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Managing Money in a Hostel

Managing your finances is probably going to be one of the top worries in the Hostel Life. From managing rent, deposit, stationary, college fees, meals, tiffins to shopping, going out, clubbing, etc. Money Management in hostels is a tough ordeal.

For many of us, living in a Hostel away from home is usually the first time we’ve learnt to be independent. Its the time when a student is exposed to the real world – where you are your own motivator and staying in control of your life is very important.

Learning about managing money is a Life Skill – it teaches you Planning, Prioritization, Organization, and above all – Responsibility. Here’s a quick list into what you can do to ace your hostel life & never fall into times of financial crises or adversity:

  1. Plan your expenses ahead of time – You will need to account for how and how much you are going to spend. Take an inventory every Monday or Sunday about this. Do not drift away from taking a Weekly Inventory. It is important to plan your expenses & keep track of it. Most common expenses include : Rent, Electricity & Phone Bill, Fruits & Groceries, Daily Food & Snack Requirements, Money to Go Out, party, etc. Depending on your locality & options available, make a budget for these items
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