8 Money Saving Ideas For Students
16 January 2019
Monetary struggles make it to the top 5 in every student’s struggles list. If you’re a student, you know this is true. It takes organizational skills and planning to make sure that you do not end up with an empty pocket with nothing left to support your daily expenses. Here we have given you a few pointers on how to save as well as invest your money in smart ways:
- Cut unnecessary expenditure: Anyone who has fallen under the student threshold knows that there comes a time when expenditure cut downs are needed. Therefore, one of the best money-saving advice a student can follow would be to lessen or stop expenditures that are not necessary. Examples of those could be online shopping, spending on expensive modes of transportation, extravagant social life etc. These cuts make sure you do not burn a hole in your pocket.
- Take up an internship: An internship has several benefits. One, it’s a new experience. Two, you get to develop skills. Three, it’s a great addition to your CV. Apart from these, an internship is the first step that you take towards your career. The recommendation letter you receive at the successful completion of an internship is one of the documents that your future employer would want to see. With a great review from your internship, you will definitely land yourself at the job of your dreams!
- Collect coupons and points: As students, we often invest our time at cafes and attending several events. Get into the habit of collecting coupons that give brilliant offers or discounts and points from cafes such as Starbucks. These will come in handy when you are looking to shop and could definitely use a discount. Keep an eye on the expiry dates so you can avail it on time. Most places offer student discounts but do not mention it until asked. This is a smart way of taking the full advantage of your student ID card (carry your card everywhere).
- Budget your entire month: Create a budget for your month to keep a track of your expenses. The more organized you are, the better you’ll be when it comes to managing finance. When you create a budget, you automatically make sure that your expenses are prioritized accordingly. This way you get to keep a tab of where your money is going and how much you need to adjust for the coming month. Preparing in advance is often a wise choice to make when you are working your way out with finance.
- Invest in a professional skill: Professional skill is what makes our CV stronger. Invest in a professional skill that will enhance your profile. If you feel you’re good with creativity, learn graphic designing or basic website coding. If you have an ear for music, learn how to edit audios or learn videography. There are many such skills that will enable you to stand out in the crowd. Investing in building a professional skill will definitely come in handy when you want to show a diversified outlook of your CV.
- Have a Fixed Deposit account: Fixed Deposits start with as low as Rs.500. An FD is one of the best investments a student can make or rather start with. Putting aside Rs.500 every month is not extremely difficult. With the interest rate and a consistent deposit during your student years will definitely land you with a lump sum amount and can also act as your emergency fund.
- Search online for e-books: College books cost money. You end up using the book for one semester and then it just gathers dust in the shelves. Therefore, first search for e-books online. A number of publishers have their books published online. Use that for the semester. You end up saving your entire money that would have otherwise ended up on a shelf after a while. If you do not find e-books or e-copies then ask your seniors if they’re looking to sell their used books for a lower price.
- Find out about university experiments: Colleges pay students to take part in their experiments. Such experiments run all year round. Find out about these from different sources and participate in such activities. You get your pay and also get to be part of something new. This is not much saving or investing, but it definitely is some side income for you. The pay might be small but doing a handful of such can be cover many of your small expenditures.
GAFA, by NSE Academy, in joint association with EIDOS, provides finance courses in Kolkata which gives you an in-depth knowledge about the vast finance industry and helps you prepare for a future in this industry. The finance courses in Kolkata can be enrolled for right after completion of class 12. On successful completion, we give students full placement assistance to GAFA Students to help them kickstart a bright career for them in finance,