How to Save Money as a Student
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Do you have a taste for caviar but live on a dal chawal budget? You may have made to your dream college, but is it causing you extreme financial distress instead of happiness? If yes, welcome to the life of a college student, where along with nerve-racking academics, you also have to deal with financial burdens. Well, we got your back. Browse through these lifehacks on how to save money as a student:
Take the first step to attain financial independence by depositing your pocket money and money from side income in a student savings account. A student savings account will help you save money in an effective, step-by-step manner. If you are above 18 years, you can easily open a digital saving account and get all the benefits of a regular savings account. However, if you are under 18 years of age, you can open a student or youth savings account offered by different banks.
Here are a few bank accounts that you can open as a student.
Kotak 811 is an online zero balance savings account that students above 18 years of age can easily open from the comforts of their home.
Features of Kotak 811 Account:
Students can open digisavings account from Digibank by DBS by downloading the app and filling the online account opening form.
Here are a few features of the digisavings account:
Federal Bank provides Yuvamitra, a specialised student savings account to meet the futuristic needs of students. Its features include:
Have you ever passed a shoe store and felt that you just needed to get that pair of cute shoes? Well, don’t. At least not right away. As a student, you need to realize that you live on a budget and even small luxuries can have big consequences. This does not mean that you should not treat yourself every once in a while. Our advice is that you create a budget for yourself and check your wallet before you help yourself to those cute shoes.
Tracking your spending might not be the most exciting thing to do, but it is very important to learn where and how not to spend and land yourself in trouble. We suggest that you collect all the bills and receipts handed to you during the duration of the first month of your college semester and then you can sit and go over how much and where you are spending. Another option is that you can download free money managing apps that will help you track your spending and give you a better idea on the areas where you can cut reduce your expenses.
Most students face the same dilemma- money issues due to major expenses in higher education and piling on living expenses. like misusing your credit card that can cause serious havoc for years to come. Proper use of credit cards can help you build your credit score that will make it easier for you to access loans and get credit cards with a higher credit limit in the future.
Many students may not understand credit score. Thus, you could be prone to making large purchases without awareness of long-term consequences. A helpful tip here would be to not have multiple credit cards. If you are unable to pay your credit balance every month, your credit score might take a hit.
Secured credit card or credit card against Fixed Deposit is an ideal credit card option for students. As a fixed deposit backs the credit card, students can easily get the credit card and build their credit score.
Read: 3 Top Student Credit Cards in India
Your money problems do not end with you paying your college fees and living expenses. It continues with you having to pay for college textbooks and other college supplies. Most course textbooks are rather expensive, but you can save money by borrowing books from your college library whenever required. Another option is that you can buy cheaper second- hand copies of the required textbooks. Many college textbooks are available in both hard copy and soft copy forms. You can opt for a soft copy of the textbook through your university. If not a soft copy, borrow a second- hand copy and sell it off after the term ends. This gives you an opportunity to recoup some costs.
Another solution is that you can probably xerox or print only needed information and not the entire book. Depending on how much your college charges you for printing and the amount you need to print, a viable option might be for you to invest in a printer. Thus, books are not the only course essential through which you can save up on here.
Other than college expenses, food is one of the biggest costs that you will have to undertake. Since food becomes a major expense, it is definitely beneficial for you to cut down on your food shopping costs. Buying supermarket- valued products rather than branded products can help. Buying in bulk can be of help. Cooking at home instead of ordering take out will help in the long run. A takeaway menu might seem to be a saving grace on a long day, but your wallet will disagree.
Planning your meals in advance with cost-effective shopping at the start of every week is advised. A pro tip: Do not go grocery shopping when you are hungry, as it will entice you to buy items you do not need.
On a concluding note, try to develop the art of managing and saving money. Thus, save smartly, buy responsibly and remember that a rupee saved is a rupee earned!
