Taniya Salim
There is no doubt that being a student is stressful, hectic and you are lost between being a kid and an adult. For those away from home, this is an additional burden because not only do you have to deal with the daily pressures of college, you also need to take care of yourself, in terms of food, health, and entertaining yourself so you don’t lose your mind trying to balance it all. It is a challenge to be responsible with finances when you are suddenly put in a situation where you have to be accountable for every Rupee you are spending, especially for those who are being given allowances. Living on a budget is a skill that is acquired over time and experience. But here are some basic tips that will help you get started.
Record daily expenses
This is the first and most important step to make sure you stick to a budget. Record every transaction you make throughout the day. This will help you keep your expenses in check and avoid overspending on unnecessary things. You can make an excel sheet or just save it in the notes sections of your phone. There are many apps that help you record expenses as well. While recording expenses, it is important that you are true to yourself and make sure you record every tiny detail. Even if it is a smoke you had, or the toffees you got in exchange for coins, or even the money you lent to your friends.
Make a budget of your own
After recording your expenses for a whole month, you will know where you could have cut out spending. Using the record, make a budget that suits your needs and lifestyle. It needs to include everything from the daily groceries to how much you plan to spend on weekends. If you are on an allowance, you can allocate funds accordingly, or even ask your sponsor to change the allowance according to the new budget you have created.
If you overspend, manage the rest over the next week to balance it out
It is definitely not possible to stick to a budget and be 100% faithful to it. That level commitment comes only with practice. So if you indulged to an unexpected craving, it is fine. Don’t beat yourself down about it. But, you also have to make sure that in the coming days you cut out of the expenses so that you are back on track with the budget you made. One way that will help you avoid over-indulging is if you keep specific days of the week where you can go out, like keeping the eating-out only for the weekends. Just one day, not the entire weekend!
Make and pack your own food
Eating out everyday is so expensive. That is where most of the funds get flushed out on when you are a student, and it is difficult to be making your own food. But meal prep is an excellent way to not only keep your diet in check but also is light on your pocket. You choose one day to cook and prep your meals for the week. It is even easier when you live at a hostel that serves food, you would just have to take the time to pack the already cooked food. This helps you save time and money. There is no need to make complicated recipes and there are so many things to experiment on other than just Instant Noodles. Click below for some quick and healthy recipes for students.
Look for cheaper alternatives, always
You will always find a cheaper solution. Be on the lookout for that. There is always a cheaper brand that still serves your purpose. It can even be just 1 Rupee lesser and still be of great help. For example, you can choose cheaper offers while ordering food online after comparing discount codes on all available food delivery apps.
If you follow these tips, I am sure you will end up with a surplus at the end of the month. And if you do, well, treat yourself. Go attend a dance class you’ve been interested in, or order that pair of shoes you’ve been eyeing online. As mentioned earlier, living on a budget takes experience. So take it slow, nice and steady. You won’t have to starve yourself because you ran out of money before the end of the month.
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