and needs better, so they could give you more personalized advice and tips for finance management as a student.
Conclusion
Delhi University students are at an age at which they need to learn how to manage finances as a student, which would not only help them in the current stage of life but also in their future endeavors.
They should explore different things and figure out the options that work best for them and are within their financial bounds. They shouldn’t be afraid to take help from the experienced people around them as they might provide other tips for managing finances as a student as well.
Thus, these were some tips for managing finances as a student more effectively that might help you take care of your money and bills in college.
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