How to make your pocket money last longer

The thought of joining a college gives a sense of freedom. But it also means a lot of responsibilities. It lets you decide a few things for yourself within a set of limitations – typically monetary constraints. At this stage most individuals are dependent on pocket money. If you are going to join a college soon, you too are going to face the same old classical problem – how to fulfill never-ending list of wants with the limited pocket money you get. Here are a few tips:

Ask for student discounts

Be it your mobile billing plan or the internet facility at your home or the public transport, all such service providers offer you plans designed to suit the needs of students. You should not hesitate asking for discounts when you are shopping. Your college identity card can fetch you many discounts at a mall.

Opt for shared options

If you are going to stay away from your home and you are not going to get a hostel option, go for shared accommodation. This will not only cut the rent bill but also bring in more benefits such as shared cost of ‘wifi’ at home and shared electricity bill among other benefits.

If you stay away from your college, opt for public transport. This will surely save money for you as compared to a cab.

Avoid eating out too much

Eating out is not just a need but also a style statement for many. However, it not only hurts your health but also burns good amount of money. Consider cooking at home and carry lunch box to your college. This will not only save money for you and make you healthy but also bring in some sense of discipline and gives you lessons in time management.

Do you really need that 500 CC bike?

If you have secured admission to the dream college with the help of your exam score, your parents won’t mind giving you the prize they promised – the high end bike you aspire for. But think for a moment. If you settle for a lower end bike, you will end up spending much less. Money so saved can help you buy a laptop which is a better option as compared to your desktop. You may also want to go for a higher-end version than one which you would have bought otherwise.

Look at all your ‘wants’ and check if you can cut corners. Money so saved can be used to fulfill your needs in a better manner.

Build an emergency fund

If you are following the traditional envelope system for each of your need, there is a fair possibility that you will stick to your budget. But there will be some cost-overruns. Some unexpected expenses must be paid for. These may derail your money matters. Hence, it is essential you build an emergency fund.

When you get your pocket money at the beginning of the month, keep some money aside. This can be kept aside in a savings bank account or a fixed deposit. With the advent of online banking this is just a click away.

If you optimally use your pocket money, there is a high possibility that you will not only complete your education without loans but also help you learn basic money management principles which are useful for your lifetime.