Essential budgeting tips for college students migrating from different country parts

“Dream is not the thing you see in sleep, but it is that thing that doesn't let you sleep” -  Dr. A.P.J Abdul Kalam. 

To fulfill the sky-high ambitions in the hope of a better future every year thousands of students arrive in big cities to enroll in renowned universities. Do you know that Delhi-NCR has reported 7.45 lakh enrollments of the students in higher educational institutions in 2018-19, out of which there were 50 percent outstation students? This was closely followed by Mumbai with student enrollment rising from 3.42 lakh in 2001 to 5.49 lakh last year at Mumbai University! 

There is not a shadow of a doubt that arriving at the National capital or financial capital or any of the big metropolitan cities of the country is alluring. But with a bag full of opportunities there comes intrinsic responsibilities attached to it. The major one that tops the list of responsibilities is managing expenses! And with the onset of the pandemic, the pre-planning game is stronger than ever.

Students often get swayed by spending their money on unnecessary expenditures. It is only after the end of the month that they realize how much money they’ve spent on wasteful expenditures. Thus, managing finance and pre-planning is essential to survive in metropolitan cities with soaring prices. It may sound difficult but not a herculean task to survive on a low budget. Here are some essential budgeting tips for college students that will help them manage their finances. 

Estimate your finances

The foremost thing is to estimate your pocket money or monthly income. With the Covid-19 pandemic, almost everyone has experienced a slash in their income. So it is important to compare the new income with the previous ones in order to plan further expenses. The essential tip for college students is to underestimate the incomes because it is always better to end up with the happiness of unexpected money in-hand!

Make a list of expenses

From grocery to medicines, all the necessary expenses must be estimated. However, while chalking out a list, be careful of the redundant expenses. One should not compromise while spending on fixed expenses like food, clothing and apparel, rent, transportation, and phone bills, etc. but should be vigilant when it comes to entertainment and miscellaneous expenses like going out to movies or clubs on weekends. Likewise, books are important to study but the subscription of OTT platforms can be definitely avoided. The essential tip for students is to overestimate your expenses and then underspend! 

Accommodation

The first thing to look for while moving to any city is accommodation. Either one can go for hostel facilities offered by the university or look for a PG or apartment. Both options must be judiciously weighed as per their budget and the available facilities. In the case of renting an apartment, the distance from the university and location where one is staying should be kept in mind. Preferably, look for a room that is closest to the college and where all essential amenities from grocery to healthcare are available. Currently, the maximum students are at their home towns but as the situation normalises it is still advisable to avoid unnecessary travelling and maintain hygiene. 

Food 

Every part of the world is known for its own exquisite cuisine. But the same authentic flavoured food with adequate levels of hygiene can be purchased at a reasonable price instead of going for the extravaganza. Moreover, the emergence of the pandemic has amplified the need to eat the right food at the right place in the right budget. Here comes our saviour, the self-cooked food, which is unparalleled and must be preferred as it meets all the standards of hygiene. Always remember, while occasional hangouts are feasible, unnecessary expenditure can land one in trouble at the end of the month and should be prohibited and saved till the situation normalises completely.

Travel

Even if one’s apartment is distant from their university, one can always opt for metro over cabs. It will provide two benefits. Along with helping you save extra pennies, you will also be able to avoid the hustle-bustle of the traffic. It is a smart move to try considering options like these. Adding a pandemic-perspective to it, one should try to avoid crowded places. Going to college is an essential part of the day but redundant wandering for fun must be avoided. Last but not least, while travelling in the metro or another public transport one must follow the norms of social distancing, sanitising, and wearing masks. 

Leisure 

Leisure is an inevitable part of life. Especially if you are an undergraduate student, it is obvious for you to go out with your new friends and explore places. While leisure is necessary, exorbitance is optional. One can always choose to hang out at places with good ambiance at a reasonable price and delectable food as it is the company that matters in the end. 

Keep your bills and receipts organised

It is important to maintain a record of the expenses incurred during the month. The deviation is acceptable, but one must know where the money is going in order to save that for the next month. Online payment will help you in easily reviewing the statement of inflows. Remember, a penny saved is the penny earned. In these times of mass lay-offs, being tight-fisted is the need of the hour. This budgeting tip for college students is of utmost importance to the youth nowadays.

Take advantage of campus facilities

If you are in a Government college, you can save money by taking advantage of hygienic and affordable canteen food. In many colleges, there are gym facilities at a lower price than private gyms and you are not required to pay for membership as well.

It is important to keep one's priorities sorted. Pandemic has been hellacious for almost all of us and students have been severely affected by its consequences. Planning in the beginning and then looking at the deviations at the end of the month will help one analyse the cause of expenditure so that the required steps to reduce them can be taken. These budgeting tips for college students will definitely help them sail through these grim times.

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