Plan monthly budget: The Biggest challenge of College Life

Kyu paisa paisa karte ho,

Kyu paise par tum marte ho?

Kya hota Hai Paise ka 

Paise ki lgaa du dheri….:P

Sounds Funny Enough, Right? But Student Budget Ki Tension Tum Kya Jaano Ramesh Babu. The Utmost Important & Life-Hanging kind of topic that a college student is usually worried about is managing a monthly budget for himself. The only thing that keeps on bothering a college student is , “Mahiney ka kharcha kese nikale?”. Before we go through the tips of how to plan monthly budget, we would like to share a few hacks of saving money as a college student.

Because what happens is, even if we get a monthly budget some or the other emergency disrupts the monthly budget plan that we have created for ourselves.

Kyuki Humey To Jitney Paisey Miley, Koi Na Koi Bhasad Ya Majboori Aakar Saara Budget Hila Dalti Hai.. :’(

We are all aware that at every happy or sad moment of teenager life ends on our favorite slogan: 


And the cherry on the cake is when you have such dog friends jo apney paisa na kharch karkey dusro ke nikalvay,  that is the time when you feel that you not broke financially but also emotionally.

So, on average, a student goes through many types of tensions:

  • Grades
  • Attendance
  • Girlfriend/Boyfriend stress which is incomparable as per the students
  • And lastly and the most important of all is a good finance budget

monthly budget plan

So these many tensions are enough to make you go mad and increase the stress level in your life. Since I am a student too, I can very well empathize with what you have been going through in terms of managing finance. I also do understand this problem and therefore to address this concern I decided to come up with this topic

Students’ Average monthly budget range

  • I will take Up Rs.15,000/- INR as pocket money for students living in P.G.
  • And around Rs.7000/- INR for day-scholars.
  • Will assume around Rs.12000/- INR for hostelers.

So how to go about managing a monthly budget plan is the key thing that we will focus upon.

1. Separate the Flat Rent

Budget problems are mostly seen by the students who live far away from their homes. Day-Scholars usually gets pocket money on a weekly basis, and don’t face much of a cash crunch or financial crisis. Still would suggest its always good to plan monthly budget.

But we will also consider Day-Scholars in rest other topics as many of the teenagers, at a point of time start feeling awkward to ask for money always, and want to use their money WISELY.

So, coming back to the topic, if you have any flat and P.G. rent, spare of that amount initially because it is the necessity to pay.

  • Talking in terms of DELHI-NCR usually the rent is from Rs.2500/- INR – Rs.5000/- INR per person. We will take an average of Rs.3500 as the rent paid.
  • Now we are left with Rs.11,500/- INR.

While hostelers don’t need to pay this amount so they are left with their initial value of Rs.12000/- INR & so is the Day-Scholar with Rs.7000/- INR.

2. Make an estimation of your daily travelling rent

Another necessity for college students, is the commutation charges. Yes, traveling “To & FRO” to college and home/hostel/P.G./room is the next major financial constraint to manage.

  • All you have to do is to keep an eye over your traveling expense.
  • Like for example its Rs.70/Day, then just keep Rs.2000/- INR aside. and by aside I mean, you juts have to stop thinking of this Rs 2000/- INR otherwise if it stays in your mind throughout the day, it will ultimately end up getting spent. Out of sight so that its out of your mind too.

Now P.G./flat students are left with Rs.9500/-INR, Hostelers may be left with Rs.10000/- INR and Day-Scholars would be left with Rs.5000/- as per my calculations.

3. Pay up your immediate overhead expenses like electricity and water bills

This is also faced by only flat owning students. But since it has to split, it is usually lies between Rs.500/- INR – Rs.600/- INR. And Secondly, The Water Bill which is usually in between Rs.400/- to  Rs.500/- INR.  Now flat students are left with Rs.8500/- INR, Hostelers with Rs.10000/- INR, P.G. students with Rs.6500/- INR and Day-Scholars with Rs.5000/- INR

4. Keeping a reserve amount for backup

Not always you will travel via auto/bus/metro. Sometimes it could be cab too or it may also happen that owner of your flat/P.G. suddenly increases your rent. Or the electricity bill might go up. In order to protect yourself from that, just keep Rs.1000 in reserve quota of your piggy. Now coming onto the calculations, the flat students are left with Rs.7500/- INR, P.G. students with Rs.5500/- INR, Hostelers with Rs.9000/- INR and Day-Scholars with Rs.4000/- INR. Now this is sounding good, isn’t it? You are almost done with your major expenses and still left with a good piggy amount to bank upon. So basically your “PLAN MONTHLY BUDGET” is helping you big time.

5. Shopping, an important essential

Most of the times, students are seen to go bananas over shopping, now as they might be from a different city or even some other country, but they always want to explore the place they are living in.

  • In this regard, Flat and P.G. students mostly drop this plan as they may already be on a tight budget. So instead, when they go back to their hometown, they might as well shop their necessities in their hometown or may carry some extra cash for such expenses & do shopping upon returning.
  • Shopping can go up to Rs.5000/- (The remaining amount you could add to your reserve).

Now flat students are left with Rs.7500/- INR, P.G. students with Rs.5500/- INR, Hostelers with Rs. 4000/- INR and Day-Scholars with Rs.4000/- INR.

6. Food, how can we forget that!

Since all the students are now on approximately on the same platform with an average having at least Rs.4000 in their pockets. And Rs. 4000/- INR for 30 days doesn’t mean less at all.

  • It means you are approximately using Rs.130/day. And in which, you’ll not be eating the whole hours in high profile cafes.
  • Or if you are a Flat-Mate, then your budget is good enough for spending Rs.250/day. Out of which you can save by getting all the required items at the start of the month which will cost you not more than Rs.1500/- INR for all your flatmates.
  • Again, if you could split even that, it wouldn’t cost you more than Rs.500/-
  • Now if you hire a cook, then he/she will also not ask more than Rs.4000/ Month, and upon splitting you will not pay more than Rs.1000- INR. 

So this will all leave you with Rs.6000/-, which is not bad at all. C’mon, you are learning to make a balance and it’s good you are learning at a tender age, which will help you in the later run.

P.G. and Hostelers have already paid for the food via Mess Charges or daily meals included with rent. So, they can use their money wisely for the parties. And Day-Scholars, they already have a privilege of MAA KE HAATH KA KHANA. So, they can also use their money wisely.


The remaining or balance amount should be directly sent back to your reserve account. Remember, out of sight and mind thing. Yes it will get you good results.

Now what you worried about, show us that smile on your face after all we have got you saved a heck of  money through our Plan monthly budget tips which will additionally increase your savings skills as well! And with this  you will not face any further crash crunches or Cash Shorting’s after 2-3 months. 

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A strong karma believer. Never ever i kept any grudges for anyone and don't want to keep even in future. A natural writer and wants to improve my skills at every point of time.


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