Producer: Mehak Pal Editor: Mohit Bisht
If you are a college student then managing your finances is crucial for a smooth and successful academic journey. Here are five money management tips you must follow.
Understand your income sources, prepare a list of all your monthly expenses, and allocate a specific amount to each expense category. Adjust your spending habits if necessary to stay within your budget.
Keep a record of every expense you make as it can help you identify spending patterns and areas where you can cut back.
Having an emergency fund can provide a safety net during unexpected situations like medical expenses or others.
Use credit cards responsibly and pay off your balance in full each month to avoid high-interest charges. If you are planning to take loans for education or other expenses, explore scholarship opportunities and grants.
Always plan for your future. You can have a retirement savings account, such as a Roth IRA. The power of compound interest means your money can grow significantly over time.