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How to Save Money for Students in 2023?

  • Student life is the life building time where you create your own path for your future. Most of the students get their pocket money from their parents.
  • So it is very curtailed for them to save money. Because during the student’s life saving money becomes important as their students have a limited amount of money in their hands and they have their admission fees and books to purchase.
  • So in this article, I am going to speak about How to Save Money for Students.
  • If you are looking for advice on How to Save Money for Students then you have come to the right place. I will guide you here with the best way on How to Save Money for Students.

8 ways How to Save Money for Students?

Here are the best financial tips for a student how you can save money along with your expenses.

1. Make a Financial Plan

  • Making a plan of your expenses gives you a way that how and where you will expense your money.
  • In the plan you can know that where you are spending the big amount, there you can try to deduct your expense.
  • Making a budget helps to track your expenses. So that you can reduce your unusual expenses.
  • You can do it in many ways. Let’s know about these.
  1. Try to cock for you own. This will helps you to reduce your meals expenses which you may spend in restaurants elsewhere. Because own cocking is more budget friendly better than eating from outside.
  2. As a student you need books. You can borrow books from library or from your friends. That will reduce your expense. Also many stores offers second hand books with the half of its price. You can get that from there.
  3. You can also make a note that in which prepose you are spending more money, then try to figure out how you can reduce the expense.

2. Avoid Every Weekend Parties

  • Most people go for weekend parties and spend time there.
  • If you want to save money avoid every weekend parties. Because these parties are too expensive, the clubs and pubs charge high for the drinks and food.
  • Avoiding these parties will save a good sum of money.
  • You can go out once or twice in a month but not at a regular frequency.

3. Wait for Offers or Coupons

  • Many companies are giving exciting offers on sells. As a student you need to save money.
  • Then you can wait for the offers or the seasonal sells and buy the essentials in the offer period. Thus you will save a lot money.
  • You can also compare the prices in the market and try to find the cheaper store to buy.
  • Nowadays the online stores like amazon, Flipkart, etc. give exciting offers , better than the offline store prices.
  • There are some cash-back giving apps in the market. You can shop through them and get cash backs on every purchase like the cash karo app.
  • They provide cash back on every purchase in many online shopping stores. Thus you can save money as well as earn cash backs also.

4. Use By-cycle instead of Bikes

  • To go any where you should use by cycles instead of bikes or cars.
  • This will save huge money, as you can use the cycle free of cost just using your physical efforts.
  • Bikes need petrol to run and the petrol prices are getting high. So you should use cycles to save money.

5. Live in Hostels

  • If you are studying out side of your home town or living alone then try to get the in the hostels.
  • Because in hostels the expenses are much cheaper than in the PGs or flats.
  • In hostels, you can get lodging along with foods. But in hostels you get both with one cheaper amount.
  • Many govt. institutional hostels offers very less amount charges just for foods.

6. Use non branded products

  • Many of you use branded products like clothes, shoes, watches etc. and they costs much higher than the regular.
  • To save money you should start using non branded products.
  • There are many good companies who provide quality products with an cheaper price.
  • Thus you can use the good products with your budget and can save money.

7. Cancel OTT Subscriptions

  • In this modern era people are more interested in the web shows or movies. So people watch these through the OTT platforms such as Amazon prime, Netflix etc.
  • If you want to save money cancel the subscription and save your money.
  • Try to get free entertainment.
  • Also if you want to watch movies you can download them for free from such websites. Also, you can use YouTube, which is totally free.

8. Quit Bad Habits

  • Many teenagers have some bad regular habits, such as smoking, drinking.
  • Suppose you consume 5 cigarettes per day and each costs 10 Rs. So your per day expense is 50 Rs. and your monthly expense is 30*50+= 1500 Rs. per month.
  • If you drink alcohol then it costs a good amount of money.
  • Try to quit these bad this will help you to save money as well as make you healthy and fit.

Save and Earn Money

  • In the student life you should save money by reducing your expenses. Along with this you should start earning money.
  • Here are some easy tips to earn money easily in student life.

Open a Saving Account

  • You can put or save your extra money in savings account. Firstly open a savings bank in a student friendly bank.
  • Then deposit your money when ever you have.
  • The banks will give an interest credit amount against your savings money.

Do a Part Time Work From Home

  • You can do a work from home job for your part time income.
  • Just sit om home find a good job and earn from it.

Work as Freelancer

  • In your extra times you can work as a freelancer.
  • Many companies hire freelancers to do some work for them such as coding, data entry or designing and they will pay you a good amount of honorarium.
  • You can do it at any time in a day.

You may also like : Best Investment Options for Students

Final Advise

  • We have discussed all the ways how you can save your money and also can earn.
  • Finally I will give the last advise to spent a No Coast Day in each week.
  • Then finally analyze how much money does this habit saves your money.

Hope you liked this information and it will help you. Please this with your friends that they will get helped by this.

Thanking You.

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