learn how to save money as a student with 7 great tips

Updated: 2 days ago

what a great feeling it is to be young and carefree. responsibility? what’s that? we don’t hear that anymore. why? well, this isn’t the age where students think that money grows on trees. we are much more exposed to financial trends now than ever before.

as teenagers, we think we are invincible and we believe that we are the trendsetters. but how true is that? we have evolved into thinking bigger for ourselves. our ambitions and aspirations have skyrocketed, thanks to what we see on social media these days. however, what we are aware of that is that these ambitions come at a cost. thus, our skyrocketing aspirations have encouraged us to dig out hidden opportunities.

we all know that the pocket money we get is not always enough for a student’s lifestyle. now is the time to take money matters into your own hands and learn how students can save money with these great tips. over time

1. make and stick to a budget

yeah, that might sound boring, but there is no other jugaad. you need to make a budget for your regular expenses and then take into account the over and above expenses like a birthday party or being forced to treat your friends for absolutely no reason. Set a goal for yourself and try not to go over that budget if you want those earphones worth 5k. sticking to that budget will help you monitor your avoidable expenditures. you can use apps like mTrakr, mint, etc. to make your budget.

2. learn about monthly investments

investments are the talk of the town these days. from crypto to mutual funds, there is something for everyone. so why are you not on it yet? with platforms that allow an investment of as low as 100 bucks, it is the right time to explore. study the investment market and get the right guidance from adults. trust me, it is never too early to start saving. it is a long term life lesson on how students can save money. some investment options that you can explore are crypto, SIP and mutual funds

3. get a part-time job

it’s not very common for students in India to work. however, we can see that changing rapidly. to have a little financial freedom, youngsters like you have opted for unconventional ways to start earning independently. there are so many options for teens these days to earn from. like blog writing, be a social media influencer, start your own YouTube channel and much more. you can also go for remote part-time jobs.

4. start a savings account

say hello to banks! this is a great way to passively earn and save money. students can save money in a secure way. why secure? hello, no more losing cash. you can also earn interest on your savings account over time. this way, in the long term, you will have saved quite an amount without putting in extra cash. get those shiny cards at your disposal now! explore more on savings account with akudo.

5. opt for online shopping

remember, it is wise to always compare prices online and then make a purchase. you don’t want to go around buying the latest smartwatch before checking for any upcoming sales or offers. save those few extra bucks with just a few extra clicks. explore steal deals on Amazon, Flipkart and much more.

6. quit hoarding

here is the golden rule of how students can save money. take a minute and think before you buy anything. don’t go for purchases before finding an alternative. for example, you can rent a book instead of buying one, thrift shop your clothes whenever possible, and sell your unused clothes online. be a smart spender, come on, being a hoarder is not fun, it just takes up space.

7. monitor your expenses

make sure to always monitor all your expenses, be it small or big. make a note of the money people owe you or vice versa. it is important to know where you have been spending and how much money you have on you. this will not only help you to foresee your future expenses but also determine how can you avoid unnecessary expenses to reach your savings goal. Splitwise and Spending Tracker are some of the apps that help students save money on a daily basis by monitoring their expenses.

it is easy to spend money over a span of a few seconds. the happiness of buying something new with your money lasts for a while. but the happiness of buying something with the money that you have been saving up for a while, hits differently. so, people, keep your aims high and reach for the stars. you are not too young to afford that Versace jacket.

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