How to Save Money as a Student: Simple & Easy Tips

Saving money as a student can be challenging, especially if your family’s financial situation is not ideal. However, with the right approach and smart budgeting strategies, you can still have fun with whatever pocket money you have.

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The most important thing to remember is that small adjustments can add up to big savings in the long run. So, let’s help you manage and save money as a student with this helpful guide.

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Money-Saving Tips for Students

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1. Budgeting 101

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The first and most important step to managing your finances is budgeting. Track your expenses and figure out how much of these are based on your needs vs wants.

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It is important to recognise which expenses are necessities, such as books, bills, groceries, etc. 

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Once you’ve figured out how much of your allowances are meant for necessary expenses, you will be able to figure out how can you save by cutting down your unnecessary expenses.

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2. Get Smart With Your Money

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The best way to save money during your student life is by purchasing second-hand books or renting study materials. 

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If you’re friendly with your seniors, ask them to hand over their course materials to you instead of purchasing new books.

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Visit public libraries or use your university's library for research and assignment purposes. 

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3. Save More With Student Discounts

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You are missing out on a lot if you’re not using student discounts while shopping. Many brands and stores offer discounts for students on tech gadgets, clothing stores, and fast food restaurants. 

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You can also avail yourself of student discounts on local transportation, such as metros, buses, and trains. 

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4. Take Up Part-Time Jobs

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The best way to take control of your finances is to start earning. Start taking up part-time jobs or freelance projects that you can easily manage after school or college hours. 

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Once you start earning money, you'll realise its importance, which will help you manage your finances more efficiently. 

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You can take tuition classes to teach young kids or help your parents with their chores to earn pocket money. If you are a dog lover, another fun and non-exhausting job is dog walking.

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5. Eat at Home!

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As boring as it may sound, eating food at home can save you a lot of money. We tend to spend a lot of money on fast food and junk food items. 

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If you’re an impulsive person, then you need to uninstall all the food ordering apps from your phone right away!

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Learn to cook your favourite meals and embrace cooking food at home. This will help you save money by not eating out and learning essential life skills at the same time.

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6. Try Saving Apps 

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There are multiple apps available online where you can save your money by investing small amounts in stocks and gold. 

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We recommend the Jar App that allows you to save as little as ₹10 in digital gold. You can set up automatic savings at regular intervals—daily, weekly, or monthly. 

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Additionally, you have the option to manually save any amount you choose, and it will be invested digitally in 24k pure gold. Use our free gold SIP calculator to check how your savings will grow over time.

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7. Set Your Priorities

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You must have a clear financial plan, even as a student. Earning and saving money is a skill that you polish as you age.

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Many people end up in debt traps because they do not learn how to control their spending and manage their money. 

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You need to understand what you are saving for. Is it for a vacation, a gadget, an expensive watch, or shoes?

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To ensure you can spend your saved money wisely for your goal, you must learn to prioritise saving money over partying out every weekend.

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Bottom Line

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Saving money as a student can surely be challenging, but like any other skill in life, you can learn to save money smartly. 

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You may miss out on a rocking party with your friends at first, but you'll find joy in your secure financial future. 

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Partying with your friend group may bring you short-term joy, but these money-saving tips for students will give long-term returns.

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Start small, stay consistent, and your future self will thank you!