For many of us, having a healthy financial life while in college is a challenge. The most frequent interaction we have with money is when we spend it. And we don’t often think about ways to manage it and other concepts like saving, investing etc. 

These are the key concepts every college students must become familiar with in order to take control of their finances in future.

1. Managing Your Money

When you first start managing your money, it can be easy to lose track of where it is going. That is why it is better to have a plan for your money.

Start by tracking your expenses for a month. Write down every penny- from college expenses and bills to saroj ka khana and thadi ka soda- using a notebook or an app on your phone.

Some app recommendation:

• Spendee
• Wally
• Seedly

2. Select Housing Mindfully

There are some major differences between living on campus versus living in city. When deciding where to live, make sure you have weighed the pros and cons associated with each option.

• Campus Living

In campus everything is taken care of, utilities, furniture and internet compare this to what it would cost off campus also we have the availability of breakfast, lunch and dinner along with departmental store, library and stationery inside the campus.

• On Your Own

living off campus has its perks, but it also takes a bit more organization. Once you move in , you have to start paying your service providers:

• utilities such as electricity,gas and water, which sometimes require a deposit to start a service.
• extras such as your internet and cable, which sometimes charge a fee before installation.

regardless of where you live, there are always ways you can stick to a reasonable budget. Consider cutting costs by living with roommates, bargaining with service providers and utilizing services on campus.

3.Remember The Big Picture

Find Your Passion
It’s okay if you don’t have a solid plan for what you want to pursue while at college, but you do need to make a plan for how you will discover your passions. Take some classes that stand out to you or join a club. However, be sure to keep your focus on your future.

• Learn about the future careers available in your major. What is the employment outlook? How much can you expect to make?
• Look into extras such as minors and certificates that will make you stand out. Know what degrees you’ll need.
• Some professions require a basic degree, and others require a masters or doctorate. Investigate switching majors, if you have a change of heart.

Not sure what you want to do? Search online for “fastest- growing careers” to learn what fields will provide the best job prospects.

4. Scholarships

These sometimes are awarded based on need, but most often are given in recognition of your achievements or special characteristics. For example, if you:
• Are a good student or a star athlete
• Rocked your JEE or SAT
• Attend a certain church or live in a community with a Rotary Club
• Have a parent or guardian who is a veteran or works for a particular company

Search online
There are thousands of scholarships out there, and plenty of
places to look. Start with these websites:
• http://www.bigfuture.collegeboard.org/scholarship-search
• http://www.finaid.org/scholarships
• http://www.fastweb.com

5. Identity Fraud

What is identity fraud?

Identity fraud is when someone uses your personal information to make purchases, withdraw cash, set up accounts and services, and secure loans in your name without your approval.

How do they get your personal information?

• Sift through your trash for discarded papers.
• Look over your shoulder at the ATM to capture your PIN.
• Use malware, malicious software that affects your computer.
• Contact you with a scheme, such as:
  • Pretending to be a representative from your bank or the IRS
  • Emailing you with a fake donation request or emergency
  • Asking for a fee in advance of granting you a scholarship or loan