Are you a Student? Do you want to save money as a student?
Oh Yes!!. Then stick with us.
Before diving into the ways to save money, let’s first see what saving is?
Saving is any money or income that is not spent. Saving includes putting money aside.
Saving is done for multiple uses like to buy something, for investments, child marriages, health emergencies, job losses, and many other uses. As a student, you don’t have to worry about all these.
Saving money is a habit. As a student, you must learn to save money.
What is the major source of income for students? The major source of income for any student is their pocket money which they get from their parents. Another source of income for students can be from relatives. You can also save money from the spare change every time you go shopping.
10 Different Ways to save money as a student
1. Save money from your pocket money
Pocket money is a major source of income for most students. You can save money from your pocket money. Just decide how much money you want to spend and save.
Once you decide that, stick to your plan. Every Time you get your pocket money. Just put aside a portion of money you have decided to save.
In my recommendation, 30% is an ideal amount to save a student.
2. Don’t waste money on expensive cloth and accessories
Sometimes what we do is we spend too much on clothes. Sometimes we do not need that many clothes, we just do impulsive shopping and buy more than we need.
You can save much more money just avoiding buying expensive and useless clothes.
We also have a habit of spending money on costly watches just to show off to our friends. Just don’t do that.
3. Avoid your recurring spending habits
You can save more money just by changing your daily habits. If you have the habit of drinking coffee daily. You can save money on that.
₹ 20 Coffee or tea daily can cost you ₹ 600 a month and ₹ 7,200 a year. It’s a lot of money for students.
If you have a smoking habit. Avoid smoking to save more money.
4. Sell your previous class Book
You can make some money by selling your previous class books. If you do not have any younger siblings, you can sell your book.
Your books can help someone who doesn’t have money to buy new books.
You can also do some philanthropic work by donating your books to the poor boys. It can give you more happiness and joy.
5. Open a saving bank account
Open a savings bank account with any bank. If you are a minor(below 18 Years) you can still open a bank account under minor categories.
One advantage of opening a savings bank account is that you can ask your parents to deposit some money into your bank account.
If you do not withdraw your money, you will get some interest on your money. Definitely it will be insignificant.
Money in the account has many advantages. No one can take it from you. You will not misplace it. Your sibling will not take it without your permission.
6. Collect spare change in Gullak
Whenever you have some spare change, don’t just put it in the fridge. Save that spare change. You can save by buying Gullak and putting money into that.
Remember the quote: Small things make a big difference.
7. Don’t waste money on Netflix and games
As a student, we are more inclined to movies and games. And today everything is available at your fingertips. Just in one click, we can see any movies we want to see.
There are many OTT platforms out there. You have to just buy their subscription and you can see whatever you want.
You can save money by not buying their subscriptions.
There are money ways to see your favorite movies. Student knows!!
Similarly, don’t waste money on buying stuff on online games. It is really a waste of money. Unless you are earning from that game.
8. Save the money you receive from relatives
Once you receive money from a relative, don’t just spend it all. Save it.
The money you get from relatives can be a lot of money, you just count it.
Make a habit to save a portion of money every time you receive money.
You can decide how much money you want to spend and how much you want to save.
I recommend you to save at least 30% of the money you get.
9. Try to earn money from here and there
One way to save money is to earn in the first place. Try to earn money by doing some chores for other people.
You can also earn money by doing some freelancing. There are many freelancing websites where you can register yourself and start making money online.
Try to do work that matches your skills and remember one thing that become valuable to other people.
10. Start your YouTube channel
Nowadays youtube has huge potential to earn money. If you have some skill and you want to show it to the world. Then start a youtube channel and make a video on that topic.
Be consistent on uploading videos. Once you have enough video. You can monetize your youtube channel and earn money.
To start making your first video you don’t have to spend too much on camera, mic, and lighting. You can record a video on your phone and upload it on youtube.
I hope you get some value from this article. Saving money is really important. Once you have money saved you have the feeling of security. You can start investing in stock to get compounded returns. For this, you need some capital. You can get this capital by saving money regularly.