Student life is the most critical phase in everyone’s life. This phase pushes us to break out of our shell and face the hardship of this world with resolve. We learn we grow during this period and ultimately conquer the world.
Not everyone is born in a wealthy family and has the privilege of getting the education of one’s choice. People wind up settling for poor education, which leads to low paying jobs. Often, they don’t invest in females’ higher education in the family only because it’s not manageable or doesn’t have the money to pay for schooling.
This article is for those students in India living away from home who are currently unable to pay their fees and have difficulty managing money for day to day life. Below are some tips to save money as a student in India.
But, before this, let me show you some statistics.
According to a business insider report, the average expenditure on a student taking up general education is about Rs.8.5k per year & for one taking up a professional course is about Rs.72k per year.
Of the total expenses incurred, 51% is spent on tuition and exam fee. 20% on Books, uniform, stationary. 12% on private coaching. 12% on transportation and rest 5% on miscellaneous.
Lowering these expenses is our prime motive and let’s begin with that. Later I’ll share some ways in which you can simultaneously earn by working part-time.
Save Money As A Student In India
The following are the tips you should follow to save money as a student in India.
1. List Out
Making a list is one of the first things one must do. List the expenses and categorize it into two sections:
The fixed expenses are not in our control and cannot be bargained off in any situation and, therefore, must be left as it is. The fixed cost includes tuition fees, mess fees, room rent, drinking water subscription, Uniform purchasing, Book buying, etc.
But, the variable expenses are in our full control. These expenses may include mobile recharges, stationery purchases, personal shopping, occasional dining at restaurants, outing with friends, etc.
Firstly list out the fixed expenses and keep that information aside. Then, for a month, go, as usual, keep track of your daily expenses and arrange it into categories. You can use expense tracker apps like Money View, Mint, Wally. Add both of the expenses and compare it with the allowances you get in a month. If you do not save at least 12-15% of the pocket money, then be ready to cut some of your expenses. To do this, let’s hop onto the next section of budgeting.
2. Have A Budget
Budgeting can help you direct and contract your overall spending. Having a budget restricts you from spending on unnecessaries.
Creating a budget is a simple task; however, adhering to it is difficult. After listing out the expenses, arrange the variable expenses in descending order of needfulness from most to least and try to eliminate the least needed ones.
Never spend more than 10% of your Fixed costs and create a budget according to it. For example, if your fixed costs are Rs.4500 in a month and your allowances are Rs.5500. Then, spend a maximum of Rs.450 as variable expenses and save Rs.550 every month. Then, create a budget with Rs.450 and spend accordingly. Doing this, you’ll make up a habit of spending/wanting less and saving more, which will help you in the future.
3. Don’t Buy Books
There was a time when learning was only possible through reading from the books. But, we are past that time, and now we must use technological advancements to learn things in a new way. The majority of the students in this country own a smartphone. Most of you are currently reading this article on one. I would suggest you buy one as its applications pay off its cost fully for those who don’t own.
E-learning, Video lectures, Book PDFs are now part of the learning process, and the whole world is shifting towards paper-less learning. Then why not you? Books have been a friend for many years, but the internet has replaced it now.
If you are not accustomed to this kind of learning, then try to adapt to it, and gradually, you’ll adjust to it.
But, not every book is available on the internet or as a PDF. In that case, look for a second-hand or third-hand book that is readily available at cheap rates or borrow the book from your seniors. You can also check the website mypustak.com where you can get books for free. When the use of the book is over, then sell it or give it to the needy.
4. Walk Or Cycle
As shown in the stats, the transportation cost takes up nearly 12% of all expenses to nearly Rs.450-650 every month. Transportation costs include public transport fares like bus fare, auto-rickshaw fare, cab fare, etc. To curtail this expense, you should try to avoid taking public transport and try to walk to the study place. If that’s not possible, then with only a one-time investment, buy a bicycle and use it to travel to places. A bi-cycle can only cost you up to Rs.2500-3000 but can save you nearly Rs.350 every month. Walking or Cycling will also keep you fit all the time.
5. Travel Less
Living away from home can be a bit difficult for many of you. Having to do all the stuff by yourself, the emotional call from Mom & Dad, and homesickness might influence you to travel home more often, which will incur more cost and add to your expenses. It is natural to feel that way but, don’t let the emotional you take over the rational you.
Try to avoid going on the excursion trip with friends; instead, freshen mind visit nearby parks or play outdoor sports. Doing this can save you a lot.
6. Look For Scholarships
Finding scholarships in India is a lot easier task than you think. Scholarships are readily available to everyone. It is just everyone is looking the wrong way.
In India, if you belong to a certain caste/religion or from a low-income family, it can be easier for you to get scholarships.
Before taking admissions to any institution (Coaching, School, Colleges, tuitions, etc.), always ask for any available scholarships. These scholarships can be of merit-based or for any poor students. The merit-based scholarships can be availed by giving the test, which judges your knowledge and skills. For poor students or category students, all they ask is for the income certificate and category certificate.
You can also apply for scholarships online on Government websites like ‘vidyasaarathi.co.in.’ Scholarships may save you more than 50% of the fees.
7. Share Your Room
A student’s ideal condition is to live alone away from the chaotic world, fully focused on studies. But, it is also necessary to make friends that can support you in your tough times. Renting a single bedded room can be pretty expensive. In places like Kota, a single bedded room can cost you up to Rs.10k per month, which is not affordable for everyone.
Therefore, I recommend you to look for two-four bedded rooms or lodges.
Shared rooms can cost you about Rs.2k-3k per month. Though it can be pretty distracting sometimes, however, you’ll adapt quite quickly, and God knows maybe you’ll make friends for life.
8. Opt For Tiffin Services Or Learn To Cook
Food can be pretty expensive if the services are not chosen correctly. Therefore, it is recommended to choose tiffin services, which will cost you merely about Rs.2k-3k per month for 2-meal a day service. Most of them ask you to buy your own tiffin and to wash it by yourself.
A tiffin will cost you about Rs.200-400. For a cheaper option, if you live with 3-4 friends, you all can buy groceries and cook by yourself. This will only cost about Rs.500-1500 per month per head. You all will need only about Rs.2500 initial investment on utensils and heaters.
9. Selling The Non-Reusable
Selling of used up resources like notebooks, pages, newspapers, cardboard, etc. to the paper collector(Raddiwala) can help you generate some money.
The paper collectors buy these things to make paper bowls (Katori), Paper plates, or buy it for recycling.
These collectors can offer up to Rs.10-12 per kg of paper waste. Generally, the paper waste generated in a semester can be about 5-10 kgs, which can get you about Rs.120 from it. But money is not the main thing here. Waste management is.
10. Avoid Luxury
Luxury is the only thing that a student must avoid at all costs. Luxury is anything that is unnecessary and doesn’t add to productivity at all. Luxury things can include speakers, Room decorative lightings, Gaming console/controllers, showpieces, expensive clothing items, sunglasses, Partying, etc.
Buying luxury items using parents’ hard-earned money is not worth it.
A student must live his life in the simplest way possible, and this will make him a straightforward down to earth person in the future.
As discussed in the budget section, one can save up to 10-12% of monthly allowance if the above tips are followed properly.
For a monthly allowance of Rs.5500, one can save Rs.550 easily. But, the question is, where do where save this money?
The answer to it is an investment. If you are above the age of 16, you can open your first bank account and deposit your savings. You can get up to 4% interest yearly on your deposited money.
If you are above the age of 18, then apply for PAN Card. Using the PAN CARD apply for RD (Recurring Deposit) in the bank or invest in Mutual Funds SIP (Rs.500 per month).
In both these investments, you can get as high as 6-8% returns yearly. Though Mutual Funds are subject to market risks, the young age group should take that risk.
12. Never Buy On Credit And Avoid Taking On Loans
This is undoubtedly the most essential advice in the whole article. Never buy on credit or take on loans from anyone, even if the lender is your friend. In any situation of a money crisis, never ask for money from friends. Always ask from family, relatives, or teachers.
A friend can turn to become a foe in no time when it comes to money.
Only borrow when you cannot pay any fixed expenses and when the payment cannot be shifted. For any other variable expense, try to wait or avoid it.
Now, let’s talk about earning as part-time and save money as a student in India.
Earn Money To Save Money As A Student
Earning by doing part-time jobs can help you pay up your bills, save more, and take some burden off your family. Remember, no work is small and is every worth to do. Below is a list of part-times you can do to save money as a student.
1. Become A Teacher
This is perhaps the most demanding part-time job a student can get. You can apply to take classes on any reputed coaching, or you can give tuitions to students. In both cases, you can earn up to Rs.600 for taking a class of 2 hours. The higher class you teach, the more you earn.
So, suppose you take 4 classes in a week; that amounts to 16 classes in a month. You can earn up to 16×600 = Rs.9600 in a month easily.
2. Try For Online Internships
If you have the proper set of skills, you can apply for online internships like content writing, Digital marketing, Graphic designing, online teaching, Model designing, etc.
You can register on websites like Internshala, Linkedin, Letsintern, etc. You can earn about Rs.2000-10000 in a month.
3. Work As A Deliveryman
During the evening time for 4-5 hours, you can apply for a part-time job as a deliveryman. You can work for Zomato, Swiggy, Delhivery, Econ, etc.
But for this, you have to be above the age of 18 and have a driving license. You can easily earn Rs.7000-10000 in a month.
4. Take Up Projects
You can make or build projects for your colleagues, seniors, or juniors. The project can be a PowerPoint presentation, computer programming, or a science model.
You can easily make a profit of about Rs.500 on every project.
5. Newspaper Hawker
This is the most basic and easy job you can apply for. The timing of this job is very suitable for a student. You have to work between 5 AM to 6 AM, and it doesn’t hinder your study time at all.
All you need is a bicycle, and easily you can make about Rs.3000-4000 in a month.
1. Which part-time job is the best?
2. How to keep a check on monthly expenditure?
3. I need a laptop, but I don’t have enough money to buy one. What should I do?
4. I want to join coaching classes, but I can’t afford it. What to do?
You can also try to contact the HR of any reputed coaching institution and ask if they can help.
The above article was based on my thoughts and my experience as a student. The above-mentioned money management tips, if followed, will surely help you save and maybe even help you earn. Finally, it is up to you to follow and implement in your life and see for the changes by yourself, also save money as a student in India.