It is of great concern that the financial situation of students pursuing higher education in India is becoming increasingly deplorable as the number of students passing IITJEE continues to increase. The fee structure is also increasing day by day. Students find it very difficult to bear the heavy financial burden. Student finance is one of the most important topics for students. It helps all students understand how they can study with financial expense.
The main goal of student finance is to help students understand their financial capacity, take out loans based on it, and educate them on the repayment process. Student Finance was founded on May 20, 2021 by Hitesh Parmar. We focus on finance topics and try to make difficult money topics easier for our visitors to understand. This site is dedicated to student finances. However, we also cover a variety of financial and money related matters to help other readers. Learn how to grow, save, invest and manage your money with The Student Finance.
Due to the exhaustion of the family’s financial situation, parents are doing their best to educate their children. They want their children to be educated and enlightened as much as possible. However, due to a lack of funds, it is becoming increasingly difficult for parents to cover the costs of educating their children. Therefore, students are required to find ways of coping with this financial burden on their own. Taking inspiration from the affluent student community like NRIs and international students, our student community should wake up and try to generate funds on its own.
Students are required to properly analyze career prospects before accepting such a job which will not pay them. Doing jobs like tour guide, hotel management, etc., does not pay them adequately. If they are in software engineering positions in multinationals, they cannot rely solely on the company. They must also take private lessons. Therefore, parents should educate their children to undertake such careers which will pay them financially in the future.
- With the increase in the fee structure, studying in private institutions becomes extremely difficult and unaffordable for most students, especially those in the economically weaker sections. Parliament is deliberating on the opening of more and more private higher education establishments. State governments are also opening new medical schools to provide quality education at subsidized rates. If this trend continues, it will further erode the merit of admissions leading to substandard medical or engineering graduates. Parliament should try to find ways and means by which admissions can be made more transparent, fair and based on merit.
University students generally face financial difficulties.
They have to pay high tuition fees, buy books and incur miscellaneous expenses. To meet expenses, they often borrow money from friends or through bank loans, resulting in increased debt burden.
Since most students still depend on their parents for financial aid, it is possible for them to manage their expenses better. They can save money by following simple budgeting steps, understanding bank loans, and avoiding unnecessary expenses. The only solution is to reduce the amount of expenses. Try these seven easy steps and save money as a student in India:
- Make budgeting easy. Students are able to make the most of their income by planning how they will use the available resources. For example, they can plan their weekly groceries rather than buying everything at once, which can lead to waste. They should also know the different categories of expenses they incur and plan accordingly. This method of budgeting will help them save around 400-500 INR per day.
- Limit the use of the ATM card. It is advisable to withdraw cash only when necessary and to avoid excessive use of an ATM card as the money will be deducted as a service charge. They can use digital transactions or online banking to withdraw money for their daily needs.
- Avoid using credit cards. Since credit cards have a higher interest rate than debit cards, it is best to avoid them until you are absolutely sure that you will not be able to repay the amount owed on time. .
- Avoid taking loans. Taking out high interest rate loans can put pressure on repayment. This can make it difficult for students to manage other expenses. So, rather than taking out a loan, they should work part-time and save money in the form of bank deposits that will help them repay their loans easily.
- Save money regularly. Students are often tempted to spend their savings prematurely due to the low temptation to buy things on sale. They can avoid this by saving regularly each month using the money they save after budgeting so that it can help them meet any unforeseen expense.
- Manage their family’s expenses. Students are often tempted to spend on their families. Therefore, whenever possible, they should manage their expenses on their own rather than helping with every expense.
- Do not delay in financing. Funding is important to complete their studies. They should do it on time instead of delay.
- Avoid going on credit. Students often take loans to buy home appliances and electronics that they can actually do without. This habit lowers the credit score and they may not be able to take out a loan for future expenses.
- Avoid unnecessary expenses. Students should avoid purchasing luxury clothing, shoes and other personal items on credit. Instead, they can buy them through digital transactions or when they receive their stipend / salary for the following month.