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What are effective ways of saving money as a student?

Its great to hear youngsters talking about saving. College days are the best days of your life where you get so many new experiences and memories that will accompany you throughout your life.

So, if you learn the power of Saving also at this stage, that will be a bonus point to carry along. You can inculcate a great habit of saving no matter even if you start saving a small amount initially.

Here are 7 money saving tips by which you can start saving even in your college:

  1. Second hand books: Make use of second hand books that are available at lower prices or you can get few from your seniors as well.

  2. Student Discounts: Check for student discounts like book stores, courses etc. at different places and avail them to the maximum.

  3. Self control: Avoid any sort of unnecessary expenditure.

  4. Avoid Impulsive Buying: this will help in saving a lot.

  5. Avoid eating out at expensive places: You can anyways pool in money with your friends and organise get together.

  6. Use public transport while moving and save on fuel expenses.

  7. Set a monthly budget and try saving a small amount from your pocket money.

The most important factor is SELF CONTROL i.e. if you can manage to avoid unnecessary expenditures and SET ASIDE A FIXED AMOUNT each month, you can easily achieve your goals.

Even if you are in college and don’t have an earning right now. That’s ok and quite natural. But, still you can learn to develop Self control (by reducing unnecessary expenses) and a habit of saving (no matter may be a small amount out of your pocket money).

Also, the foremost investment you can make now is towards your EDUCATION and LEARNING, the knowledge you gain today will accompany you forever and help you attain your dreams smoothly.

Build a good career for yourself in order to achieve your personal and financial goals in an easy way. Follow your interests and plan your goals wisely.

As far as saving and investing are concerned it is just the starting phase, you can anyways add to it once you start earning and plan things based on that.

Harleen Kaur, CA, Finance Blogger by passion, Co-founder @ fintrakk.com