• Avani Sood

HOW TO MANAGE MONEY (COLLEGE STUDENTS)

When you’re in college, away from home, managing money becomes an overwhelming task for each one.Money management for students becomes very important.

Moreover, it is at this age that students learn the art of money management.


Create a budget

It is highly advisable for students to prepare a category wise budget like Food Budget, Telephone Budget, Travel Budget etc.

Keep a track of all your expenses

It is very important for any person to know where the money is coming from and where it is going. Keeping a track of your expenses will help you identify your over-spend and wasteful spend areas.


Keep a track of amount lent/ borrowed from friends

Lending/ Borrowing is very common among students. Many a times, it happens that a student has borrowed money from a friend and when that friend asks for that money back – we don’t have money to give it back to him.

So keep a track of your liabilities and keep adequate provisions to pay them back. Always separate your Income/Pocket Money from the amount that you have borrowed from friends as you don’t have to give back your pocket money but you always have to give back the amount you have borrowed from Friends.


Separate wants from needs

You should classify all your expenses into expenses on necessities and expenses on luxuries.


Resist peer pressure

A lot of spending nowadays is happening because of peer-pressure. Most of the people are buying phones, phone accessories, gaming tools not because they need it but because all their friends have it.

These were some of the steps students can follow to manage their expenses. Also the students can prefer cooking by themselves more rather than buying it from outside. They can manage money by making money, for example, they can do part time jobs to handle their expenses etc.




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