Going broke for money at the end of every month? Wondering how to manage your pocket-money for this semester? Most of us go through this situation until you’re a rich-spoilt brat!
In a student’s life, it is difficult to fulfill your ‘wants’ and manage your ‘needs’. but there are some smart ways you can apply to manage and save enough to pay your own bills. The main key is to invest in yourself and make some money.
Have you even stepped into your college library? Go and have a good look. You will find all the course books that you have. E-books are the best option in today’s age; you can easily find e-copies online. If you’re an old school nerd, ask your seniors to sell out the latest edition for cheap.
Say No To Bad Habits
Many young adults choose smoking or drugs as a means to release stress. But these ‘stress-busters’ can burn a hole in your pocket. You can save up to 5000 rupees per year if you cut down on these bad habits like drinking, smoking, drugs, etc.
Pro Tip: Invest in health. Working out helps release stress better, but don’t fall for premium gym membership traps.
Pooling Is The Key
Car-pooling not only helps you save money but save the environment too. Another best way to save money is to subscription-pool. All of you want to Netflix and Chill, so partner up and pool money for your favorite OTT subscriptions. Also, avoid unnecessary subscriptions that you don’t require.
The most useful method of saving money is by working part-time or doing an internship. You earn while you hone your skills. Use your stipend from the internships to update yourself with the technical skills required for the industry. Work from home internships is the best way if you are looking out for saving money only. Younity.in will help you find the perfect internship.
Pro Tip: Own a Start-Up. Nothing better than putting your ideas into action.
Budget And Maintain Records
A traditional yet most effective way to manage your money. Budgeting right at the start of the semester or month helps you plan your expenses and set a savings goal. Suppose you ordered a watch and it stops working after 3 months, having the bill and warranty card can help you claim. Save e-copies of all your online shopping bills and scanned copies of other bills, save it on your drive, and stay sorted.
Pro Tip: Set aside savings on the 1st of every month. Saving before spending can help you achieve the targeted savings goal.
Stop Impulse Shopping
Do not use shopping as therapy. Instead, shop online in the sale season for the necessary items. Street shopping lets you show off your bargaining skills and save big. Also, keep a check when shopping for your snacks. Buying within your budget not only helps you save but stay healthy.
Pro Tip: No spend the day in a week. Practice having a no-spend day once a week, not even a penny. Be wise.