Money Management for Hostel students

PUBLISH DATE 22nd April 2020

Being a hostel student myself in the schooling days it was this one thing that kept me up on my toes always, though after a period of time I got used to control my expenses and this has indeed helped me do it now also. I tend to over think before spending money on petty and unimportant things. Ask any hostel student – financial issues are likely to be the topmost thing on his or her mind. Be it rent, stationery, books meals, clothes or the endless cups of tea, for the money to last through the whole month may be a challenge for many students.

Living in a hostel is probably the first time that a young student is exposed to the real world – a place where you need to plan your own life and look after your own requirements, with no one to nag you or question you. Making this transition can, at times, be difficult for students. However, learning to manage money is beyond just finances – it’s a life skill that teaches you planning, organization, prioritizing, self- control, and most of all, responsibility.

College time is no doubt one of the most enjoyable periods of one’s life. However, like with other advantages, it has some disadvantages. Foremost, you’re very limited on funds, and you need to plan accordingly. But on the bright side, it is also an opportunity to learn how to manage the finances in your life. Here are some ways to save lots of money during your hostel life:

1. Make a list of expected expenditure: If you want to handle your finances effectively, it’s important for you to be aware of what your requirements would be. Write down your expected expenditure at the beginning of every week or month and keep tabs on what you’re spending.

2. Be responsible with money: What matters isn't just how well you spend your expenses, but also how responsible you're with it. Being in a hostel would require you to be extremely careful and responsible with your money.

3. Keep family involved with expenses: It’s an honest idea to keep your family within the loop about where you’re spending. Doing so would foster a way of trust and reliability.

4. Try to avoid crossing budget: It often happens that students tend to overspend at the start of the month then have difficulties towards the latter half. Stick to your budget as closely as possible; avoid crossing the budget unless absolutely necessary. Borrowing from friends is never a good idea.

5. Prepare for emergencies: Sudden expenses that you hadn’t accounted for can often spring up on you. Rather than getting overwhelmed by such unexpected requirements, try and be prepared for such emergencies.

6. Prioritize your needs: Categorize your needs based on how important and urgent they are. Always account for the more pressing requirements first; only then advance to other luxuries.

7. Maintain control: Sometimes, you'll be tempted to splurge a touch at the spur of the instant. However, try to maintain a sense of self-control; prioritize your needs. Save up if there’s something you really want to spend on.

8. Treat it as a life skill: Once you progress to hostel, you're liable for your own self - for several, this may perhaps be the first time that they are in complete control of their lives. Use this hostel experience to find out the way to manage your finances and your life. Managing money may be a life skill which will hold you in good stead throughout your life.

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