The role of IT in money management for college students

Technology has made its way into every aspect of our lives, and enhanced it for the better. In a way, our lives are like a smartphone, wherein we use all these applications to make our lives function better. Henceforth, an upgrade in the applications means better functioning of our lives. 

One of such applications is money management. The world of transaction and money handling has changed a lot in a very short period of time. What started from a simple barter system has led to a world of internet banking and digital wallet. It won’t be a hyperbole to state that these facilities have made human life easier. 

The section of people probably the most educated about the advances in technology are the college-going students. However, money management can often become a topic difficult to grasp. Well, technology has made that easier too. Let’s talk about the role of technology in money management for college students: 

1. Creating a budget 

A good and well thought out budget can solve the tiresome puzzle of money management. Your personal financing highly depends on your budget. As college students, making a budget is extremely important. If you make a proper budget at the start of every month, you can make it through without having to worry about going broke. There are many mobile applications that help you create a budget. Some of the free budgeting apps are Mint, Wally, and Clarity Money. By using these apps, you can control your budget from your smartphone. 

2. Setting reminders

You set an alarm to wake up on time. You set an alarm to not use your phone excessively. You have a to-do list to get things done. Similar to that, you can always use money management applications to set reminders for your expenses. Let’s say that you are about to exceed your monthly budget. It has happened to all of us. What if we get a reminder whenever we are close to exceeding it? It would save us from so much worry and hassle. By using the aforementioned applications, you can also set reminders to not exceed the budget and also to pay bills, if any. 

3. Choose Online Shopping 

Online Shopping has become extremely popular in the past few years. From buying clothes to ordering food, everything can be done online. And what makes it so convenient? The luxury of comparing prices. Through apps like Daraz or Amazon, you can compare prices and get the best deal. You can also get discount codes and get stuff at a comparatively cheaper price. It doesn’t just save your time and energy, but also your money. 

4. Tracking income and expenses 

As college students, you might not have a stable income. Most of you might depend on monthly pocket money. However, you must track the money that is coming and going (income and expenses). You have to keep in mind that your expenses curve doesn’t exceed the income curve. There must be a balance. And you can track the curve and maintain the balance through many applications. In the age of mobile banking, you are just clicking away from tracking your income and expenses. 

We know that college life can be difficult for money management. However, if you start being intelligent about your finances early, it will help you further your goals and keep you a step forward from everyone else. So, let’s start being smart with money by using our smartphones.