Pallavi Bharti.

Hello,

I am a college student and a student who plans financially will be able to save easily than his/her
contemporaries. And having good savings after college can as well open the doors for more financial
freedom for such a student. For the same I want this answer to be the ultimate guidance or my ideas
regarding how to manage our personal finances while studying. Students like us are not really
interested toward this topic but this is a required topic that needs to be understand. Financial matters
really impact, just about all parts, of life. But it is a subject that is ignored, by many people. We had
forgotten 99% of what we learned, in school. While, I think that maybe an exaggeration, if it is true,
it’s because we were taught, many things we never use. Finance, is a daily part, of our lives. It
should be taught and it should be studied. I think, one of the great responsibilities, of parenting, is to
teach your children how to manage money and to set a good example, for them. So, let’s get started
and see how we can manage our personal finance and also lets learn about the personal finance.

Personal Finance is the domain of self-monetary policy. Personal finance skills help you to
understand how much you earn, what are your monthly expenses, and help you to budget within that
income. Personal finance affects even the little necessary things like transport bills, and grocery, as
well as the longer-term goals like saving and investments. There are three main organs of finance: -
Revenue, Expenditure, and Auditing.

Revenue Expenditure Auditing

Revenue expenditures are short-term expenses used in the current period or typically within one
year. Auditing is a part of the accounting world. It is an examination of accounting and financial
records that is undertaken independently.
For the students like us, we need to first of all, gather the sources of revenues. then, calculate the
Expenditure or estimate the net expenditures. After every month, we should do the personal
miniature auditing for the same there is no need for accounting pre-requisites. for the above things
we should maintain a logbook or also we can use apps, software’s or any digital platforms like there
are many websites also for the same in the end of this blog I will add some of the name of apps and
software’s for the same. If you are availing any scholarship then it would be better for financial
freedom.
Making a few small changes can make a real difference to your finances. Here are some tips
according to me for saving the unnecessary expenses as a student. This is equally important when
we start thinking about going to university or moving away from home.
1. Try to win more and more to attain pre-financial freedom
2. To mitigate the unnecessary expenditure: - avoid fast food (Makes you healthy, less illness,
fewer class bunks, higher productivity, more output)
3. Avoid personal vehicle (reduces petrol consumption, saves more money, eco-friendly, less
maintenance cost)
4. Only buy those products which are long-lasting (helps to save money on frequent buying,
saves time to go to the market often)
5. Make good investments in books: Books are like the scent, despite having distance, gives you
long-lasting company. They never betray. Always gives the cognizance to understand the
commerce of the world. On a lighter note - Do not buy fairy tales, they only waste time. Time
is the non-tangible asset; once gone never, returns.
Audit the net proceeds of every trade-commerce occur in the month and try to recognize the pattern
of expenditure, and emphasize to tame the loopholes in the budget. Make the monthly plans to use
the capital fruitfully. It will reduce the fiscal deficit and makes you more capitally responsive in the
long run.
Always be ready with contingency finds: Try to save money that remains unused. Try to invest in
cryptocurrencies as early as possible.
So, these were the tips and ideas and knowledge I have about the personal finance for students.
Here are some links of apps and software’s also some useful resources or books(if you are interested
you can read them)

1. https://www.forbes.com/advisor/banking/best-budgeting-apps/#6a8a31f55445
2. https://www.bestcolleges.com/blog/personal-finance-books-for-college-students/
3. https://www.themuse.com/advice/the-5-best-free-sites-for-managing-your-finances
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