Teenage is a time of peer pressure. If you let it take over you, you can land in a debt full situation with an extra burden on mind and pocket. When a person is in school or college, there is constant feeling from inside that tempts you to spend more, on easily avoidable expenses. Craving is the biggest problem in a student life because there is so much to enjoy and countable money to spend. Not everyone is born with a silver spoon, and so, many of the students need to follow some money saving tips that can manage their lifestyle and also help them enjoy this age the most!
Useful Money Saving Tips for Students
Here are some useful money saving tips that students can easily incorporate in their lives:
- Be a Smart Shopper: Shopping is a very exciting task but at the same time, it directly affects your budget. A very smart move can be carrying along your school or college identity cards. Many malls and shops offer discounts to students. Also, control the impulse of buying branded merchandise. If you research appropriately, non-branded can work pretty well. Also, look for wholesale markets to get the best discounts.
- Plastic Money means More Expense: Carrying a card at a mall means you will look at attractive clothes, shoes, gadgets, cosmetics, etc at the shops and will feel tempted to swap it. Thus, more spending. To avoid this, carry cash rather than cards. When you will give paper notes to the shopkeeper, you might feel hesitant. Also, in case you have to use a card, prefer a debit card over a credit card to avoid shockers at the end of months.
- Adopt Pre-paid, dump Post-paid: Post-paid SIM cards can be an easy choice since you do not have to face the hassle of recharging every now and then. However, this means you are opting for convenience during the month and an unexpected hefty bill at the end. Pre-paid is better because you know how much you have and use the balance accordingly.
- Monetize Your Books: You know that you paid a substantial amount on buying those books and how you were looking for someone to give you second-hand books. Similarly, there might be juniors in your school or college who would be looking for pre-owned books. Help those ones out by selling your books to them at a discounted cost which means you also end up earning. Use those funds to buy new books!
- Befriend the Internet: Internet is a great source of entertainment, then why can’t you use it for your savings!
Look for online shopping coupons, apartment discount vouchers, referral codes to redeem money and vouchers, eatery shop coupons, travel discount codes (bus/train/metro/cab), etc.
- Make the most of the in-house facilities: The apartment you live in or the school/college you study might be offering some facilities like gymnasiums, dance and music classes, photography classes, internet centres, etc. Why dig a hole in your pocket and spend extra for these amenities outside?
- Cheaper Recreation: Every school or college student likes to chill. For this, they go to discs, movie halls, cafes restaurants, beauty parlours and salons, etc. Instead of spending on these try cheaper alternatives. You can have beauty treatments by having night out with your friends at home. Try the nature’s way and go bicycling, jogging, picnicking, and camping with your friends.
- Choose a Good Savings Account: Almost every bank provides the facility of ‘Student account’. These accounts offer facilities tailor-made for students like no deduction at zero balance, good interest rates, free services and free demand drafts for paying fees for examination, etc. Vijaya Bank offers loans at reduced rates to students. Punjab National Bank gives overdraft facility and the Maharashtra Bank gives free consultation while sending course applications to students.
- Government Cares for You: The Government of India has been taking great steps to foster a developing world for students and has initiated some schemes in the wake of the same. Make the most out of these benefits and also look for special scholarship schemes offered by the Central and State Governments.
- Make a Budget: This point is at the last because the probability that you have already tried this is close to 100%. As a student, you might have made a budget and swayed away from it. However, we suggest that you use the excel sheet to note down your daily expenses. At the end of the day or everytime before you shop, look at this sheet and there is a chance that your mind will stop yourself from spending further.
These are some super tips that you can use to save during your student days, That being said, do not forget that unless you make a strong will to save, these tips will not benefit much. Skill can be taught, will can not. So, save some money and tell yourself that you are going to spend it on something really worth it!