Since I have been in College for the last 2 years, I know how hard it could be for You to maintain your Finance for the whole month. Your Parents send you Money for the whole month and you end up with an empty pocket on the 20th of every month. So here I will share some of the heck to manage your Finance in your College.
First of all, You need to understand the Flow of your money. Then you need to control the extra and unnecessary Expenditure and after that earn some money from your Side Hustle. So let’s get on to the Point and Know how to manage your Finance in your College.
Monitoring your Money
Monitoring your Money is the most important Part of Managing Your Finance whether you are in College or handling your family. Important because it gives you the idea of your Money flow and hence you can control or stop the unnecessary money flow.
You can maintain a Diary of your monthly expenditure. As you are a Youngster of Digital India, I have a Digital Solution for you. You can use the Google Keep Note app for making Entry wherever you spend a Single Rupee.
I prefer using Google note App because I can’t Carry my entry Diary everywhere and it’s not Practically Possible. Most of the time I forget to enter my Spent when I reach my room so it’s too convenient to enter my Note app.
Separate your Bill into Necessary and unnecessary
Once you have noted every transaction of your pocket, now its time to segregate those into Categories of Necessary and unnecessary so you could make a Decision to stop continuing the particular expenditure.
After grouping your expenditure, you will notice that there are some of your transactions that are not that much important at all. You may realize sometimes that you have wasted your money. Now you have to control yourself not to spend on such things.
Earning a Extra penny will let you enjoy whole month long
Are you still unable to hold your money till the last date of the month? Why don’t you try to make some money in your spare time from your Studies? You can do plenty of works as a Freelancer to Earn a Few bucks which will let you continue your parties all month long.
Here are some of the works which can make enough money to have fun with friends and chill. All of your friends will appreciate you that you are managing your money in a great manner and in a disciplined way. Have a look at the works:
Ideal Ways to Make money with your College Degree
- Freelancing: Freelancing is a type of work that you do in your Spare or unproductive time and obviously you earn money for the work done by you for your Clients. Freelancing could be anything like Designing a Simple Logo to Creating a PowerPoint Presentation for your Clients. You can choose your field of Interest to make some money. You can use popular Platforms like Freelance.com, Upwork.com, Fiverr.com, etc. to get Gigs and can make a minimum of 5$.
- Consulting: Consulting could be a good way to generate income if your Communication Skill is way too good or if you can connect easily with someone who is unable to make a decision for their life, relationship or even any Business. You can charge as per your skill. You can charge them good enough which may enable you to manage your extra spent. If you are good at Problem-solving and able to solve their problem on Ground level, they will pay you whatever you ask them to pay.
- Social Media Management: Social Media management is also a good way to generate some bucks to earn a good amount and for me, its pretty good option as it takes so minimal time to manage things and for instance, you already have an Account on Social Networks so you could manage any clients from anywhere on the go. You don’t have a time-bound for Social Media as you can do it anytime whenever you have spare time. So if you are good enough on Social Media, if you know what works and what doesn’t for your clients you can satisfy your clients easily. And don’t worry if you don’t have so much knowledge about it, you can experiment and learn it practically.
- Virtual assistant: Virtual Assistant meaning you are managing someones’ schedule even without being with them. There are lots of people who cant take a PA for some reason and want a Virtual one. So if you are able to find such people you have a better opportunity here too.
- Blogging: Blogging will take you much time in starting a few months as it’s not that easy to write a satisfying article for your audience and after that doing proper Search Engine Optimization (SEO). SEO can be tough for some, but soon you will get all the hecks of SEO. Blogging is something that can generate you a Passive Income. Once you setup your blog properly and rank your website on Google Search Result, you will earn even without Working. You can choose micro niches to do very little work and can generate a very good amount from Google Adsense.
- Affiliate Marketing: Do you know, you can earn dollars by Referring to any product or service? Affiliate marketing is something in which you need to refer any Product and whenever someone makes a Purchase from your Affiliate link, you will receive a few percentages of sell as Commission. There are so many Affiliate Programs that will get you 100s of dollars. You can also Join Amazon Affiliate Programme or Flipkart or any other Online Affiliate. Just Create an account, Generate your Link and refer it to your friends and you are good to go.
- Fitness Trainer: If you are good at nutrition and fitness, you can be a fitness trainer online or offline. It won’t take you too much time as most of your clients will need you either in the morning or in the evening. You will get all your day free for your studies and other works.
Invest Your Savings
Investing in Earlier age will make you a Large corpus of wealth for your Future. As you started Earning from your Side Hustles, you might be able to save some amount so to be very smart I recommend you to Invest your Savings in Mutual Fund or Equity Stocks.
You can Invest in Equity stocks only if you have Proper market knowledge and have enough time to do the proper Research and Analysis of the company in which you want to invest your hard-earned money. So I recommend you to go with Mutual Fund because that is Easy to do research and Investing is also very Simple nowadays.
You can invest in Mutual fund and Stock Market using the Groww app that is a one-stop solution for Investors without any Paperwork and hustle. Registration Process is so simple that it would take you 10-15 minutes Maximum to Create your Investor account.
You just need Aadhar Card, Pan Card and a Bank account linked to your Mobile Number. You can start investing in just 15 Minute and if You want to Invest through SIP (Systematic Investment Plan), then you need a single extra step that is you need to sign an OTM (One time Mandate) and you are good to go with SIP plans.
The most interesting thing about Mutual Fund is You could start Investing from a minimum of Rs 500. You can Invest in a Debt fund or Equity fund to Multiply your money accordingly.
Last words, Let’s Sum-up
To manage your Finance in your College days, all you need to know where your Money flows, How to avoid your unnecessary expenses also try to figure out what are the ways you can try making money to maintain your Pocket full whole month. You can also Invest your Extra money so you can Generate a good Interest rate from your Existing Money. So that’s all, for now, let’s get in touch with another Important and Valuable Article the next day. Thanks for reading this article Stay tuned and you will be better day by day.