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IMPORTANCE OF FINANCIAL SANITY

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Who doesn’t love buying their favorite things, going shopping, exploring new places to eat at, or visiting all the famous places with friends while being in college? There is an adrenaline rush you get while living in a new city with completely strange people. You would surely feel like taking a tour of the whole city in one night, creating new memories and experiences.

But have you ever given a thought on the way you spend your money while having all the fun? Most of us don’t realize how much we spend every week or month. We add up the large purchases and completely discount the smaller amounts that we spend. If you keep track of your expenses faithfully for a month, you’d be shocked at how much the ‘smaller’ purchases can add up to. Managing your expenses when you are living away from home can prove to be quite a tough task.

Especially, in the time of COVID-19, with all the world economies crashing, it has become a point of concern to limit our expenditures and start accepting some ways to save our money and be financially stable. We need to start preparing from today to face contingencies that may arise in the future like Corona has hit the world today. Nobody was equipped for this pandemic and one couldn’t have thought about it in their wildest dreams that something so major can happen one day and risk all of our lives and jobs.
None of us are sure about our employments shortly soon and hence, it becomes extremely crucial to start planning and strategizing about it.

You may think why to save for later when you can have what you want today and wonder why it is so necessary to have financial stability. Being financially sane will give you a lot of freedom as you won’t have to just rely on your salary for your expenses. It ensures you don’t fall a victim to money-related stress and mental disorders and gives better employment and job opportunities.

After realizing its importance, ‘how to save money’ can be the next thing that comes in your mind. Some tips on the same are listed below for you:

1. Start with a budget- A budget may not be as bad as it may sound. When you maintain a budget, you can keep track of where your money is going. It’s easy to spend more than you should if you don’t know how much you’re spending. So more than anything else, a budget helps you keep track of your money.

2. Control your spending habits- It’s very important to understand the key difference between what you want and what you need. If you love spending your money on things which are not so salient or if you are an impulse shopper, then you might need to change your spending habits and learn to exercise restraint.

3. Set up a checking account- Many banks offer students free checking and saving accounts facilities, which help students save on withdrawal or fund transfer fees. Determine which banks offer this facility and set up a checking account with a bank with an ATM in your proximity.

4. Make sure to have some fun- When you start saving money, you tend to forget how to enjoy. Saving money may be very dominant but keep having fun as well and keep yourself happy and healthy.

5. Stick with the plan- It may seem impossible at first to live life on your terms without having to worry about how you will pay your next bill. You may even fail at the start. Stick with your goal even if you fall for weeks or months. Don’t worry about doing things perfectly. Do your best and try to get just a little better every day.

The old saying “A Penny saved is a penny earned” is actually something we should imbibe in our lives.

● Share your experiences with us at marketing@houseitt.in
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A lot of young students want to share their college experiences which can be valuable for students but they just don’t find the right platform. Houseitt as a student community takes the responsibility to a bit for the students.

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