Financial Planning for Students: Tips and Tricks for Managing Finances During Post Graduate Diploma in Management (PGDM)

Financial Planning for Students: Tips and Tricks for Managing Finances During Post Graduate Diploma in Management (PGDM)  

As students acquire higher degrees like a Post Graduate Diploma in Management (PGDM), it is clear that financial literacy is a necessary skill to have! Financial planning is a key element in the journey of any PGDM student, as knowledge without proper planning can lead to awful results. Financial planning in itself enables students to make numerous informed decisions, budget appropriately, and even prepare for novel expenses that would otherwise be inconvenient.    

At Narayana Business School (NBS), students are focused on involving themselves in financial education, which goes beyond personal finance. For future leaders or entrepreneurs, it comes as no surprise that proper resource management is an integral skill. With the support of several helpful NBS systems, students are able to solve their financial problems while still focusing on their education and future career 

  

Understanding Your Financial Landscape  

Expense Distribution    

Effective financial planning starts with understanding your existing finances. As a PGDM student, there are certain major expenses that you shall incur, which would need proper budgeting:    

• Tuition Fees: Often the highest expense of them all. The cost structure for PGDM programs differ greatly, so make sure you have the figure to spare for the NBS.  

• Living Costs: Living expenses depending on your lifestyle may consist of rent, utilities, maintenance, food, and transport. Check the average living standards for the place you study in to have an idea of what you will need. 

• Study Materials: These expenses include textbooks, software, and any other resources vital for your coursework. It is advisable to buy used books or e-books to cut down on expenses.    

• Extracurricular Activities: Active participation in clubs, conferences and networking opportunities enrich one’s understanding but comes at a price. These NEED to be added to your personal budget as well.    

• Miscellaneous Expenses: Smaller yet equally important expenses such as internet bills, mobile phone contracts, and grooming expenditure should also not be left out of the equation. Tracking these will make you less vulnerable to financial shock. 

 

 

Establishing a Budget   

After you grasp your expenditures, the next move is to develop a budget that works for your PGDM. The steps to formulate a budget are listed below.   

• Identify Your Revenue Streams: List down all scholarship opportunities, possible part-time job openings, and any other potential aid from your parents.    

• Classify Your Expenditures: Split your expenditures into two groups: fixed expenses (tuition and rent) versus variable expenses (food and leisure) so that you know what can be minimized if the situation arises.   

• Determine Allocation of Money: State a realistic spending cap for each category while being concerned about both your necessities and aspirations.   

• Employ Nina and Micaela’s Budgeting Tips: Use budgeting apps that update your expenses in real-time or consider adding your expenses in a spreadsheet. This will improve your accountability and help you make adjustments if needed.   

• Track Progress: Consistently track your budget to ascertain how much of it you have managed to follow. Make provisions for unforeseen expenditures and lower changes in anticipated income. 

 

 

Tips for Effective Financial Management 

Utilizing Student Discounts  

As a PGDM candidate, various discounts are on offer that can lessen your financial struggles. Below are some suggestions on how to utilize student discounts better:    

• Nearby Businesses: Restaurants, coffee shops, and stores provide discounts for students. Make sure that you have your student ID with you and ask for possible discounts during purchases.   

• Digital Services: Amazon, Spotify, and Apple have discounts or special offers available for students. These subscriptions if needed, should not be missed out on for tips.   

• Public Transport: Most public transport systems in different cities have discount cards that could aid in commuting. Skype with family members who know better than you doey will assist you with researching other forms of transportation and figure out what prices are more affordable. 

Part-time Job Opportunities  

Finding opportunities for employment while studying may pose some challenges because of the time regime of a PGDM program, but working part-time or during breaks will be highly beneficial not just financially but from an experience perspective as well. Here are some you can consider: 

• On-Campus Jobs: A lot of colleges give students the option to work on campus and complete flexible jobs which do not interfere with their studies. Students have a variety of courses that they are taking making it easier for them to study while working. These positions can include anything from administrative jobs to research assistantships. 

• Internships: Finding an internship opportunity that is related to your area of study can be very helpful. Internships serve as an additional income and as engagement in the field which boosts the resume. Most internships also provide contacts which can result in a permanent job after one graduate.  

• Freelancing: Freelancing can be profitable, and is flexible if you can do specialized writing, graphic designing, or digital marketing. Freelancing enables you to accept jobs that fit your availability allowing you to gain experience and income.  

Managing Daily Expenses 

Monitoring expenses on a regular basis is very important because this restricts overspending and helps to stay within a budget. The following tips might be useful: 

• Daily Spending Record: Ensure that every transaction is noted, and it does not have to be a big one. This will create an understanding of different spending habits and how to improve them.  

• Reduce Impulsive Spending: Spending should be thought out before it is done. Ask yourself if it a necessity or not, and sort out essential items from others. To help prevent unnecessary spending, make a rule to wait before purchasing items that are not immediately needed.  

• Food Preparation: If left unchecked, eating out can truly burn a hole in your pocket. Prepare a menu for the week and stick to them, whilst cooking at home. This is cost-effective and promotes better eating. 

  

Saving Strategies 

Setting Savings Goals  

Setting saving goals can motivate you to adopt good financial habits. Here is how you can set effective saving goals:   

• Short-Term Saving Goals: Saving for a vacation or a new laptop purchase may be part of a short-term goal. Regularly focusing on these types of goals motivates you to save constantly.   

• Long-Term Saving Goals: Think of saving for further education, a business, or an emergency fund as some of the long-term goals. Having a clear picture of the future can assist you with disciplined savings.    

• Automated Saving: We recommend setting up automatic transfers to your savings account every month. Saving first ensures that these funds are allocated to saving before spending occurs. 

Smart Spending  

Over the years, skillful spending and budgeting have proven crucial for students looking to complete their PGDM. Using well placed tactics ensures one stays within budget and limits overspending.   

• Categorize Wants: One should always carefully assess what they want versus what they actually need. For example, food, housing and tuition are a basic need, whereas vacations and expensive clothing are a luxury that can be ignored until one is financially ready. By doing so, one is able to make sure that the necessities take top priority.   

• Online Shopping: Take the time to shop around different websites before making any large purchases. There are lots of apps nowadays that provide the best deals and sales, so make sure to use them. By understanding how to make the most of discounts and sales, you can avoid paying unnecessary amounts.   

• Purchase In Bulk: Toiletries such as shampoo and dry foods can be stored so considering bulk buying would be a good option. While this may not seem cost effective initially, over time its effects can be quite beneficial. Moreover, bulk buying removes the hassle of shopping frequently, saving time and money.  

 

Financial Resources and Support 

Narayana Business School (NBS) Financial Aid Options  

Narayana Business School offers a range of assistance programs for its students to aid them in their studies. Listed below are the available assistance programs: 

• Scholarships: NBS offers a number of scholarships on merit. Ensure that you research the scholarships at the beginning of the academic year so that you can apply for the ones you qualify for.  

• Grants and Loans: Students can be encouraged to explore government and private grants and loans that are easily available for education financing with relative convenience. 

• Flexible Payment Plans: NBS could have low-cost tuition plans where students can pay the fees in instalments instead of the entire amount in one go, which is a much lighter financial burden. 

Financial Planning Workshops  

Narayana Business School (NBS) offers financial planning workshops and seminars to help students build essential financial skills. These events cover a range of topics designed to enhance students' financial literacy and equip them for managing their finances effectively. 

• Budgeting Techniques: Students learn practical budgeting strategies that suit their needs and gain insights on managing financial risks. 

• Investment Basics: Workshops introduce fundamental investment concepts, helping students understand how to plan for their financial future with confidence. 

• Debt Management: Participants receive guidance on handling student loans and other debts, ensuring they are well-prepared to manage financial obligations without stress. 

Through these workshops, Narayana Business School aims to empower students to make informed financial decisions and prepare for long-term success. 

  

Conclusion 

In conclusion, an optimized financial plan helps PGDM students manage both their academic activities, as well as their personal life. With a clear financial picture, students can draw budgets, track their spending, and fully utilize the resources at Narayana Business School, ensuring financial wellbeing.  Students have been asked to follow the suggestions mentioned in this blog and take advantage of the financial services available at Narayana Business School. Spending a little effort in financial management will facilitate an effortless academic experience and establish a pathway for productive career opportunities in the future. Financial skills are critical for growth in every aspect of life and should never be undermined. Use them as building blocks as you start your PGDM and let your blossoming self be the evidence.