Having pocket money in youth life is always motivating. Money in the pocket helps youth to take decision and increase decision making ability. Where to spend and where not? What is my priority and what can be delayed?
Money takes care of so many basic needs, educational needs, entertainment needs etc. Youth has to take care of accommodation, food, fees, clothing, books and transport. It is necessary to have proper food and accommodation to be able to focus on studies. Make sure youth spend optimum amount of money on nutritious food and peaceful accommodation.
There are various methods that help youth to be economical, like staying in a paying guesthouse or sharing of an accommodation; cooking by yourself or in a team or through a maid; the use of public transport or shared transport or the use of a bicycle. Being youth there is always an urge for entertainment and recreation. There should be proper budget for this purpose. It is advisable not to cross 20% of your monthly budget in entertainment because in such activities, there is no limit, hence there should be self-control and restrain.
Youth should keep experimenting innovative methods for saving money. If possible get yourself financially empowered by personal tuition of 2-3 younger generation, or a part time job etc. One should also try for scholarship or work as an assistant to support their financial requirement. Youth should spend proper amount on skill development for achieving higher goal. But remember, whilst earning side income, one should not lose their aim for their principle goal.
It has been found that many students are not financially sound but they have strong determination and they do something outstanding in their academic career.
So, when there is a will, there is way!