Saving money is often a big challenge for everyone whether you are employed or a student. We usually think that saving money is quite easy but at the end of the month we end up with nothing in hand. Especially when you are a student and getting a little money from your parents as pocket money and you have to fulfill your needs from that whether it is your eat out expenses or going on a date with your girlfriend/boyfriend (Haha...sometimes girlfriend spends too). But you know in our college days we spend a lot of money on unreasonable things but instead of spending our money on those things if we save that money then it will be good for our future. You can use that money for anything like you want to buy a bike, a new phone, a laptop, it could be anything or you can invest that money in mutual funds or stocks. So in this article, I am going to share some money-saving tips for students and make sure to be with the article till the end because I have a surprise for you which is a free ebook of "rich dad poor dad".
Money-saving tips for students
1. Make a Budget
The first step which comes into play while saving money is making a budget. This strategy is helpful for everyone whether he is a student, employed, or housewife. Write down all the expenses in a diary and start tracking your money and also try to cut out the unreasonable expenses.
2. Use public transports
Instead of using a car or cab to travel, you can use public transport or bike, as a car consumes too much fuel and you all know how expensive the fuel is nowadays.
3. Eat homemade food
Hungerrr?? Let's order a burger...Let's order a pizza...Don't do this if you want to save money. Make food by yourself at home instead of eating food in hotels or restaurants as the hotel's food is too expensive and also is not good for your health (If eaten regularly).
Read here; Different strategies of investments.
4. Rent books or buy old books
Instead of buying new books, you can rent books or you can buy old books in this way you can save up to much money or you can also issue your books from your college library.
5. Don't hang out too much
Limit yourself by hanging out with your friends. Add this also into your budget that how many times you should go out. Hanging out too much with your friends can end up your whole money and you won't be able to save money.
6. Pay your bills at the time
Many students have credit cards nowadays maybe you are one of them. If you also have a credit card please pay your bills on time because the interest which applies on credit cards is too high which will eat up your whole money. In fact, I would suggest you not to use credit cards because having a credit card increases our unreasonable expenses.
7. Stay in sharing flat
If you are staying separate from your family stay in sharing flat as getting a flat at rent alone can be too expensive and if you stay with 2-3 friends then the rent will be divided and you would be saving too much from the rent also.
8. Do your shopping in sales
Don't buy your clothes or footwear from expensive stores. You can save money by buying your needs from sales you can find a good quality of clothes and footwear in the sales too.
9. Don't buy music
I know many of you buy music for the extra effects and good quality which costs too much but instead of buying music you can save too much by listening to free music.
10. Plan your party at home
Celebrating our birthday or your friend's birthday in the restaurants can cost too much but if you celebrate your birthday at your home you can save too much money. Yeah, if making snacks at home looking a burden to you, you can order it from restaurants still it will not much expensive as going to restaurants.
11. Be hunger for cashback
Whenever you are buying something online be a hunger for cashback. Many websites are giving cashback on different varieties of products. You can save too much money in this way.
12. Insure your phone and laptop
Make sure to buy an insurance policy for your phone and laptop because in any mishappening repairing can cost too much but if you have the insurance it won't affect your financial condition.
Read here; Types of life insurance.
13. Don't smoke too much
Many of us got addicted to smoking which is definitely a bad habit. I know it's quite difficult to quit smoking but if you can quit then please try to quit it because along with your wallet it also affects your health and if you can't quit please try to consume as little as possible. You can save too much money a month just using this way.
14. Read free ebooks
Instead of buying your favorite books to read you can first check on google if the ebook is available for free. You know many websites exist which offer you the free ebooks and if you can't find that for free you can purchase it from google books or amazon kindle it will still cheaper than a book.
15. Don't go for premiums
Nowadays many platforms came into the market which asks you money to give you entertainment, like Netflix. Don't go for those, you can save too much money by using free platforms for entertainment.
16. Why use a notebook when you have a laptop
Yeah, you can use a notebook if it is the calculation and rough work but for making notes you can use your laptop. These small steps towards money saving can create huge differences in results.
17. Don't forget to get back your money
Your friend asks you some money because he has some emergency and promise to give back soon but they don't. Yeah, most of the friends will give your money back but there are some friends exists who won't give you back unless you ask them. So, don't be shy to ask for your money from your friend.
18. Be patience
Sometimes when you are buying an electronic like a smartphone or a laptop try to buy it from the sale and if you cannot able to grab the sale wait for some time because it is most probable that the price will decrease after some time. So, be patient while buying an electronic.
19. Avoid brands until your education complete
You are a student bro you don't need to wear branded clothes as they are too expensive. If you want to save money avoid brands, you can still shop quality goods from sales.
20. Stop comparing
He comes to college in his own car....She goes to the parlor every weekend....Look how expensive his watch is...stop doing this, my friend. Maybe the people with whom you are comparing yourself have richer parents than yours or maybe they don't have any worry about their future but you have to stop comparing yourself with anyone else if you want to save money.
21. Open a saving account
While you are saving how it will be if you get rewarded for the savings. Yes, you can open a savings account and can earn up to 4% return per annum or you can make a fixed deposit which can give you up to 7.5% returns as per annum.
If you haven't read the book "Rich Dad Poor Dad" yet then I have a surprise for you in the form of a free ebook. This will be your first step towards money-saving. This book will teach you the importance of money and investment. Click here to download the ebook for free.
Conclusion
Money-saving is the first step you will make towards achieving your goal or building wealth in long term. If you don't have control over the money flow you won't be able to save money which means you won't be able to achieve your life goals.
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