A student’s life without having financial constraints and infinite desires is incomplete. Once you start getting a monthly expense, all those buried desires of yours pop out and you end up spending all your money, probably with some extra debt. Living your student life at its full is definitely important, but equally important is saving some proportion of your money every month, for a financially apt experience.
This blog will be your guide on how to save money, keeping in mind the requirements and desires of a student. Apart from budgeting and segregating your money into needs and wants, there are various other methods that can help you save money. Refer and implement the points given below and you may end up saving a good chunk of your income.
- Use Public Transport to Travel
If possible, try using the public transportation services like metro or bus to travel throughout the city instead of using your own vehicle. It is much cheaper than the cost of fuel and maintenance of your personal vehicle. You may save a good amount. Additionally, you will get to observe and meet new people every day. Plus it is good for environment 🙂
2. Purchase second hand books
Especially if you are a college student. Buying new books will be a foolish idea if you are going to use them only for a semester. Instead, you can buy second hand books from your seniors for a cheaper price, or issue books for a certain period from your library. You can also purchase books on group basis, where members of a group will contribute a small amount to buy a book which can be used by all.
If you are comfortable with E-books, you can find almost all of your referred resources online on various digital library platforms like z-library, National Digital Library of India, etc. for free.
You can also sell the books you don’t need anymore to your juniors at a low price for extra income.
3. Cut down impulsive shopping
Most probably, every student and up purchasing more than he/she requires. Whenever you go to market, prepare a list of things you require beforehand and stick to it. Do not purchase any thing because you may need it. Shopping based on impulses is one of the biggest reasons of you being broke at the month end. Buy only the things that you actually need. Carry only a limited amount of cash and e-wallet money with yourself, so that you don’t end up spending more than required.
4. Don’t eat out much often
Avoid ordering food or going to restaurants very frequently. Set a limit on the amount or the no. of days you will eat out and follow it strictly.
- Eat something before you go somewhere out. This will prevent you from being hungry and spending more money on food outside.
- Prefer ordering food online instead of going out to restaurants to save transportation costs and avail discounts. Always check for available discounts and coupons while ordering food online.
5. Learn Bargaining
Believe it or not, bargaining at right places is a life skill and can help you save a large amount of money. Be it while purchasing new clothes or other accessories, try to bargain the price for yourself. Other than saving money, it will make you more confident in presenting your views and persuading people.
6. Learn to say NO
A lot of times when we plan to save money and cut down expenses on luxuries, we are interrupted by our friends. Hanging out and enjoying is indeed a memorable experience to have in college but it shouldn’t be against your budget. Don’t spend money unnecessarily just because you couldn’t say ‘no’ to a friend when he invited you. Learn to take control of your money.
7. Avoid unnecessary subscriptions
Avoid subscribing too many OTT or music platforms. It increases your money commitments and leaves you with comparatively less amount every month. It also costs you much of your time. Instead, you can ask your siblings, friends or relatives for access to their accounts, or use cheaper or free alternatives. This will reduce your expenses while retaining your luxury.
8. Use college Campus facilities
If you study in a fairly good college, you don’t need to spend much on your hobbies. You can access the badminton court of your college instead of joining a club. Similarly, many colleges provide their students with already subscribed soft wares, art materials, newspapers and other required accessories. College canteen is also, probably, cheaper than other alternatives. Check out and make the best use of the facilities provided by your college.
9. Don’t run after branded products
Don’t purchase a titan watch just because it is a ‘titan’ watch. Any other local branded watch will also serve the same purpose of showing you the correct time. The same applies for clothes, shoes, bags, pens, etc. As far as the product is of fine quality and serves the purpose, you can always look out for cheaper alternatives. Using branded products isn’t a symbol of your royalty.
10. Use your student ID to get discounts
If you are a college student, you can use your student ID to avail many offers and discounts. Don’t miss out them. A student ID can get you discounts on flight tickets, laptops and subscriptions of various OTT platforms and soft wares. Check out for such offers.
Instead to cutting down your compulsory expenses to save money, you can also consider earning income yourself. Read out the following blog for related ideas.
