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If
you are a college student, cashlessness is a perpetual state of existence.
Short on funds and craving for pleasurable pursuits, you have two options.
Resign to your impoverished status, or go through the 20 pointers we have
compiled for you. These will not only help you save and manage your money
better, but also tell you how to make some on your own. Go on, read
them-and have 20 times more fun.
Managing
Your Money
- Make
A Monthly Budget: This
doesn't have to be a complicated number-crunching exercise. A simple
Excel sheet or the planner in your mobile will suffice. The idea is to
keep track of your monthly expenses and plug any unnecessary spending.
Start by listing your fixed expenditure like transportation cost,
food, etc, and keep aside money for these. The balance can then be
used for discretionary expenses like shopping, gifting or partying.
- Plan
Your Purchases:
Has the Rs. 1,000 spent on a dress for freshers' night left you broke?
Simple mathematics and a bit of planning could have helped you avoid
the situation. Cutting down your expenses by Rs. 250 every month would
have saved you Rs. 1,000 in just four months and made the dress
affordable. Planning ahead is an easy way to prevent bankruptcy.
- Fund
For Emergencies Or Opportunities: "Since students don't have a steady source of
income, it is a must to have a fund for situations that might require
some quick cash," says financial adviser Rohit Sarin. Rather than
borrowing from friends, making small adjustments, such as skipping a
movie at the multiplex or ordering pizzas less often, can help you
prepare for both opportunities and crises.
- Select
A Good Savings Account:
Rather than going for a regular bank deposit, look at products
specifically designed for students. Apart from the zero-balance
facility and regular freebies, students' savings accounts have other
benefits which make them better than a no-frills account. For
instance, free demand drafts for paying examination fee or buying
application forms are offered to student account holders of Punjab
National Bank, Corporation Bank and State Bank of India. Punjab
National Bank also provides an overdraft facility, Maharashtra Bank
offers free assistance in sending applications to universities abroad
and you can get concessional educational loans if your account is with
Vijaya Bank.
- Avoid
Debt: If you have to swipe, use a
debit card. "Unlike credit cards, there is no interest or
late-payment charge in the case of a debit card, so there is no danger
of stacking up a debt. It will also help instill financial discipline
if you spend only what you have," says Sarin.
- Prepay
Mobile Expenses: Choose
a prepaid plan to avoid ugly surprises at the end of each month. You
can also customise to make the plan cheaper. So if your calls don't
last more than a few seconds, get a pay-per-second plan, or if you are
an SMS addict, add a message card to make them free.
- Use
Free ATMs: After the first five
transactions in a month, you are charged Rs. 20 per cash withdrawal if
you are operating an ATM outside your bank's network. So, regular
withdrawals from ATMs outside the surcharge-free network can be
expensive. Avoid them.
- Insurance?
Not Required:
Since students don't have any earning to protect or dependants to take
care of, they don't need any cover, says Sarin. Also, in case of a
medical emergency, you have your dependent card to fall back upon. An
insurance policy is useless, unless you have a loan to return.
Maximising
Your Money
- Patience
Pays: Even if you are dying to
buy the new Android phone, waiting for a few months will be a good
idea. Gadgets' prices tend to fall as soon as there is a successor in
the market. So, postponing your purchase for the same model by a month
or two can get you a price cut.
- Swap
'n' Save: Haven't you always
exchanged your books and CDs with friends and cousins? Now you can do
the same online to get a wider choice and save as well. Websites such
as bookchums.com, swapadda.com and booksvilla.com can help you search
for a person to exchange your belongings with.
- Search
For Online Bargains:
Before you go for a movie or lunch with friends the next time, do not
forget to surf the Internet. Discount sites are mushrooming by the
day, with some offering as much as 95% off on a variety of products
and services. You can get huge bargains at restaurants, on multiplex
movie tickets, apparel, gyms, spas and a lot more.
- Go
Shopping With A List: Did
you go to buy a lip balm and returned with a bagful of cosmetics? An
excellent way to control impulsive buying is to make a list before
heading towards the market. Though the shelves are filled with
temptations, pledge to stick to your requirements, and you will have
more money at the end of the month.
- Contribute
To Save: Buying books often burns a
hole in your pocket. Instead, ask your friends to chip in and buy them
together. The unit cost will reduce and you can take turns to make
notes. Once you get the degree, they can be sold and the money can be
divided equally among the group members. This can be done for other
things, such DVDs and computer games, as well.
- Party
At Home: Rather than spending
thousands of rupees in a restaurant, take permission from your parents
to organise a barbeque party in your backyard. If this sounds like a
lot of work, just spruce up your room and order some good food to have
fun at half rate.
- Head
Outdoors: Rather than confining
yourself to expensive man-made options, occasionally opt for outdoor
experiences. There's a lot to choose from. You can go picnicking,
camping or bicycling with friends. Spending time with nature is both
fun and frugal.
- Inexpensive
Entertainment:
The city's community centres offer several quality entertainment
options which are also extremely inexpensive. You can opt for musical
performances, film festivals, art exhibits, theatre productions, dance
recitals, sporting events and much more. Check out the local
newspapers to keep track of such events.
- Free
Facilities: In all likelihood, there
are several free services, such as the Internet, gym, dance classes,
photography clubs and free training for various courses, that your
educational institute offers. Utilise these in-house facilities to
save money.
Making
Money
- Tap
Your Hobbies:
As a college student, baking was a hobby for Sonal Khurana, till her
friends suggested that she turn it into a side business. The
22-year-old began by putting up stalls in college fests and taking
orders from classmates. Last year, she managed a profit of Rs. 1.62
lakh and has recently turned it into a full-time profession. Hers is
not the only money-making skill that you can tap. Arpita Kala, a
21-year-old print media student, customises shoes and charges Rs. 450
per order. You could even form your own music band, or go for the more
common pursuits like blogging and photography. The bottom line? If you
have talent, turn it into a trade.
- Part-Time
Positions: Get a part-time job to
supplement your pocket money. There are various profiles, such as
content writers, BPO executives, transcriptionists, to choose from.
You could also opt for unusual roles like a city tour guide or
recruitment agent. Then there are the home-based online jobs, but you
need to be careful before applying as many are scams. Job search sites
like searchmycapus.com and firstnaukri.com, which are specifically
designed for college students, can be helpful. You can also seek
advice from your college placement cell.
- Opportunities
In College: Being a part af cultural
societies and participating in competitions that offer cash prizes can
fetch you a few bucks. In addition, find out about the scholarships
offered by your institution and the criteria to avail of them. And if
any of your professors is involved in research work, enquire if they
need assistance with their surveys or other errands.
Source:
Money Today
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