The transition from high school student to college student is a defining period of life, it can be confusing too because there are lot of difference in the roles and responsibilities of a high school student and a college student. Adapting to college is full of life lessons and the biggest lesson involves handling money. There are many financial decisions that you never have to make as long as you are a school student, everything will be taken care by your parents. They worry about how much to spend on housing, food, clothes, telephone bills, entertainment, etc. All these things will never cross the high school students mind. But college students gradually have to start handling all these things. Money management is an art that has to be developed over a period of time, it will not happen overnight. Smart money saving tactics can make a major impact on your finances and your future.
Here are some tips to make your financial dealings more feasible.
- Plan our expenses and manage your finances according to that.
- Keep aside a separate amount for things like entertainment, eating out, clothing, shopping, etc.
- Organize your receipts, bills, bank statements, etc. by month and by category, this will help you to have a close eye on your spending.
- Consider creative ways to save money. Bring lunches and snacks from home. Buy your text books and lab supplies second hand if possible.
- There are many ways that students get in to debt. Education loan, Credit card are some of the reasons. So think twice before spending.
Everyone seems to have disposable money these days, students do. Diverting your disposable money to a productive sector is not a difficult task. Online trading gives you an opportunity to experiment all your learning and eagerness to earn money. You can do online trading by opening a Dmat a/c and trading a/c with any stock broker. Below given steps will help you to understand the process of online trading.
Those students interested in doing the trading should approach a stock brokers and register with them. After registration, the broker will provide you a login name, password and a personal identification number (PIN).
By using the login name and password you can login to your account and place an actual order using the place order window. Here you have to enter some criteria like quantity and price of the stock you intent to buy. You also have the option to review the order and reset the values. Once the review is done satisfactorily, your order has to be sent to the broker.
In the next Step the exchange receives money and completes the settlement. You will be informed about the settlement either through demat or through e-mail.
Here the investor will receive an "Order Confirmation" 'message along with the order number and the value of the order.
In case if the order is rejected by the Broker or the Stock Exchange an appropriate message will appear on the screen.
Sixth step is related to the mode of payment. There are different modes of payment some brokers will take some advance payment from the investors and will fix their trading limits. When the trade is executed, the broker will ask you to transfer the funds to his account.
There are 100 other ways to earn money but it won’t help you to learn the dynamics of stock market. Opening Dmat and trading account with an online trading broker will help you to explore the huge potential of stock market.