How to save my money while in College?
10 Saving Tips Help You A Lot
College days are the best days of your life and you're experiencing something new every day. You will always cherish those days spent in college. It is very important if you inculcate the habit of savings right at this age.
During college days, most of the times you rely on your parents to fulfil your financial needs. Following tips help you reduce your financial burden and survive in college days along with your limited supply of money.
① Make An Expense Diary or Use Expense Manager Mobile App:
It is very important to track your expenses. Set your expense goals. For example, you know it is your girlfriend's /boyfriend's birthday after two months and you want to give her/him a handsome gift. Set it as a goal and start saving money for that. An expense tracking sheet is handy finding what are your recurring expenses and help you find ways to minimise them. Set a monthly budget and try saving in small chunks. Remember, a rupee saved is a rupee earned.
② Exploit Your College resources: You have already paid for these resources as part of your annual tuition fees. Generally, college campuses offer subsidised canteens, libraries, hobby clubs, health clinics etc. Make the best use of these resources.
③ Always keep your Student Identity Card With You: Where ever you go, restaurants, picnic spots, museums, book stores, professional courses look for student discounts and avail them. Shop with coupons and avail better discounts. Buy in bulk and split costs among your friends.
④ Borrow or Buy Second-Hand Books: First look, if you can get a book in your college library. If not try to borrow it from your seniors. Alternately you can buy second-hand books in nearby local stores. In Delhi, you may visit Nai Sarak on Saturdays and buy second-hand books at 50% to 75% discounted rates. Never steal.
⑤ Avoid eating out at expensive places. Also, avoid eating spicy food and aerated drinks. Most of this processed food, ready to cook meals have chemicals like (Monosodium Glutamate or MSG) to add flavours. It makes you addictive to these food items. Generally, cold drinks in such eateries are over priced. Instead, ask for water. Learn how to cook. At least you can make your own coffee and salads.
⑥ Take public transportation or bicycle or scooter. Car expenses are higher than a bike unless you carpool and share expenses among your friends.
⑦ Never never buy a credit card! First, these credit cards charge 24% to 36% interest rates. Avoid its debt trap. Our cyber laws are still not strong enough to protect you from credit card hack or fraud.
⑧ Find part time jobs to earn you pocket money. (Check this blog post: How to earn pocket money while in college?). Check job sites offering internships.
⑨ Avoid wastage of food, power, water and electricity. Unplug your electrical appliances when not in use. Switch off wifi of your phone when not in use. There are many mobile apps, keep on downloading unnecessary data when online thus raising your bills. Take a quick shower to save both water and money.
⑩ Avoid buying newspapers and magazines. You can read them either online or at a library.