Being young and full of hope barely gets you by the end of the month these days. Follow these easy ways to budget and live a stress-free life.

Are you young, wild, free, and broke?😣

It doesn’t happen every day that you’re young and open to life’s frivolous experiences. However, being young comes with its own sets of challenges. Whether you’re a college-going student or a new working professional, money is always a problem.

Budgeting becomes a necessary life skill for one to possess; in order to effortlessly pace through the unrushed month-end. Living independently is fun and exciting but callous finances can easily rain on your parade. So, are you ready to take on this fun journey with a responsible approach?

Here are some of the easiest budgeting hacks that you can easily follow-

• Prioritize Needs Over Wants

One of the most tricky questions to answer about your finances is “where did all my money go?” Well, you’re not alone in this. Even some of the most expert minds at work cannot get a handle on their finances due to the lack of clarity on the “needs vs. wants” aspect of their lifestyle. 

However, it’s very easy to identify the essential expenses from the occasional ones. Need-based expenses usually include the daily maintenance costs, like – food, stay, & study material, etc. Want-based expenses include – gadgets, drinking, eating out, impulse purchases of items that you may not need on an urgent basis, etc. 

Once, you’ve learned to prioritize needs over wants, you will easily be able to get a handle on your finances and plan wisely for an exorbitant expenditure.

• Use public transport 

Traveling is a necessary expense when you’re living in tier 1 & 2 cities, where it’s expensive to travel from your own conveyance. As important as it is to be able to easily move around in the city, doing it on your own commute is a costly affair. Most tier 1 & 2 cities have a well-connected network of public transport and it is inexpensive too. So, next time instead of burning a hole in your pockets to pay for petrol, just hitch a ride on public transport.

• Make the most of your student ID

The best years of your life should be memorable and just so that you don’t miss out on these experiences, you should make the most use of your student ID. Many public libraries, restaurants, shopping outlets give exclusive discounts to students. So, don’t hide away when all your friends are going out. Just remember to carry your student ID and set a limit on your expenses for the evening. After all, you’ll never be this young and full of hope again!

• Follow the 50/20/30 Rule

Saving is difficult, and life often throws unexpected expenses at us. By following the 50-20-30 rule, you can have a plan with regard to your in-hand allowances/income. So if/when you realize that your wants are more than 20%, you can find ways to reduce those expenses and direct funds to more important areas such as emergency money and long-term financial goals.

Life should be enjoyed, and it is not recommended to live like a Spartan, but having a plan and sticking to it will allow you to cover your expenses, save for retirement, all at the same time doing the activities that make you happy.

• Share your daily expenses

If you live in an apartment and not in a hostel then make sure to move in with a roommate. That way you can split your rent two ways instead of one. Additionally, when you move in with someone, a lot of household expenses also get split, which ends up bringing down your monthly expenses by 50%. On the bright side, it’s a good idea to have a fun company in a new city. You end up sharing life’s experiences and making memories for a lifetime together. 

• Take Online Surveys & Make Extra Money

Side hustle is the new-age mantra of thriving in an ever-expanding world. Paid online surveys are the real deal! You can make anywhere between INR 20 to INR 250 per survey, many platforms also give coupons and gift cards. By taking these quick surveys, not only do you earn extra money but you also get a chance to be a conscious consumer. Your feedback or insights help businesses significantly improve their products/services.

Xcel online surveys is a secure platform that gives you unlimited access to surveys and polls. The registrations are free and secured with two-step authentication, making it impossible for your valuable information to go amiss. 

Xcel’s personalized dashboard lets you keep track of your new and completed surveys and the transaction history as well. What are you waiting for? Sign up fast and start earning on the go.