We all know running out of money is a very common occurrence in student life. With parents’ allowance being the main source of income for students, students are often in need of extra money for fulfilling their wants and needs. The lack of financial education and guidance for youngsters further compounds this issue, as mismanagement of expenses lead to further deterioration of a student’s finances.
There are no credit facilities available for the majority of students as well, which makes them too reliant on their parents for any kind of financial contingency. I’m sure most of us students are independent youths who don’t like depending on our parents for everything all the time, and would prefer being able to manage our finances ourselves, as independently as possible.
To help solve this problem, here are our 10 tips to help you save money as a student:
1. Start investing
Although I admit that students don’t have much money to invest in the first place, nowadays investment options have become much more open to all people due to technological advancements and discount brokerages offering investment products with minimal charges. Here is our list of the best investment options and top 5 stock brokerages in India to help you get started in your investment journey.
2. Use digital wallets
Apart from their safety and convenience, digital wallets also provide valuable cashbacks and discounts, which can help save much needed money for students. Digital wallets are much easier to open than a credit card, and have lesser charges and very few stringent requirements, which make them ideal for students to use. They also help you track and maintain records of your expenses, unlike cash. To help you choose the right digital wallet that maximizes your discount benefits and provides both security and convenience, we provide you with a list of the top 10 best digital wallets in India.
3. Save on study materials by learning online
Students can save a significant portion of their study materials cost by utilizing resources available online, such as ebooks and free courses online. Ebooks are not only significantly cheaper than physical textbooks, but are also more portable. Study resources available online such as educational videos and websites like Khanacademy, edX, Unacademy and YouTube etc. can help you save a lot of money on extra tuition fees.
4. Utilize free entertainment
Many forms of entertainment such as cinemas, clubs and amusement parks can prove to be very costly for students, which makes it prudent to utilize other affordable entertainment options. Online streaming services cost far less than cinemas, and leisure activities such as sports, hiking/nature walks and engaging in any form of art can provide you with great entertainment without costing a fortune.
5. Buy second-hand goods
When buying any type of goods such as electronic gadgets, accessories or clothing, the second-hand or refurbished version can provide you with a similar quality version of the good at a much cheaper price. Sites such as Olx and Quikr can allow you to buy many different types of goods at a much cheaper price than the market.
6. Shop online
Students can also take advantage of the discounts offered in online shopping to save money. Amazon’s price-matching policy ensures that it provides the lowest price possible for the product in the market. It also offers additional discounts on using its digital wallet Amazon Pay, which makes online shopping very cost-effective for students.
7. Take up a part-time job
While the student life can be very hectic for some, having a part-time job can help increase your total income and savings. There are many part-time jobs and summer internships available, which can allow you to earn money by utilizing your free time productively. One can also tutor other students, which can help you brush up and clear your academic concepts while earning some money too.
8. Sell notes/old books
Did you know you can sell your old course notes to earn money as well? Yes! Sites such as Stuvia and Nexus Notes allow you to upload and sell your course notes online, which can help you earn from your time spent in studies. You can also sell your old textbooks to juniors and other students, which can help raise quite a lot of cash.
9. Work on freelance projects
If you don’t have to take up a part-time job or internship, there are also many freelance projects available in different fields that allow you to work for shorter durations according to your convenience. Sites such as Fiverr and Upwork offer different types of freelance projects in creative writing, website and graphic designing, voiceovers and much more, which can help you earn extra money.
10. Reduce spending on vices and addictions
Addictions like smoking and drinking not only damage your health, but also burn a hole in your wallet. As a student, smoking and drinking can be very costly and is harmful to your own body, which makes it extremely necessary to minimize and quit it to save both your health and wealth. Moreover, vices such as gambling and betting also result in losses, which a student must try their best to avoid.
So, to wrap it up, these are our 10 tips to help you save money as a student. Financial independence is something every youth craves for, and following these tips can help you develop financial discipline that would help you save money in your student life and succeed in the future as well. Being able to save and invest money would make you much less dependent on your parents for finances, and give you the freedom to fulfill your wants and needs. If you found this article helpful, please comment and share.