Written by Prarthana Gogoi
College is a frantic time. All those classes, clubs, events, weekends, friends, last minute projects and, of course, maxing out credit cards or being totally broke only after half the month. That’s why it’s always smarter to organize your budget and work on saving up. Here are a few tips that have worked for me but, disclaimer, for some more in-depth advice you may want to visit pros like Credit Card Insider who are absolute experts at handling credit cards and credit.
When life throws college at you, you suddenly feel stripped of all your former privileges and real life smacks you right in your face, Credit Card Insider has many recommendations for student credit cards and will help you pick out the perfect card to go through these “traumatic” few months.
Save first, then spend.
This has been the most helpful tip I ever came across. Most people save what is left behind after they spend but the wiser way is to first have a realistic saving and then make a reasonable budget with what is left.
Make a monthly budget.
This is very obvious. I’m still working on the art of staying within the limit but this is one of best ways to save. I heard somewhere that it is always better to plan in such a way that the budget is lower than expected so that, even if you exceed, you stay within a “happy” budget.
Gather more friends for a night out.
Now, since we’re talking about college, this is by far my tried, tested and approved formula. It’s always nice to have a large group to go out with since then, splitting the bill is easier on your pocket. One might think, the ratio is always same, but trust me! It’s not. You might be surprised with the amount and variety you get when you start sharing.
Understand the difference between “needs” and “wants”.
College is a time when even the princesses have barely make it through sometimes(financially). To make it easier, learn to prioritize things. Learn to differentiate between needs and wants, you don’t want to spend money on a couple of lipsticks that you wanted to add to your collection and not be able to afford real necessities.
Walk. A lot.
I love walking, so, it’s always easier for me. Walking will help you to relieve stress while providing a calm workout that saves a few bucks while you’re at it.
Volunteer for campus events/clubs for free food.
A personal example for this one, I was working for a club this semester and on the big three- day event it organized, the members got catered free food for the whole three days.
Track your finances, do the math and revise.
Budgeting doesn’t come easy. It is an art. So, if you falter the first time, learn where you went wrong, where you can cut off and where you need to spend more and soon enough, you’ll be a pro at it.
