Budgeting is the process of estimating in advance the expenses which are expected to be incurred in the future. It entails preparing in detail, how much expense is expected in the future.
Keep a track of all your Expenses
It is very important for any person to know where the money is coming from and where it is going. Keeping a track of your expenses will help you identify your over-spend and wasteful spending areas.
Take care of the amount borrowed from friends
Many times, it happens that a student has borrowed money from a friend, and when that friend asks for the money back - we do not have the money to pay it back. So keep a track of your liabilities and keep adequate provisions to meet them.
Separate the wants from the necessities
You should categorize all your expenses into necessities expenses and luxuries expenses. Necessary expenses will have to be met but luxury expenses can be avoided depending on your cash position.
Resist Peer Pressure
It is very important for students living on a fixed low budget to resist such peer pressure which will help them save out on a lot of cash.
Try to buy Books, stationery, etc in Bulk
All the store owners give a discount if the Books are bought in bulk. As most buy books at the same time, it is better to buy them in bulk rather than buy them individually.
Look for Discounts Online
As the cost of operating an e-commerce store is much lesser as compared to a physical store, the products sold on an e-commerce store are most of the time cheaper than physical stores.
Take advantage of Student Discounts
Money saved is money earned and students should try to make the maximum of such offers. Keep your student i-card handy as these stores will ask for your student identity card.
It's important to note that making money online requires effort, time and patience. It's not a quick get-rich-scheme but with consistency and effort you can make a good income.