With inflation surging at an exponential rate, it has become vital for people, especially college students to manage their finances effectively to survive. In the current state of the global economy, the best strategy is to strive to achieve financial independence.

The most conventional method of managing finances that is often overlooked is budgeting. Budgeting not only allows one to keep track of their expenses, but also guarantees priority-based expenditure, an achievement in and of itself. The integral components of budgeting include tracking expenses, setting short and long-term financial goals, alongside prioritizing spending. Some applications that can assist in budgeting include Goodbudget, Mint, PocketGuard etc. Also, there are numerous other options available online.

Before attempting to minimize expenses, one must identify the main areas of their spending. After reviewing expenses, the second step involves setting financial goals. It is important to start by setting a long-term vision, followed by its dissection into appropriate, short-term, manageable chunks to ensure a smooth transition. One must also keep a proper fiscal record and revisit their goals frequently.

The final step consists of ordering expenses according to individual priorities and allocating a specific ratio of income to each sector. It is also important to save a set percentage of one’s income for emergency purposes. It is also advisable to invest some savings in multiple appropriate avenues to maintain cash fluidity and successful returns.

One of the main steps towards gaining financial freedom is to minimize one’s expenses. This can be achieved by eliminating excess expenditure and managing the rest. Often, this might be difficult, but one has to curb their ego and take harsh steps because everything worthwhile demands sacrifice. Some ways students can cut down their expenditure is to buy used textbooks and make use of e-books and free PDFs of relevant course material. Secondly, one can prefer cheap lodging and homemade meals. Moreover, one should make full use of student discounts and concessions where available. Additionally, one can avoid frivolous expenditures and refrain from attending unnecessary ceremonies including proms, parties etc.

Apart from managing expenses, college students should strive towards supplementing their income, whilst making use of leisure time. Although the avenues of income may vary from person to person, some general side hustles include: freelancing, tutoring, and working part-time and odd jobs. Similarly, entry-level remote jobs may also be a good starting point in the important junction of self-financing through college. However, when selecting a hustle, it is recommended to consider a variety of factors including pay, extent of involvement required, feasibility, and alignment with the individual’s interests. It is always recommended to perform proper research before making such crucial life-changing decisions and to seek advice from fellow peers and elders.

Some students may consider using credit to aid in their financial journey. However, it is important to realize and analyze the risk factor involved in such decisions. The pros and cons of the matter should be weighed before arriving at a final decision. It is also advisable to seek advice from trustworthy people including seniors and relatives among others. It is also important to pay off credit in full, and as quickly as possible to avoid incurring interest and getting burdened by debt. Additionally, one can also invest credit in high-return and low-risk avenues. Overall, it is an individual choice one has to make about utilizing credit.

To sum it up, there are a variety of ways college students can achieve financial success through. These include proper budgeting, setting financial goals, and managing expenditures and investment in appropriate places.

Finally, I would like to reiterate the importance of financial freedom and its never-ending benefits including reduced stress and anxiety levels, self-sufficiency and the ability to pursue personal goals without any restrictions. So to secure a financially free future, we must start today, now, this very moment, because there is no greater loss than a moment wasted. As Rob Berger said and I quote, “The best thing money can buy is financial freedom.”