Managing Finances in Uni…..

Maintaining a bank balance in Uni is in itself a great task. Expenses seem to come up almost every day. It takes quite an effort to keep your balance in check.

Here are some steps that you can follow to save yourself from a zero bank balance.

  1. Figure out your essential expenditure in a month. Essentials can include food, transportation (if you stay away from Uni), mobile payments, laundry, rent + bills ( if you want to include it as well).
  2. Plan your budget accordingly – Plan the amount according to the essentials you have listed.
  3. Be Reasonable – While creating a budget you might not want to cut it too close. Remember to leave some amount as savings  so that you can use it for extra expenses or emergency costs.
  4. Organize- You can keep a note of all your expenses in your mobile or keep a separate book so that you can keep them in check.
  5. Needs and Wants- Most of us fail to understand the difference between need and want. We often tend to buy things we want instead of the things we need, which needn’t be the same in all cases.
  6. Check- After you have gone shopping you can check with the budget if you have followed the plan . If yes, HURRAY! If not, you can check the reasons behind it and revise it to create a new budget to follow.

Hopefully this will help you manage your day to day expenses efficiently and prevent you from living beyond your means. This would also mean being able to save for things you love to do like traveling or even just for future security.

 

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