College is the part of our lives which we cherish the most. It is the time for the ‘most’ of everything- from learning to adventure. A typical day in the life of a college student is as overwhelming as it is empowering. With so much to do and just 24 hours a day at hand- there is no more significant zeal than one in a college student’s life. With the growing economy, the costs for the resources used in one’s life have risen up as well. A few extra bucks, in this case, prove to be a great support in a college student’s life.
For example, the college life of an Indian Student usually brings a dash of expenses like parties, movies, gym, buying college notes, mess fees, canteen expenses, etc. Whether it is the commute to college, the quick snack before class, or even stocking up necessary stationery, college years are filled with routine and some unforeseen expenses. With the extra pocket money, students can be less stressed about their daily expenses or academic fees. More than that, they find a push of confidence with financial independence, which is essential in a college student’s life. The extra earnings can also help some students to save money to pursue their aim diligently, like a startup or a small production.
Thus, there are many reasons why most college students actively seek ways to make substantive increments to their pocket money. The question is – why do they face inadequacy in their finances?
One of the reasons why students look for extra earnings is the disparity between the pocket money they receive and the expenses that they must meet. Read on as we walk you through the nuances of both, and try to understand the discrepancy between the pocket money and costs of a college student.
Pocket money for students varies significantly depending on various parameters. On average, college students today get something between Rs. 6,000 and 10,000 per month when in hostels. The numbers may vary for students according to their unique circumstances. Conventionally, students receive their pocket money in cash or through bank deposits. But recently pocket money apps have caught on as a preferred method of transferring money amongst students. Student pocket money apps are widely used since they provide instant access to money. Generally, the process is entirely online and paperless which makes it more convenient for students to receive their pocket money.
Pocket money is ideally intended to cover all living, educational and recreational expenses for a student. However, college life today is much more than survival. Sometimes, to learn more skills or work towards an academic, financial, or personal goal, a student might require more than just the pocket money they receive. Students need money for canteen or mess bills, laundry, and all their toiletries and personal needs. Additionally, students spend on books, photocopies, stationery, study resources, and laboratory equipment.
Thus, if you often tell yourself that ‘my pocket money is not enough’, your cherished college days are likely to get stressful. As a result, a student tends to be more focused on making it through the month without running out of money, instead of learning how to maximize his/her savings.
Additional money certainly helps students with their living expenses, while occasionally allowing them a few luxuries. But the million-dollar question here is- How can a student access a few extra bucks during his/her college days?
The urge for attaining financial independence is imperative from a young age itself. It makes you self-sufficient and saves money, but it also prepares you to take charge of your finances in the future. Being resourceful and finding ways to supplement your pocket money is terrific. The key lies in knowing the right means to achieve your financial goal.
You can start by setting up a savings account to stash away your extra money and build on your reserves. Once you are ready, you can opt for the following ways to earn extra income for yourself during your college days.
As a college student, you might think that getting a part-time job is tough. And it is fair since most conventional jobs call for prior experience, specialized skills, etc. However, some jobs might just cut the deal for you. Find jobs or projects that are related to your aptitudes and interests. Maybe the field of graphic design is right up your alley, or maybe you can work as a freelance programmer. More or less, you have to look for a doable part-time career that also provides you some passive income
Pros: Part-time jobs leave you with enough time to attend classes regularly, develop more relevant job skills, and be corporate ready. These add experience to your resume and make you more favorable for the employees. They work as a great experimenting ground to help you decide if this is the choice you want for the future.
Cons: A downside to part-time work is that you may find less time to devote to self-study and socializing. Multitasking may prove more difficult during exam time.
Another simple way to earn money is through tuitions and fellowships. While fellowships pay you to pursue your research, tuitions help you make money while teaching others.
Pros: These require no investment and make great use of your time. They allow you to gain familiarity and expertise in your field of study. It’s like getting paid to learn. Fellowships can find an honorable mention on your resume.
Cons: Fellowships and tuitions can eat into your time and leave little scope for other activities. Planning and prior preparation can prove tedious and time- consuming. Generally available for students with higher levels of Education.
Freelance work is an easy way to earn money while doing what you are good at and hone your skills in your spare time. The world of freelancing and online internships is opening up tremendously, offering ample scope for progress.
Pros: These jobs tend to pay significantly. You can take on only as much as you can and want to. You can also regulate your hours to work when it is convenient on most occasions. It is also a good way to build a pipeline for increased opportunities. It is among the best ways to make money online.
Cons: Freelance work can be elaborate in the preparation required. It needs great attention to detail and expertise, which you may not necessarily have developed at this stage. Deadlines are stringent, making it necessary for you to be diligent and methodical in planning your time. Income through freelance assignments does not always ensure a consistent monthly amount.
The part-time jobs and freelance work might often require some sort of investment by you. Even though these jobs are rewarding and enhance your skill-set tremendously, you might need some money to be eligible for these or to perform your jobs well. You can borrow some instant cash from instant loan apps in such cases.For example, students who opt for part-time jobs, fellowships or freelance work usually need to invest in a laptop or upgrade their workstation with the right processor, graphic card, etc. If you are not working from home, you might need to invest in some sort of conveyance- whether it is public or private. In such cases, you can seek respite in a Loan app for students. Student personal loan apps are becoming extremely popular among students with limited access to funds.
Pros: A loan app for students can give you access to money without depending on others. You can receive the desired amounts immediately. It allows privacy and transparency in accessing money without the fear of judgment.
Cons: Timelines for repayment are rigid. A Loan for students’ app factors in interest payable on sums borrowed. If a few extra bucks could make your college life easier, mPokket is your solution! The best loan app for students, it offers instant loans with attractive incentives. The entire process is paperless and online. You don’t need to submit hard copies of your documents. Its convenient application and easy interface make mPokket the obvious choice. Its instant application-and-approval process gives you access to money that can be repaid over three months and you can choose to borrow money either in your Paytm account or Bank account. One of the best loan apps for students in India, mPokket is the answer to all the financial woes between you and your dreams.
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