College Life is the most important and usually most enriching phases of an individual. During this phase in life, an individual is at the best of his physical and mental health. Usually, students go through a rigorous cycle of the academics, during which they have to constantly keep pace with the course and strive for higher grades. Currently maintaining a healthy social interaction across college peers is also very important. All these facts of college life are very fulfilling if students sincerely strive for them.This is only a phase where students needs to manage their finance.
Why it is necessary for the students to manage their finance during education?
The financial aspect can reduce the enjoyment factor and increase stress in a student’s life if not managed properly. If this aspect is not managed well then, it has the capability to hamper the entire growth of a student. As we all know that college life is quite expensive. Students have a plethora of academic activities where they have to spend a good amount of money and with the current social scenario, they have to maintain a healthy social life also. So if a student has a constant inflow of money to meet his or her expenses than it helps the students. It will help the student to be in the driver’s seat of his or her career’s chariot.
Students who are not able to manage their finance well usually suffer from a variety of issue. These issues can range from the very concrete issue like debts to very abstract issues like depression. Students should be conscious of choosing their lifestyle. They should not incline their lifestyle to a high spending one. They should choose a balance between reckless lives filled with huge spending, to the one that is practical. There should be a balance between the time and money spent on academics, social interactions, and luxury. If this is not managed well, then the student might not have a sense of fulfillment, and he may face void in his or her college life.
There are practical ways by which a student can maintain a constant inflow of income and manage it. Some of these techniques are given below.
Students should look for a part-time job that can provide them some extra earnings. Apart from earning extra money, part-time jobs can be a wonderful source of learning, connection building and confidence building. Meanwhile, one must make sure to identify the job that shouldn’t be causing an individual to seriously stress out. Students should only spend a portion of their time in the job otherwise; this can seriously hamper the academics.
This task should be done on priority. One should always make a budget at the starting of every semester/month. Figure out how much would be required by you during the time period for which the budget is being made. List down the expected expenditure and how much you can afford to spend on each of these. One should be very honest with this exercise. If you already know upfront the various heads where the money will be spent, then you can plan better. It’s more like risk mitigation.
Students should be ready to cut the spending finance on items/heads that are not necessary. One should not indulge in reckless luxury and impulse shopping. Cutting the cost in the right manner will result in a very strong financial position for the individual.
Always be honest with yourself. One should clearly understand the difference between wants and needs. Students should avoid spending finance on wants and focus on their needs only. In fact, while making a budget you can put aside a pot of money that you can spend on wants. But the real challenge would be to stick to the budget and follow it religiously.
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