Why is ‘money-saving’ necessary for students?
Because you need to buy that one necessary item that is out of your reach because you need to assist your family, become financially independent and prepare for the future! You will never regret developing a good money saving habits till the end f your life!
By the time we reach adolescence, we pretty much understand the power of money. Even though money can’t buy everything, there are certainly some things money can buy for us that we need for survival and success. We should never run after money. But, if you cleverly save your money, you will never need to chase the money. During our student life, only a few people earn for themselves while a lot depends upon their pocket money. Whichever type are you, today you’ll learn money-saving tricks.
9 money saving tricks you need to know
Buy/ Sell old books
As students, you have to buy books every year or every semester. What do you do of those books a year later? Store it in your storeroom and sell them years later for scrap! How about selling the book to your junior who has more value for the book. You sell books to them and buy books from your elder in lesser amounts!
No hungry shopping
If you are hungry try to go home as soon as possible and eat something there itself. If you decide to go to a restaurant or visit a grocery, you’ll end up buying more than you actually needed to. Also, limit your days in a month for a cafe and grocery.
Make a monthly budget
A budget in a student’s life is quite underrated. However, it is the most effective way for saving money. Separate your savings and categorize your buying budget into areas you’ll be using it – food, goodies, books, entertainment, etc. This way you’ll have an idea how much more or less can you spend on a certain thing.
Look for affordable alternatives
Being a student and wanting to save money at the same time, it is stupidity to look for the high-end stuff. Before buying something, identify that the thing is your need or desire. Drop it if it is your desire. If it is your need, look for cheaper alternatives that can do the bare minimum you are expecting. Later, if you save a good amount, you can reward yourself with one of your desired stuff.
Wait for discounts/ offers
Do not buy impulsively. But sometimes if you find it really hard to ignore your desire to buy something expensive, wait for discounts and offers! Many businesses offer discounted prices for special days such as New Year, Valentine’s Day, Women’s day, Dashain-Tihar, etc. If you smartly grab these offers, you will save quite a lot.
Ditch your piggy bank
Piggybank savings might be very appealing, but trust me, banks are far better money saving alternatives. Think, your money in your piggy bank stays there the same until you decide to break it down. But in your bank accounts, your money will increase as interest will be added. Top 4 saving accounts in Nepal.
Implement digital payments in your home
If you have parents who are not too tech-savvy, here’s a trick. Give them a basic idea about digital payments. Use digital wallets like eSewa, Khalti, etc to pay for household utilities such as electricity bills, water bills, wifi bills, etc. When you keep on transacting for these amounts, you’ll get a good sum of cashback and rebates from these apps!
If you are skilled at something, consider freelancing. If you can sing, choreograph, write blogs, edit videos, do programming at some level, sign up on freelancing sites such as freelancer. You can become a freelancer even for basic tasks such as translating languages, typing in Ms word, doing voice-over. If you do not have international payment methods, ask for help for your friends/ relatives living abroad.
All you need for saving money is a combination of clever tricks and self-control. Schools and colleges may not teach you these tricks, but we do. Do you know March 21-27 is celebrated as Global Money week to raise awareness about financial savings among the young population? Implement your money-saving trick right from today itself by buying courses for grades 1 to 2 and for engineering to an exciting offer.
You may also want to read:
4 effective ways to optimize your daily schedule
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