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Vasudev S, 25ECOA26 Department of Economics Kristu Jayanti (Deemed to be University) |
Being a student is hard enough without having to worry about financing your education. With tuition fees, textbooks, and living expenses adding up, many students feel like they're on a shoestring budget. And let's face it – ramen noodles are many a student's go-to food! But fear not! It is possible to make ends meet and even have fun on a student budget with some clever budgeting strategies. Here's how:
Track Your Expenses: Start by logging your every transaction, no matter how small. This will enable you to identify opportunities for efficient deficiency and redistribution of your funds. Create a budget that includes the basics, such as books, rent and food.
Prioritise Needs Over Wants: Separate your "needs" (i.e., what you HAVE to pay for) from your "wants" (discretionary purchases). Yes, it may be tempting to go all out on hot new gizmos or fine dining while celebrating achievements, but needs trump wants. If the choice is between buying second-hand textbooks and cooking meals rather than ordering takeout or dining out, many will opt for the former.
Take Advantage of student discounts: They are available in many stores. Enjoy these software, transportation, and entertainment discounts. Apple Education Pricing / Spotify Student Plan / Reduced-Price Public Transport Pass. All are famous for offering student discounts.
Cook Your Way to Savings: Ramen noodles are often an underappreciated ingredient, but they fit most budgets. Try new recipes and ingredients to elevate your mealtime a bit. Think about meal prepping or cooking with friends to help reduce the time and some of the cost.
Budgeting Tips-50/30/20 rule: A simple strategy that helps you allocate 50% of your income to necessities, 30% to wants, and 20% to savings and debt repayment.
Avoid impulse purchases: Before making a non-essential purchase, think twice.
Try cashback apps: Cashback apps, such as Rakuten or Ibotta, give you rewards for the money you spend. You don't have to break the bank to be a student. With the help of your expenses, focusing on needs over wants and maximising student discounts, you can live on a diet of ramen and textbooks. Happy budgeting!