College is a great place for students to become more organized and start managing their affairs in a more structured and a professional way. Most people, like myself, do not have very rich and well off parents and as a result do not enjoy the luxury of having all our expenses paid by the parents. That is the main reason college studentsseek part-time jobs to help themselves get through college.
The job a college student would get might not be a job in a multinational corporation, or might not pay him a great salary. These jobs are more likely to be in a McDonald’s, a bar, some petrol station, coursework writing service provider, a content writing job such as essay and assignments preparation or research work for academic purposes.
Or, it could be that one has a family business and goes to help out his father, and he will probably pay some compensation as a result of contribution. All this means that a college student must possess, and if not, then learn some planning and management skills. This will help students keep track of their financial position and daily expenses.
There are various ways that can help you keep track of such matters. Some of them are listed below:
This may sound a very common thing at first, but it is a very important step that a college student must take to keep track of his or herfinances. When you are in college, you’re making hardly any money to help you get through this time, and without planning, this little amount that you are earning can vanish in seconds.
I say this because, a dinner out with your friends, some latte at Starbucks and may be a novel from a book store, can evaporate your money in no time at all. Therefore, you should make a budget and check it thoroughly to stay clear of such shocks.
2- Using a Computer Program
This might sound like being very formal and all, but actually using this method will help you keep track of your financial position in a very neat and manageable way.
You can use simple spreadsheets (or Excel files) to create your budgets and various color combinations can be opted for different components. For example, you can use green color to highlight the receipts you’ll get from your job, while the red color can be chosen to show the entire money outflow. This will not only make managing your expenses easy due to visual aids, but it will also keep your cash flow in an organized manner.
3-Using Banking Services
If you’re a student who owns a bank account, it can be beneficial for you in terms of keeping track of all your expenses. Most banks these days offer online banking services where you can see the up-to-date face of your account with the bank. This saves you time and the effort to create a schedule yourself. So, why reinvent the wheel if you already have these services offered to you!
4- Using a Manual Checkbook
If you’re someone who fancies scribbling in a personal diary or a notebook, this option would suite you. If you’re overwhelmed by the use of computers in your modern day studies and you also don’t like interacting with your smartphones, you can perhaps create a manual checkbook for yourself in which you can keep a track of your daily expenses. This sort of a thing is suited to good old fashioned students, and it is a highly personalized way to manage all your expenses.
5-Creating a Ledger
This option goes well with the students studying subjects like Accounts and Finance. All you have to do is create a simple ledger where one side records the income and the other side shows the expenditures being incurred on a regular basis. This can bedone manually as well as online, since many websites offer these features free of cost.