Money Management Outside Home

Devise the following ways to manage your money in a better way:

1. Create an approximate budget:- You need to manage your expense like food ,books , clothing, entertainment, birthday parties etc. You already have a limit of only using a certain amount of money from your home. So the trick over here is you have to WRITE down the list of things you really have to do or you really have to buy and to have a approximate idea that what amount of money is going to be needed throughout semester

2. Identify your NEEDS and WANTS:- Is going to canteen after the lecture your need or your wants? You need to distinguish between what you want and what you need. You clearly don’t have to buy the books you can borrow from library this is a common mistake by 1st year students. Try borrowing books, accessories from seniors to reduce the list of your needs. Try not throwing your cash in the trash.

3. Don’t use abuse cards:- In 2012 , 70 percent of undergraduate students had at least one credit cards or a debit card, according to the International Journal of Business and Social. One should always be very careful using a card, the times we eat in canteen or shop anything using a card is not a good option. Scientifically it has been proved that customer using a card from online shopping buys more than the one using cash on delivery.

4. Go online:- It’s always recommended to study from any online resources instead of buying a textbook and reading from it . There are many websites which can be useful for the same purpose online learning sites are almost free and very efficient. Some apps, such as Mint, make money management easier for a busy or forgetful college student. Mint enables users to upload bank account and expense information so he or she can manage all of his or her accounts in one place.

5. Special discount:- College students should become masters at exploring the ways their educational status can save them money. There are various places where college students get discount you just have to look for it. You can use you college ID for identification proof.

6. Scholarship:- If you have a good good idea in your mind that you want to execute try getting it verified and authorized by your college, so that you can work on it and if your idea is really good you have a good chance of get funded by college.

The bottom line:- College can be expensive, but learning the basics when it comes to money management now means you don’t have to graduate with a massive debt. No one is really good in doing this, saving money is a big lesson to be learn by everyone now a days.

Remember,

A PENNY SAVED IS A PENNY EARNED.