Managing your money
Being a college student is not as easy as it sounds. While being buried in the pressure of completing the course books, learning new skills, upping your game to be more successful in life, the thought of managing finances is left behind, let alone the idea of saving money. The good news is that we have some of the best tips and tricks that you can follow and start saving money from your college life itself. The idea of saving for students is to learn how to manage money early in your life and understand the importance of financial management for a better future.
One of the best money saving tips for students you will even get is to start managing your money. Managing your finances is the first step you take towards the path of saving money. Adhere to the below-mentioned 3 steps and become a pro in money management from your student life.
1. Make a budget
It need not be a number masticating, ledger creating affair when we talk about making a budget. A simple excel sheet or even a diary-keeping activity can be great to start saving money for students. Maintaining your expenses and reducing them on a monthly basis will just be the right commencement to managing money.
2. Track your spending
When you already have a budget ready with you, the next step in line is to track the expenditure that is in hand for you each month. Buying that bag, you like at the mall will be easier for you if you keenly look into tracking funds on regular intervals. While you keep track, you will notice the pattern of your expenditure that makes money management for you a habit rather than a thought after process.
3. Plan your purchases
Planning your purchases beforehand is another good answer to how to save money for students. If you have been eying something for a long time and want to buy that product, but you could not buy due to financial constraints, you must understand that if you have planned the same and saved a portion of the amount for some time, you would have been able to get that.
4. Maximizing your money
Maximizing your money does not mean earning only. We understand that you are busy with your curriculum. It simply means investing in ways that can help you make more money out of the already existing money. Following these little steps will be of great help on how can students save money.
5. Select a good savings account
A savings account helps you in gaining interest on your saved money. As a student, the first banking step you must take is opening a savings bank account that will help you in making money out of the already existing money you have. It would be best to opt for options like zero balance savings bank account for no pressure to maintain a certain balance limit set by the bank.
6. Save on textbooks
This is one of the age-old money saving tips for students that many youngsters still follow to protect their parent's hard-earned money. Get in contact with old students and ask them to lend their books to you. Books and periodicals are costly, and hence you might save a decent amount for yourself each year of your studies.
Also Read: Savings Account: Best Suited For Financial Goals
7. Use student discounts
Make this your mantra for life, not just saving for student life but for later in life as well. Try and look for discounts, sales, and coupons when purchasing or ordering something you like. Being a student, you are eligible for student discounts in many online and offline stores. Do not let that go to waste and avail the discounts to save that extra penny.
8. Making money
If you are a part of a curriculum that does not demand long studying times, you can always look for options that will help you make extra money. Earning from a young age will automatically help you learn the art of saving money. Usually, many youngsters search for questions like how to save money for students; the answers lie in the below-mentioned tips.
10. Tap your hobbies
You must have heard many times people saying don't do anything for free if you are good at it. Let us take an example of a student who is good at photography and has many clicks that can be sold. Looking for websites that pay you money for your photographs can be a great way of having extra income. Hence, tapping your hobbies and making the best use out of them is one of the tips you must consider.
11. Part time job
If you can take out just a few hours from your busy schedule, you must look for vivid part-time job options available in the market in the present frame. Content writing, graphic designing, photography, stand-up comedy, store management are some of the best examples of part-time jobs that hire students and help them make more money. Also, you can open a zero-balance savings account to save this money without worrying about the maintenance of the savings account minimum balance as you are already trying to manage each penny earned and saved by you. In addition to it, you will also avail interest percentage making your money-saving journey fruitful.
12. Find opportunities in college
Enrolling your name in cultural communities and participating in competitions that offer cash prizes can get you extra cash. In addition, you can look for scholarships offered by your college or universities and the standards to avail of them, which will also be great in saving some money for other purposes.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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