Among the most crucial things to remember as a student is how much money should be spent during studies and how to save money in student life. Spending recklessly during your studies increases the risk of too much debt after graduation. Student life is very flexible; turning it in the right direction can give good results. To save money as a student, you need to make some smart moves and pay close attention to the little things that matter.
Students must learn the tricks of personal finance and saving to utilise hard-earned money in the right places. Buying used products is an excellent strategy to save money as a student because the costs are generally way lower than those for brand-new stuff. If you are searching for tips on how to save money for students, there are various ideas and hacks that we have listed below.
How to save money as a student in India With Example
Plan your expenses
Creating a monthly expenses budget is not a difficult process, but it may help you save money on spending. The idea is to keep track of monthly spending and remove any unnecessary ones. A simple note, diary, or planner app is sufficient. Begin by listing your fixed costs, such as transport, meals, and bills and start putting money aside for them. The leftover funds can be used on non-essentials such as shopping, entertainment, and other miscellaneous expenses.
Open a Saving Account
Several students use cash or mobile wallet as their primary payment mode. Opening a saving account will not only protect money from theft, loss, and fraud but will also earn them interest on saved money.
Say No to Loans
Avoid applying for a loan for something other than your education. Use your bank in an emergency. Avoid money lending services and mobile apps. Use a loan source that supports student financing and provides fair loans to students such as Dhani.
Shop in Non-peak hours
Usually, supermarkets hold huge discounts for daily stuff like vegetables, fruits, dairy products in the evenings, in which any product that is about to expire is sold at a reduced price. These are fantastic deals for students because the meals normally don’t spoil for several days at a stretch.
Avail a bonus of Rs 60 by signing up on the Cashkaro app and enjoy exciting discounts and Cashback on every purchase.
Prepare your own food
Preparing food and cooking at home for oneself is a great way to save money for a student. Dining out is among the most costly things, particularly in an urban area with expensive restaurants.
Save on entertainment expenses
Rather than spending thousands of rupees on parties, movies, clubs, gaming, or other local activities every few days, look for free entertainment sources such as charities, care homes, or any event that requires volunteers and provides free entry.
Reduce unnecessary and unused items
Unnecessary stuff takes up extra space in the house. Monetising them can save space and earn you extra cash. There are several places, websites, and mobile apps where you can sell your unwanted furniture, smartphone, books or electronics. Here are a few great places to sell unused items:
Rent Second-hand Books
If you need a book just for a few weeks, borrow from the library. If you adore the item and will read it again, purchase or rent second-hand books and resell consumed books. Books may be quite costly, and you may not even need to store them. Consider renting books from the nearest library or online book renting services such as:
- Book Near U
Avoid purchasing branded goods
Branded items are definitely good to own but they are often overpriced. Items of the same quality are available at affordable prices on the Internet. In student life, a lot of money is spent on unnecessary branded items. Money can be saved by purchasing good quality generic items. If possible, buy generic items. Use 1500+ online shopping sites such as Amazon, AJIO, Myntra, and more via CashKaro.com to get cashback on your purchases. These are the same products you can buy at a much lower price with exclusive coupon codes and extra cashback.
Prevent late fees
To prevent late fee charges, always pay your fees on time. Fines are costly and add up significantly, making it much more difficult to reduce your debt. Settling your payments on time is a vital part of gaining financial management. Understanding when your payments are due and developing a habit of settling them on time could help decrease stress, save you money, and improve your credit history.
Take advantage of your campus
Instead of wasting money by going out, make the most of the services your university has to offer. Most campuses offer a variety of galleries, as well as movie screenings and other social activities that are inexpensive or, in some cases, free.
Don’t impulse buy
Instead of making hasty purchases, make a plan for yourself to save money each month on your purchases. Alternatively, add an item to your online shopping basket and review it after a few days. This will help you determine if you really need to buy them or they are irrelevant and were being bought because of the hit of the moment.
Reduce the number of restaurant visits
Eating out costs three times the money needed to satisfy hunger and meet your calorie demand. A study of restaurant meals also shows that they have 2 to 3 times the calories of a home-cooked meal. These extra fats, calories, carbohydrates, and sugar have serious health consequences. The less you eat outside, the better your health will be and money will also be saved.
Use credit cards wisely
Credit cards are a great way to build credit. A strong credit score attracts lenders, and you might get a good price on future loans. but a bad credit score can backfire. If you use more than half of your credit card balance or take longer to pay back the credit amount, you will end up paying a higher interest rate.
Split to save
You can split rent and utilities if you live with others. Sharing your flat, electricity, Wi-Fi, and other bills with others can save you money in student life. Apps like SplitWise enable you to arrange, distribute expenditures, and request money without feeling embarrassed.
Use public transport
Use public transport instead of driving. Walk for a short distance. Using public transportation can save a lot of money. Make a bus or metro pass if you commute daily to your college, it will increase your travel saving effectiveness. The cost of petrol and diesel is high; the maintenance cost of the vehicle also remains a headache for many people. The less often you need to use your automobile, the more money you will save.
Avail Student discount
Shop at stores that offer student discounts. There are several businesses that offer discounts to students with college IDs. Students can avail various offers and discounts on sites like Apple, OnePlus, Samsung, Realme, Lenovo and others.
Save on Gym expenses
It is necessary for the students to go to the gym to keep their bodies fit. Nowadays the subscription cost of the gym has become very expensive in which a lot of money is spent every month. Considering a university gym instead of a local gym will save a lot of money. Many colleges offer free or discounted gym memberships to students and alumni.
Use Coupon, Discount and Cashback
Collect various coupons to avail discounts on offline stores and other businesses. Always look for cashback and discounts on online shopping. When it comes to shopping for Groceries, Clothes, Laptops, and other items, CashKaro.com is your best friend. It helps you find the best deals from 1500+ shopping websites like Amazon, Big Bazaar, Tata CLiQ, Myntra, etc and offers you extra cashback on every purchase made via CashKaro.
Buy in Bulk
Buying in bulk provides the most value for money with each purchase. Buying groceries in bulk for a month or two offers good discounts. Instead of taking retail items, take a family pack, which has more quantity and also comes at a lower price. Doing this can cut down on the cost of groceries each month.
Other Money Saving Ideas:
How to save money as a student in India?
Students can save money in India by adopting various money saver ideas. Read the above blog for detailed information on the same.
Which is the best tip to save money as a student?
Planning your expenses is one of the best tips to save money as a student.
How to save pocket money as a student?
Cutting down on unnecessary expenses can help to save pocket money as a student.
How students can save money with coupon codes and extra cashback?
Students can use CashKaro App to save money on shopping with coupon codes and extra cashback.
How to save money in university?
Students can save money at university by taking advantage of various affordable or free facilities such as a gym, library, and more.