Having bid adieu to uniforms, daily lunchboxes, and travelling in school buses, college is when you learn how and where to spend money.
Coming to college is a step towards becoming an adult; but it can be a tough nut to crack when it comes to managing finances. Here are some tips to manage all this, smartly and efficiently:
In all the excitement to go to college all prepared, we do not realise how much money has been spent. When the realisation begins to kick-in, it is best to not have an ambiguous figure in your head; rather, a clear image of how much money is spent on different four major things – clothes, travel, food, and books or other resource material. You can also modify this budget list by adding or removing fields, based on your spending or interests.
Spending Smartly and Saving
Now try and identify expenses which can be moderated. Instead of purchasing books every semester, borrow these from your seniors or even buy them second-hand. This is a smart choice, given that there is a possibility they will have notes, or important points marked.
Instead of buying whatever clothes please your eye, make sure you try them on in the store, so there is no possibility of them being the wrong size, or something you are not comfortable in.
Ishita of Kamala Nehru College (KNC) gave a good tip and said, “I live in Dwarka where ricksha wallahs ask for a lot of money even if you go in the shared ones, I discovered that Ola and Uber cost less and were more convenient.” It is important to try out different routes or transports to rule out the most tedious ones.
Student Discounts and Offers
Today, there are endless online stores, apps, offers and combos that allow you to spend smartly, and save plenty. You only need to become aware of these avenues, for example, waiting for sales to buy clothes. Devyani Arora, a student of KNC, shared, “Many food apps have discounts that can be availed, and there are coupons that reduce the cost further. If you do not have coupons, you can also pay through Amazon Pay or Paytm to get some cashbacks.”
When going out with friends you can look for restaurants offering “1+1” deals. Arora went on to add, “Using online portals or payment through credit cards can also help get points for you to redeem later.”
Feature Image Credits: Skymet Weather