Create a Budget
As soon as you receive your scholarship, create a semester-wise budget. List your fixed expenses (tuition, hostel, books) and variable expenses (food, transport, personal items).
Separate Your Accounts
If possible, keep your scholarship funds in a separate bank account. This makes tracking easier and prevents accidental overspending.
Plan for Emergencies
Set aside a small portion (5-10%) of your scholarship as an emergency fund. Unexpected expenses like medical bills or travel can derail your budget if you're not prepared.
Avoid Unnecessary Debt
Just because you have scholarship funds doesn't mean you should spend freely. Avoid credit card debt and unnecessary purchases. Focus on investments in your education and career development.