How Can Indian Students Save Money?

“How can Indian students save money?” – Ohh! is this very early for you to think about saving money? Well, student life means it’s all about fun, party and enjoyment. As an Indian student, you want to enjoy your life now, right? But let me tell you, the people who are younger to you already started to save money.

Just a few years ago I was also exploring my student life. So I can understand how student life exactly works. As a student, if you never think about saving then it will affect your future one or the other way. I realised the importance of money during my student life. So I started to be frugal in my life. And every day I’m learning to be a better frugal being.

Many students think that it’s very early to think about saving money. But let me tell you many young people have already started to save money. And these young people will be at a better place financially in their near future. Even I started to save money when I was in 3rd standard.

How can Indian students save money?

As India is a developing country, I feel the students are the bright future of India. If students start to think about saving and about finance then not only it will change their own life but also the future of India. So I feel students must give little attention to their spending habits.

As a student, you may feel saving money seems boring. But in reality, saving money will help you to achieve your dreams. And saving money is not that much difficult if you understand the concept of saving well. People think that to save more money they need to compromise many things. But it’s not true. You must try to understand the concept of frugality here.

Frugal living means living life well without spending more money and without compromising the quality of life. If you learn the art of frugal living you can save money and grow financially in your life.

How can Indian students save money for a bright future? 

As per my observation, Indian students are not much aware of financial knowledge. Indian students focus more on theoretical subjects rather than thinking about practical things like saving money, finance management etc. Indian education system does not include any such practical subject where students can understand the importance of money and saving.

But I say-every student must take charge and start to learn about money-related things. Afterall money plays a very important role in everyone’s life. Saving money is equally important as earning money. So now in my current blog, I’m going to share how can Indian students save money easily.

9 practical ways to save money in India as a student

As a beginner, you may not be able to figure out ways how to save money easily. And you may think you are not earning money so you can’t save money. But there are the students who are saving money without a job. So to save money as a student you must build the right kind of money mindset. This will help you to build more wealth in your life.

Let me elaborate on some practical ways where you will get clarity about how can India students save money.

1. Save money on food as an Indian student

Recently I was travelling in the morning. And I saw a group of students who were standing at the street food centre in the morning. Were you there in that group of students?! Well, I was thinking about how these young people are spending money on oily street food. This is not good for your health as well as for your pocket.

Almost every Indian student like street food. Every student gets attracted by Pani Puri (water pancake), Gobi Manchurian (fried cauliflower), Vada Pav (bread bun with fried potato) etc. Well, I’m curious to know in the comment box what’s your favourite street food?! And how often do you spend money on your favourite food as a student?

Just imagine, per plate Gobi Manchurian (fried cauliflower) is INR 50. If you monthly eat 5 times, in one year you spend INR 3000 just on Gobi Manchurian (fried cauliflower). This is just one food item, now you analyse how often you spend money on food.

How to save money on food as Indian students?

I’m not against eating street food or having outside food. But I feel students are spending more money on this food. I’ve seen many students routine. They all use mobile phones and sleep late, then they wake up late. Now in the morning, you don’t have time to have breakfast at home. Ultimately, you end up spending money by eating outside food.

Do you know when we are hungry, street food can tempt us easily. So always have breakfast at home while leaving for school or college. This simple routine saves your health and money. When I was a student I was carrying my lunch box with me. Instead of eating outside food I was carrying a steel tiffin carrier which was good for my health as well as good for my pocket. 

This type of simple routine of student life will help you to save money on food. There are so many easy steps you can take in your life as an Indian student to save money on food.

2. Know how to save money on education as an Indian student

Few months ago I was working at a college office as a clerk. I’ve experienced that many students came to me for admission cancellation, change of course etc. They were having endless excuses. But according to college rules, they were not getting a refund. Ultimately students were losing their money. So every student must adapt frugality in your life, which will help you to be smart with your money.

I personally feel, Indian students never think deeply while choosing academic courses. This results in losing money, and even they fail to set a good career and earn money. In general, if I ask students why they have chosen a particular course they say- “My parents told me” or “my friends are doing this so I want to do it”. This negligence is the reason for losing money.

So I feel students should go for a career counselling before deciding academic course. In India, we don’t give much importance to career counselling. But if you take career counselling seriously you won’t end up losing money by choosing the wrong option for you. And you will really grow well and earn good money in your life.

3. Be a responsible student to save money

Again I would like to share a real-life incident. Some students never take anything seriously in life. I’ve seen that students who miss placed their bus-pass and were coming to the college office to apply for new bus-pass. This kind of irresponsible behaviour of students end up in losing money.

So I advise, take care of your things which really matter in students life. Don’t create any situations where you lose your money.

4. Apply for scholarships and student schemes as an Indian students

Students can really save a lot of money on education by applying for scholarships. Even I was applying for various scholarships during my student life. I’ve heard that my friend’s brother was getting INR 80,000 per year as a scholarship amount when he was pursuing engineering. Isn’t it a huge amount?

So, never ignore any scholarship opportunity. Be aware of scholarships and government schemes for students. As I was working at a college office, I realised that the Indian government provides more monetary benefits to female students to encourage girls education. So be aware of all such schemes which help you to save money as an Indian student.

5. Read good books to change your student life

For me, good books are like my teachers who taught me to save money in my life. You may be thinking that you don’t have time to read your textbooks and here I’m telling you to read other books also! Well, in my teenage I was also having a similar mindset as a student. But now in my early 20s, I’m realising the importance of reading money-related books.

Do you know some money-related books are so interesting and even students never get bored to read. Well, even I don’t read boring books! I’ve read one really interesting money-related book which helped me a lot to save money. The name of the book is Rich Dad Poor Dad. When I started to read this book I was getting more curious to finish that book. It is penned in an amazing way. This book helps everyone to save money. This book is very easy to understand.

6. Avoid spending money on tuition classes as a student

It’s really shocking to see the students who are scoring 90% and above but still, they join tuition classes. Tuition has become the trend of this young generation. But I feel students are wasting money by paying huge amount on tuition classes. So I advise, don’t join any tuition just because your friends have joined tuition class.

You can ask all the doubts by asking questions to your teachers in school or college. Instead of spending money on tuition you can invest that money to learn any good skill like English speaking course. In India, students really need to improve their English. This is a global language and this will help you a lot in your professional world in future. So spend your money on the right things. There is an online platform where you can actually speak with others who are expert in English. You can take the trail of 15 minutes free session to practice English speaking.

7. Don’t waste your money on  entertainment

If I ask you to recall an answer which is related to your subject then you may take 2 days! If I ask you about any film story then you won’t even take a single minute to recall it! right?! Yes, I’ve seen students who spend money on watching every movie at the theatre, that too Friday first show by bunking class.

Well, I can understand that movies, party, fun are part of student life. But every time you don’t need to spend money on entertainment. Seek for free entertainment. Well, I follow my hobbies which makes me happy. You can also follow your hobbies without spending more money on entertainment. Such as drawing, painting, dancing, singing etc.

8. Avoid shopping with friends as a student

Students, especially teenage and 20s students start to hang-out more with friends. All this results in frequent shopping and spending more money on eating outside food. And have you observed your buying behaviour when you shop with your friends? Actually, when you go shopping with friends you spend more money. All this is because of peer pressure. So avoid shopping for unnecessary things with your friends’ group. This is a practical way to save more money in student life.

9. Start to earn money as an Indian student

Are you thinking about how can Indian students save money without a job? Well, it’s a bitter truth that in foreign countries students become independent at a very early age when compared to Indian students. So even if you are a student you must figure out ways to earn money. There are so many options for Indian students to make money.

Do you know in foreign countries all most everyone becomes financially independent at the age of 18. But in India, we see this type of situations very rarely. Here at the age of 18 students think only about studies. I’m not saying it’s bad. But along with your studies, you can also try to earn and save money. You can try internships during your vacation or part-time job. Analyse your strengths and start to apply for internships and part time jobs.

If you are an Indian student and thinking how can Indian students save money, then feel proud of yourself. Very few Indian students think about earning and saving at this early stage. You are taking the right steps as an Indian student to grow financially in your life.