Today’s life has become a life of exorbitance and display!
Everyone, from very age of schools and colleges, is conditioned to show off. And for that, unnecessary expenses are made, to please people who are not even important in our lives.
That’s what most college goers do. They are hell bent on buying branded clothes, expensive mobile phones, big meals at international food chains and want to travel by exorbitantly charging cabs! All this and more, makes a usual day expense of an average college goer, touching somewhere in the tunes of a few hundreds and thousands.
Even though they cover almost all of my expenses using plastic (almost all of them, the credit cards provided by pampering parents), they always need that extra amount of cash in their wallet to cover the day to day expenses.
But, how much should be this cash?
How much cash, a regular college goer, coming from an average Indian family, should have in his pockets to have a happy and fulfilling day at college?
Here, let’s have a look. Please note that these costs are calculated based on comfort and not exorbitance.
- Commutation cost for the entire day by local transport/metro/auto or bus – Rs. 200/-
- Having a decent meal at college canteen or a local cafeteria, outside college – Rs. 300/- (It can be less if you go dutch with friends)
- A little extra money for emergency situations – Rs. 500/-
Other than this, there essentially is no need to carry cash.
Regular purchases should happen on cards or college students’ subsidized plans, where rewards, credits, and cashback can be earned.
So, the total money a regular college goer should have in his pocket for a happy and carefree day at college comes to be Rs. 1000/-, out of which Rs. 500 is emergency money.
So the actual and essential expense is only Rs. 500/-.
And it is sensible to carry the amount, only as much you need, keeping in view the robberies that are conducted on the college premises and pick pocketing becoming usual call of the day.
Also, the plus point is, if you do not have that kind of money in pocket, you are saved of loan demands from your friends and peers. You don’t have it, so you can’t give it, right?
In fact, the biggest risk of having this cash on hand is a temptation to use it. One gets allured and makes frivolous purchase, when there is money in the pocket.
We give you a few pointers to save money, when you have that cash in your pocket for the day:
- Be boring. Budget. Yes, it’s boring, but if you’re going to live on the money you’ve got, and afford a social life too, you need to learn to budget. Make a weekly or monthly budget and stick to it. Try using an online student budget calculator.
- Try not to use your debit card to pay for food. It’s easier to keep track if you pay cash. When going out drinking, only take with you the amount you’re happy to spend that night, and no plastic cards.
- Before you buy something, ask yourself: Do I really need it? Can I afford it? Can I get it cheaper elsewhere? After you get your answers, think again.
- Don’t use cash machines that charge for withdrawals. Find out which ATMs charge and which don’t.
- If you are a hostler, find out the restaurants in your vicinity which give value meals to college students, and sometimes a whole month meal at a heavily discounted package cost.
Saving, and spending sensibly is a trait that will take you a long way, throughout your life. Cultivate it.
So, what’s your “cash in pocket” policy?