Managing your finances in a student hostel can be quite challenging. There are various social activities, academic commitments, and daily expenses. While living in hostels, managing your expenses is the most essential life skill you will learn.
Planning and discipline are the keys to living in hostel accommodation. With the limited pocket money, you must divide it into parts to survive easily throughout the month. It can seem like a challenging task initially, but eventually, you will know how to manage your money. Here are some tips that may help:
Create a Budget
To plan your student living expenses, the first thing to do is to create a realistic budget. Note down the monthly allowance you receive from your parents or internship. Consider all your expenses, including food, clothes, books, and travel. Allocate appropriate amounts to each category, ensuring your expenses do not exceed your income. Making a realistic budget will allow you to stick to it to have sufficient money to get through the month.
Start an Emergency Fund
Saving in a community living can be both easy and challenging, depending on how you go about with the expenses. However, putting aside money for emergencies every month is a good idea. There may be unexpected expenses at any time, so you need to be prepared for it all. After covering your essential costs, try to cut down on expenses that are not your priority. This way, you can save money without putting financial strain on yourself. In the hostelworld, it comes down to how well you can structure and stick to your budget.
Use Hostel Food & Snacks
Eating out can be very expensive. Remember that it is not healthy in the long run. Premium youth hostels offer high-quality food and beverage services from reputed vendors. You can check the menu and see if what you’re looking to eat is available on it or not. You may also find out if they can take individual requests for food items not on the menu. When you eat out, you spend money not just on food. Traveling can cost both money and time.
Say No to Credit Cards
Credit card bills will only add to your expenses unnecessarily. In your youth hostel, use available cash and plan all costs in this amount itself. Using credit cards will make you overspend on things, eventually deflating your finances. Assign specific amounts to travel and food and follow this budget.
Make Mindful Choices
Living in student housing does not mean that you will have to sacrifice your luxuries. It is all about making mindful choices and prioritizing expenses. You can have fun by participating in low-cost activities like sports and campus events. Once in a while, it is okay to treat yourself to something you have been waiting for too long.
Final Words
Navigating the life of on-campus housing should be relatively inexpensive. However, there is no denying that planning and budgeting can help you save some precious money, which can mean a lot at this stage of life. Also, you must be realistic while creating a budget and ensure it is something you can abide by.
If you choose the best hostel in India, you will not have many overhead expenses. For example, it may have an excellent in-house F&B facility. Financial management will take you far in life if done right.