What are effective ways of saving money as a student

 

What are effective ways of saving money as a student?

Money saving Tips
Money in pocket

Start saving from Day 1

The day never comes when you have spare money to save. This is my personal experience. We always think to spend first and then save if we are left with some amount.

This habit puts us in a position where we are left with no money and hence zero savings.

Let’s take a challenge of saving 10% to 30% challenge

Even if we are students we get some money from our parents as Pocket Money. We should always create a habit of saving at least 10% to 30% of our monthly pocket money.

Take the 1p saving challenge.

If taking a 20% to 30% saving challenge looks a big commitment for you then you should take 1p challenge.

What is the 1p Challenge?

The premise is simple: on day one, you save 1p. On day two, you save 2p. On day three, 3p (and so on). After 365 days have passed you will have 66,795

Do this for the entire year, and by the 365th day (that’s the 31st December, to you and me), you’ll still only be putting 365 ₹.

Run from overpriced gym membership

Opt for any of the big fancy fitness chains and you can expect to pay anything up to 2000 to 3000 ₹ a month. Whilst that may incentivize you to actually go, there are lots of ways to lose a few pounds for fewer pounds.

Your university is likely to offer most facilities for a fraction of the cost, with no lengthy contract. Or you could check out Hussle for hundreds of pay-as-you-go or no-frills gyms popping up all over the country.

Don’t pay for software

This does not mean We’re not talking illegal downloads here, but from writing to image editing, there’s a free alternative out there – some good enough to pass for pro products costing £70 and up.

Libre Office does everything Microsoft Office can, Gimpshop (not what you’re thinking) gives Photoshop a run for its money, while Google Drive and Dropbox offer free cloud storage.

Go with cash on nights out

Plastic money(using credit cards or debit cards) are in trends nowadays. I like people who spend using their credit cards smartly but most the people fall into the trap.

Even the strictest, most money-conscious of us are a little free-spirited with the old debit card once we’ve had a few drinks. If you only take cash with you on a night out, you’re sure to never go over budget.

25 bonus tips for students

  1. Get video subscribed with a group of people like Udemy.
  2. Buy or rent used textbooks and sell last semester’s books back.
  3. Don’t make impulse purchases.
  4. Never go grocery shopping when you’re hungry.
  5. Limit the number of times you eat out monthly.
  6. Cut out vices – smoking and binge drinking are terrible for you and expensive.
  7. Always pay bills on time to avoid late fees.
  8. If you have a credit card, pay it off as quickly as possible. (It’s good to establish credit, but a bad credit score follows you everywhere.)
  9. Walk, use public transportation or ride a bike instead of having a car.
  10. Live with others so you can split rent and utilities.
  11. Cut out expensive cable packages you don’t need.
  12. Consider more basic phone packages or plans that include unlimited texting with free incoming calls
  13. Don’t buy the most expensive college meal plans. Figure out what you actually consume and get the correlating package.
  14. Shop where they offer student discounts. There are so many places that offer discounts to students with a school ID.
  15. Look into a campus gym versus a gym in town. Many colleges offer memberships for free or at a reduced rate for students.
  16. When planning meals, make dinner with friends and split the cost of groceries. Often times, you’ll be cooking too much for one person anyway!
  17. Sell what you no longer use or need. There are plenty of stores and web sites, like Poshmark and Craigslist, where you can sell your used clothing, furniture or tech items.
  18. Don’t buy unnecessary school supplies. Why buy cumbersome notebooks when you can type on your laptop? It’s better for the earth anyway!
  19. Don’t buy books you will only need for a short period of time – check them out from the library instead.
  20. Take advantage of what your campus has to offer in terms of activities, rather than spending money on going out. Many campuses have an array of museums, offer movie nights and other social events for cheaper or, sometimes, for free.
  21. Skip expensive spring break and summer trips – look into alternatives, like volunteering, instead.
  22. Wait to get a pet until after college – a pet can become very expensive. Not only do you have another mouth to feed, but veterinary bills are costly. If you love animals, there are plenty of shelters that need volunteers.
  23. Go to class. You’re paying for it and skipping is like throwing money out the window!
  24. Drink water. It’s free and better for you, anyway.
  25. Make your own coffee. While coffee shops are convenient, they charge hefty prices that really add up over time.

Have some more tips add in the comments. Happy to add them in above list.

5 Simple Ways to Save Money on Every Online Purchase In india

Simple Ways to Save Money on Every Online Purchase In India

Ever since the beginning of this blog, I’ve loved sharing tips for saving money as I’ve picked up more tricks.

I have been using below given tips from a long time ago. So I thought it was high time I should share my Simple Ways to Save Money on Every Online Purchase In India
How to get cash back’s, how to get a refund when price drops and you have bought it at a higher price, and how to use every tool out there to stretch every penny from buying clothing, home decor, furniture, appliances, groceries, whatever you can think up.

Let’s assume you want to buy a phone. For buying a phone do spend your days searching on google or asking for friends. Now you have finalized the exact phone you want to buy.

Now follow below-mentioned steps to get it at the best price guaranteed.

Continue reading “5 Simple Ways to Save Money on Every Online Purchase In india”

Money Saving Tips in India

10 tips to save money that I personally follow and everyone should know

We all want to save money. Use these money saving tips to identify which suits best for you and save money in your day to day life.

1-Saving money using saving bank accounts

Do you know we can get interest upto 8% in our savings bank account if we use the below tip.

How?

Using cash sweep method.

What is the cash sweep method?

 Bank’s Sweep-in Facility enables you to earn an interest rate that’s as high as a Fixed Deposit – in your Savings Account. Savings Accounts have higher liquidity, in that they can be withdrawn from at any time, but Fixed Deposits don’t have the benefit of such high liquidity. 

This feature gives you the liquidity of a Savings Account coupled with high earnings of a Fixed Deposit. This is achieved by creating a Fixed Deposit linked to your Savings Account providing you the following unique facilities.

I always keep some money in my saving account which I  can withdraw as and when required. This money gives me not more than 3.5 to 4% interest because this is what any bank offers for a saving account. But I use above cash sweep method to earn more than this.

I have seen most of the banks offer this facility for with no extra charge. You just need to open a Fixed deposit and link it to your savings account. That’s it!

Or You must talk to your bank to get it enabled.

Continue reading “Money Saving Tips in India”

How to Save Money using cashback websites.

Money Saving tips
 It takes drop by drop to fill a pitcher

 

I am buying stuff online for many years now.  The one thing that I like the most is to get discounted rates and saving money over and above all the discounts.

 Do you know?, Online shopping websites offer a discount that is fantastic compared to offline merchants in the form of a sales campaign. 

Now let’s understand how we can save money from online shopping? 

In the form of cashback!

What is cashback?

cashback is a form of incentive offered to buyers of certain products whereby they receive a cash refund after making their purchase.

Why someone will give you money back when you are buying from them?

The sellers do not give money back to you instead seller pays the amount to those who promote their products. Now, these promoters want to share their earned fees with the customers so that customer always buys from their promoted links.

Now everyone is happy. Sellers are getting more orders, promoters are getting more promotion fees and customers are saving a little extra than what they would have missed.

Do you want to save more now?

If the answer is Yes so this article is for you. You purchase as usual and save extra for every order you make.

Continue reading “How to Save Money using cashback websites.”