10 Ways Students can Save and Spend Money Wisely

Most students find themselves broke by the middle of almost every month. Also, being a student they only rely on the illusive pocket money. So, here are 10 ways in which you can save more money.

Make a budget

Where does all of your money go? Estimate your monthly income and expenses. Also, keep updating your budget as your expenses keep changing. You can also keep a journal handy to enlist your expenses. It is necessary to know where and how you are spending your money. This way you will also develop better spending habits.

Do you really need it?

Make investment decisions based on your needs. So many times when people regret their impulse buying decisions. Don't buy unnecessary school supplies. Take your time to think. Just because something is on sale doesn't mean you have to buy it.

Avail student discounts

Many brands and shops offer discounts to students if presented with an official ID. Make use of such discounts and ask for discounts whenever you're shopping, especially if it is something expensive like a laptop or a phone. An additional 10-15 percent discount will be beneficial to you only. Remember a penny saved is a penny earned.

Look out for part time jobs

A part-time job is a great way to earn extra money, especially if you are able to deal with your studies properly. Many companies are also paying their interns. It is the most effective way to gain experience and earn in the process.

Reuse

Students end up paying a lot just for books. Try to check for second-hand books online or borrow it from someone. Nowadays e-books are also available free online.

Eat food at home

Limit the number of times you eat or order food from outside. With the pressure of submissions, it is easier to order food, however without realising, students end up paying a major chunk of money food. Especially now, with the added pressure of GST.

Cut down the vices

Smoking, drinking, partying may just seem like ways of entertainment, but they are terrible for you and your pocket. Figure out other ways of entertaining yourself. Try socialising with people on your campus.

Use alternative ways of transportation

Students end up spending a lot of money on travelling too. Cabs even though are faster,  may end up being heavy on the pocket due to surge pricing. Try using alternative ways of transportation like public vehicles, sharing cabs, using a cycle or walking for short distances. You can also reduce the pollution and save your environment this way.

Attend your classes

Try to avoid bunking classes. You have paid a lot for the college education. Some students even end up taking student loans for their college education. By not attending classes you are simply wasting the money you spent. So attend all your classes.

Keep your savings in the bank

Open a savings account to save up some amount every month. Try to choose a bank that provides a good sum of interest on savings. You can also opt for a fixed deposit. This way you can have an extra stash of money for your future, without having the temptation of spending it.

Also Read: Why More and More Millennials are Taking ‘Gap Year’ Before College

Heena Mangani is an intern with SheThePeople.TV