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TIP# Tap Your Hobbies: As a college student, baking was a hobby for Sonal Khurana, till her friends suggested that she turn it into a side business. The 22-year-old began by putting up stalls in college fests and taking orders from classmates. Last year, she managed a profit of Rs 1.62 lakh and has recently turned it into a full-time profession. Hers is not the only money-making skill that you can tap. Arpita Kala, a 21-year-old print media student, customises shoes and charges Rs 450 per order. You could even form your own music band, or go for the more common pursuits like blogging and photography. The bottom line? If you have talent, turn it into a trade.
TIP# Select A Good Savings Account: Rather than going for a regular bank deposit, look at products specifically designed for students. Apart from the zero-balance facility and regular freebies, students’ savings accounts have other benefits which make them better than a no-frills account. For instance, free demand drafts for paying examination fee or buying application forms are offered to student account holders of Punjab National Bank, Corporation Bank and State Bank of India. Punjab National Bank also provides an overdraft facility, Maharashtra Bank offers free assistance in sending applications to universities abroad and you can get concessional educational loans if your account is with Vijaya Bank.
TIP# Prepay Mobile Expenses: Choose a prepaid plan to avoid ugly surprises at the end of each month. You can also customise to make the plan cheaper. So if your calls don’t last more than a few seconds, get a pay-per-second plan, or if you are an SMS addict, add a message card to make them free.
TIP# Inexpensive Entertainment: The city’s community centers offer several quality entertainment options which are also extremely inexpensive. You can opt for musical performances, film festivals, art exhibits, theater productions, dance recitals, sporting events and much more. Check out the local newspapers to keep track of such events.
TIP# Plan Your Purchases: Has the Rs 1,000 spent on a dress for freshers’ night left you broke? Simple mathematics and a bit of planning could have helped you avoid the situation. Cutting down your expenses by Rs 250 every month would have saved you Rs 1,000 in just four months and made the dress affordable. Planning ahead is an easy way to prevent bankruptcy.
TIP# Party At Home: Rather than spending thousands of rupees in a restaurant, take permission from your parents to organise a barbeque party in your backyard. If this sounds like a lot of work, just spruce up your room and order some good food to have fun at half rate
TIP# Search For Online Bargains: Before you go for a movie or lunch with friends the next time, do not forget to surf the Internet. Discount sites are mushrooming by the day, with some offering as much as 95% off on a variety of products and services. You can get huge bargains at restaurants, on multiplex movie tickets, apparel, gyms, spas and a lot more.
TIP# Set a Budget before you shop. Always have a budget in mind to avoid overspending
TIP# Fund For Emergencies Or Opportunities: “Since students don’t have a steady source of income, it is a must to have a fund for situations that might require some quick cash. Rather than borrowing from friends, making small adjustments, such as skipping a movie at the multiplex or ordering pizzas less often, can help you prepare for both opportunities and crises.
TIP# Get a part-time job to supplement your pocket money. Check out our career watch section for available
TIP# Avoid Debt: If you have to swipe, use a debit card. Unlike credit cards, there is no interest or late-payment charge in the case of a debit card, so there is no danger of stacking up a debt. It will also help instill financial discipline if you spend only what you have.