9 Smart Tips to Manage Personal Finances for Students

 

Students are cluttered with expenses that arise unexpectedly. That’s where we introduce money management. It is a crucial aspect to create a study-life balance without being frustrated by the expenses. Today at Humann, we will explore 9 smart tips that help students manage money! With these tips, you will be able to keep track of your savings and understand your spending behaviour on a deeper level. So let’s indulge in the 9 tips face first! 

1. Plan the budget: 

Your pockets go empty before the next refill due to a commonly overlooked problem: Not creating a budget. So today, start by creating a budget for yourself. If you love to play old skool, grab a pen and paper to plan your monthly budget. Other methods may include using an Excel sheet or a budget tracking application. We would recommend using an application for budget planning and tracking. This enables you to focus on your plan through daily notifications and informs you whenever you intend to overspend. So whatever your spending needs be, create a budget today and stick to it to begin with! 

2. No shopping without shopping lists

 

Before you go to a store to purchase anything, make sure you have a physical or digital shopping list handy! This prevents you from overspending or buying unnecessary items that are luring your wallet. Departmental stores have alluring products neatly racked on the shelves so that customers can be encouraged to make impulse purchases. But you don’t want that, do you? 

Related: 6 Productive Ways for Students to Earn Money Online

 

3. Clear pending bills on the go

Debts are the last thing that you want. To achieve your financial goals, make sure to return every penny that you’ve loaded up as a debt. Otherwise, you would always be in a constant state of insecurity and urgency to return it. Plus, piling up too many pending bills is a super image spoiler! Your lender could be a friend a relative, or even a money-lending application.  

 

4. Stop Borrowing 

 

This is quite relevant to our last tip. Stop borrowing unless you are in a tight situation. Maybe you could avoid spending on outings or irrelevant products, cafes, video games etc. And saving up helps you to worry less about being hard on your pocket. Borrowing also disrupts your budget for the upcoming months. With a solid mindset and mindful planning, you can avoid borrowing and manage your finances in a better way than before. 

Also Read: To invest or not to invest? Our Poll results shed light on NFT market trends!

5. Save for learning 

 

Now, you would be asking yourself, “If I’m trying so hard to plan, what exactly am I supposed to spend on?” 

That’s a good question. As a student, you must focus on your needs first. Anything’s essential for your survival. It could be your rent, edibles, ration, transportation, school supplies etc. Additional courses can be availed at Coursera, Udemy and SkillShare, here you can browse through various courses that fit your interests and budget. 

But once you are done with saving and planning, remember to include a section for saving some amount of money as you go along. These savings can be used to enrol yourself in workshops, courses and paid seminars that leverage your resume and knowledge. 

 

6. Limit your outings

 

Skip going to the movies, cafes or gaming zones for some time. Limiting your outings is the best way to save money for future endeavours. We understand that recreation is important too, and one mustn't be too hard on themselves just for the sake of saving money. So a likely midway is to create a budget for that as well. The goal is to avoid overspending so that you can save and invest in things that actually matter. 

 

7. Start freelancing

 

We’ve noticed that youngsters are often intrigued by the idea of earning as they study. But lack of job options, skills and expertise often leads to disappointment. However, if you are struggling to manage your finances, trying your hands on freelance jobs is the best alternative for you. There are several job roles that can be pursued as a freelancer such as Content Writer, Graphic Designer, Social Media Manager Intern etc. Try reaching out to websites such as Fiverr, Internshala or LinkedIn to find a part-time gig that pays you well. 

 

8. Mindful investing

 

Once you start freelancing and start to save a decent amount, it is fair to look at investing models. You can invest in stocks, SIPs, and mutual funds or enrol yourselves in professional courses. Truly, that’s the best use of the money that you earn for yourself. If you observe closely, buying courses or investing in long-term goals is much cheaper than regular outings. With a strict goal and budget, you are sure to transform your financial planning habits! Some trusted platforms to invest wisely are Mutual Funds, Policy Bazaar and Insurance Dekho. 

 

9. Affirm to stick to the budget

 

And here’s the final tip of the day. We all have a habit of dreaming and planning more than we can actually do. But today, you must affirm to stick to your budget. Say no to cheat days that avoid your growth and hamper your planning. A strict mindset is the key to every goal that you make for yourself. 

 

With these words, we take your leave. Our motive is to push you towards a journey of self-growth and thoughtful planning. Have we missed any tips that could help others more? Tell us in the comments and help!