Nowadays, being a student is becoming more expensive than it needs to be. As you are a student and have to focus more on your studies, you can only have part-time earning opportunities. But still, you may not be able to find the best solution to save some good money. However, a student can use plenty of ways to expense less and save more money. This post will explain how to save money in India as a student, including some easy and effective ways.
1. Plan Your Monthly Budget
A monthly budget is one of the most powerful tools that will help you to reduce extra costs that occur during your study. It is the process where you will be forecasting your expenses which can be expected to occur in the future. It will help you to manage your pocket money more effectively and save a good portion of it. You can create your monthly budget by making separate categories like food, telephone, travel, and many other budgets you need. Nowadays, many free tools are also available on the Play Store. You can make your free monthly budget in digital format or use a simple notebook.
2. Use Your Old-School Book And Accessories
Have you ever asked what you will be doing with your old books, notebooks, and other accessories you have already used? Selling out old books and school accessories is also a great way to get some cash and save some more money on purchased items. You can also use sites like StudentVIP, eBay, and any other sites to sell these to save 50%-60% on your second-hand school accessories. So, once you are finished with it, then you can sell it to others for a reasonable price.
3. You Do Not Need a Car To Go To School
Many school students use their family car or another vehicle that can cost a lot if we check that annually. As per the report, it can cross thousands of rupees to travel from school to home and home to school. Therefore, it is an ideal thing to use a bicycle, skateboard, and scooter. Along with these, you can also look for the e-scooter, which can cost higher initially but will save a lot of money in the future. Or if you need to take a car service, you can travel by this mode with your friends as the expenses will get distributed in pieces to cost less.
4. Stay Away From Unnecessary Subscriptions
Entertainment, Tv shows, and web series are some of the best things that you enjoy during your school days. But do you know this entertainment can cost a lot? Mainly you use subscriptions for different platforms like Netflix, Amazon Prime, and more. So, if you want to save some of the money here, you can look for the one-off purchase or annual subscription because it will give some discount. Moreover, you can also cut unnecessary subscriptions which are of less use, or you do not give much time to those. Also, you can join a sports team for physical activities and look for a prepaid recharge option.
5. You Can Have An Excellent Discounted Deal
Most of the time, you need to shop for tech items, school stationery, and much other stuff that help you with your studies. Therefore, whenever you look for these things, you can also consider looking on several e-commerce websites because you can find these products at affordable prices. Because physical stores have to pay rent and other expenses, it will cost you more if you buy from there. Also, when you search for the desired term by adding students, you can find so many fantastic deals to save money.
6. Start Learning About Investment And Practice That
You all may know that investment can offer a higher rate of returns. Here you can work on your skills and learn several presenting skills. You can also learn about share marketing and its investment procedure or can start investing in mutual funds. It may seem overwhelming, but if you keep learning about these skills, it will help you in the future. Therefore, you should reduce unnecessary expenses and invest some of the saved money in your skill enhancement.
7. Analyze The Money Lent And Borrowed To The Friend
Many times you can have to pay some money to your friends or have to borrow as well. And when you ask for some money from your friend to use somewhere, sometimes you will have to pay them as well. Therefore, you should keep track of these transactions that you do with your friend in written form so you can remember them and manage to pay them on time. Similarly, you can also make a separate column for the money lent by yourself to your friend so that you can remember to get your money back.
8. Understand Your Want And Need
It would be best if you also classified your expenses into the luxurious and essential requirements because students spend their money on unnecessary things most of the time. You can make this list depending upon the money you get as your pocket money. It is essential because you will be able to save a good amount and find your needs.
9. Avoid Tuition And Take The Help Of School Teachers
Many students spend thousands of rupees on their tuition classes. The primary reason is that their friends are also taking coaching, and they think they can be topper if they take tuition classes. It is fine, but if you want to take tuition if your friend is taking such classes. You should prevent doing this because it will significantly impact your financial health. You can take the help of your friends and teachers to solve your doubts as they have more experience. So, if you can find solutions for your questions without any tuition classes, you can stay away from this.
So, you learned how to save money in India as a student; and have learned some crucial ways to save money. Moreover, if you want to try some of these techniques, you will surely see some positive results. However, it is advisable to have a monthly budget to plan to meet expenses in the future.