With approximately 64.86% cost of living lower than the US, India is amongst the most affordable destinations for international education. Students tend to have an income-expense match. At times, they have more expenses than their income which further leads to money borrowing by the end of the month.
Students need to plan their expenses in a way that makes the most of their limited budget. Moreover, at this age, they need to learn the art of money management. If they won’t be able to manage money now, then how will they do it when they have a big pay-check job?
So, to help students understand and learn money management, here are some tips on how to manage expenses while studying in India.
Tips on how to manage expenses while studying in India
Estimate the expenses to be incurred in advance. Prepare in detail how much expense is expected and try to prepare a catalogue wise budget for it.
- Keep a track of your expenses and the amount you borrow/lent:
It is necessary to track where your money is coming from and going. It will help you identify your spending areas and find a way to limit or control them. You can track it on a computer, in a notebook or use a money management application on your mobile phone. These activities will help you track and manage expenses while studying in India.
Also, it is very common to lend or borrow money from friends. Students tend to do that quite often, and when it is time to pay them back, they usually don’t have the money or forget to take it back. It is advised that students keep a track of their liabilities and separate their pocket money or income from the amount they borrow so that their savings or expenses are not hindered.
- Keep your wants and needs separate:
To be able to manage expenses while studying, a student should know how to classify his/her expenses into necessities and luxuries. This way he/she’ll be able to understand what needs to be incurred and deferred. Also, students should try to save up to 70% of their income or pocket money for future needs.
- Hold out against peer pressure:
A lot of times, students spend their money on peer pressure. People around them are buying new gaming tools, mobile phones, and laptops which make them want to do the same. Students must understand that as they are living under a fixed budget, resisting peer pressure can help them save a lot of money and effectively manage expenses while studying.
- Look out for online discounts and buy stationery and study material in bulk:
Products on e-commerce sites are way cheaper than in the stores. Make a list of the necessary items that you need and be on the lookout for them in online sales.
Stationery and books come under major expense for students. But, you can minimise it by buying the study material in bulk. Various store owners and even online websites offer discounts if you buy books in bulk. It will not only save you money but also a lot of time.
Students looking for affordable education abroad should consider India as an option. The country has various institutes offering outstanding educational opportunities with their world-class curriculum, facilities, and faculty members. Such institutes facilitate their students with practical exposure that helps them manage expenses while studying.
Sharda University is one such institution in India. For more information, you can visit the official website of the university.