How to Save Money as a Student
Saving money while you are in college might not be an easy task.
However, it is crucial to do so and we are going to tell you how you can save money as a college student and give you tips to make this process easier.
When you are studying, it becomes a tad bit hard to save money because you don’t have a job. You are given some amount of money by your parents every month and you need to learn how you can survive on that.
Also, since you are a student, you might want to splurge money here and there to have fun with your friends.
At the end of the day, college life is known for making happy memories that are going to be etched in your mind forever.
So, in this article, we are going to tell how you can save money as a student without sacrificing your joyous activities.
We hope this article helps you save money every month and acts as a complete financial guide throughout your student life.
1. Make A Budget
This is the first and the most important step that you need to follow as a student. Once you learn how to budget your money, it will help you throughout your adulthood.
Luckily, technology has made it easier for anyone to start budgeting their money. At the beginning of the month, allocate a portion of your money into various categories such as education-related expenses, food, entertainment, etc.,
You can create an account with Koshex to track your expenses and do budgeting. This will allow you to see where you are spending your money and rectify your bad spending habits if you have any.
Also, when you have a budget, it will push you to control your spending and understand where you can reduce your spending to save more.
2. Buy, Swap & Sell
When you are trying to save money, you can get creative in various ways. Instead of buying new textbooks, you can try buying second-hand books or borrowing books from your local library.
You can also swap what you don’t want with others who require it and get something useful in return. On top of that, you can try selling your stuff, including clothes, old electronics, books, etc.
to make extra money, which you can then save.
3. No Impulse Purchases
We get it. It is difficult to control your emotions when you see an advertisement to buy a cool new gadget or a fashionable dress.
The more time we spend on social media, the more we are tempted to buy something we don’t need at all. So, when you are tempted to buy something that you don’t need, try giving yourself a week.
After the week has passed, you probably would have forgotten all about the product. This trick will ensure that you don’t spend too much on impulse buying.
4. Plan Your Fun
It is hard to resist fun when you are in your college. Everyone around you is planning weekend outings, attending house parties, and trying new things.
It is not always right to say no to every fun experience. Instead, plan your fun activities properly and you will be able to save money in the process.
Try looking for activities that offer special discounts for students. There are plenty of places, including cafes, movie theatres, escape rooms, etc., that offer special discounts for students.
You can look up these places to save money whenever you plan any fun activities.
5. Cut Out Unnecessary Subscriptions
At the end of every month, go through your monthly subscriptions carefully.
There might be a service you forgot about or you don’t use anymore. Cancel any expensive subscriptions you don’t need, be it streaming services, magazines, newspapers, or anything else.
You can also consider free or cheaper alternatives. Instead of a gym membership, you could ride a bicycle to your college or join a sports team.
Instead of paying a phone bill every month, you can opt for a prepaid plan. You can also identify the subscription that helps you save money.
For example, if your Amazon Prime subscription is helping you not go to theatres every month, then, continue using it, because, at the end of the day, you are saving on movie tickets and popcorn.
6. Open A Savings Account
With digitalization having penetrated most of the industries in India, including banking, most of us have a bank account these days.
If you never had the need to open one, it is a good idea to open a savings account in a bank, which offers the highest interest rate.
This will ensure your money is in a safe place and it grows into a sizable amount by the time you finish your education.
7. Grocery Shopping Times
Apart from planning what you are going to buy during your grocery shopping trip, you should also make sure of one other thing: Eat before you shop for your groceries.
When you are hungry and go grocery shopping, you would end up buying a lot more snacks, which you will end up regretting later.
If you live in a hostel or PG, where you are not required to cook, this hack can still help you.
When you go shopping for essentials for the month, ensure that you have eaten well, so that you don’t end up buying loads of snacks because you are hangry.
Another trick while shopping for vegetables and fruits is to go to your local grocery store in the evening. This is the time when local farmers and shop owners will be selling the produce that arrived that day.
Since most of the produce would go bad the next day, they will be selling them for cheap rates. You can take advantage of this and buy vegetables and fruits during this time.
8. Beware Of Loans & Credit Cards
We believe that credit cards are useful for building credit and earning points. However, when you are a student, it is a good idea to skip credit cards because it might lead you to overspend.
Also, it is important that you don’t take any other loan, apart from your education loan. If you take other loans, it will become catastrophic for you as you would be pressured to pay them back as soon as you finish college.
In The End…
College is the place where people make life-long memories, good friends, and even their purpose. It is fairly simple to save money when you are a student if you are diligent about your spending.
Always make sure you hang out with the right crowd, who push you to make better life choices and good financial decisions.
If you are looking for a platform to save money, track your expenses and do budgeting, head over to Koshex and create an account with us.
Koshex will analyze your spending habits and offer intelligent insights on how you can make the most out of your money and save better in the long run. Sign up with us for free today.