Exceeding the monthly budget during college tenure is not a wrong thing if it happens rarely as it also institutes a basic sense of responsibility.
Students who have just started their college life often find it difficult when it comes to managing personal finances as there are a number of little-little expenses which grew up when you move out of your parental home. During the early years of college life, a large section of students ends up exceeding their monthly budgets following which they are forced to borrow extra money, either from the parents, elder siblings or from the peer members.
Exceeding the monthly budget during college tenure is not a wrong thing if it happens rarely as it also institutes a basic sense of responsibility. Problems start surfacing when students repeatedly spend beyond their budgets. We take a look at 5 personal finance tips for college students.
Try to stick within a budget
This is the first and foremost advisory for all the college students as spending within the budget not only helps in smoothing the personal finances, it also assists in saving a penny for worst cases. You can try minimising your spending if it is happening for the first few months by tapping alternate and cheaper means of obtaining a thing.
Check for overspending
Students should religiously check for overspending patterns and habits which are steering them to spend unnecessarily. There can be certain things which are putting an extra burden on the monthly budgets, for example, gym fees, meet up with friends, going out for concerts/gigs etc.
Don’t rely on borrowed money from peers
Students should not rely on other sources of money by which they can quickly fix the temporary requirements, all the time. There can be several instances when friends and other members of the peer group help each other, but asking for a high amount or large-quantum favour from a friend again and again can turn in ruining the friendship.
Avoid purchasing too many books
Some students love collecting books and supportive journals which are normally priced higher as compared to conventional reading materials prescribed by the boards or universities. Buying every book, which can be useful in future, may dent the monthly budgets and can certainly put extra strain on parents or guardians supporting the student. Instead of buying too many books, students should look for other alternatives such as soft copies of the books, related materials, shared reading material etc.
Grab student discounts
There are a number of enterprises which have the provisions of student discounts. All the students should look for promotional offers on dining out, study materials, travelling, buying vehicles, purchasing gadgets to reduce the expenses. An explorative approach in searching the cheap and best means also develops a sense of responsible spending.