Being a student means managing studies, social life, and finances — all at once. With rising costs of tuition, food, and daily expenses, learning how to save money smartly can make life much easier. Here are 10 practical money-saving tips every student should follow. If want to succeed in finance.
Money-Saving Tips for Students in India
✅ 1. Create a Monthly Budget
Track your income (pocket money, part-time job, or allowance) and expenses. Use free apps like Walnut or Money Manager to manage spending.
Why? Without knowing where your money goes, it’s impossible to save.
How? Write down your monthly income (pocket money, part-time job, or stipend) and all expenses (food, transport, mobile recharge, books).
Example: If you get ₹5,000 from your parents, keep ₹3,000 for essentials (hostel, food, travel), ₹1,000 for study needs, and ₹1,000 for fun/emergencies.
✅ 2. Cook or Share Meals Instead of Eating Out
Eating outside regularly drains your wallet. Cooking simple meals or sharing a tiffin service with friends can save thousands every month.
Why? Eating out daily is expensive and unhealthy.
How? Learn to cook simple meals like dal, rice, or Maggi, or share a tiffin service with friends.
Example: Daily eating out = ₹150 × 30 days = ₹4,500/month. A shared tiffin service = ₹70 × 30 = ₹2,100. You save ₹2,400/month
✅ 3. Use Student Discounts
Many brands, movie theaters, restaurants, and even software companies (like Microsoft, Adobe, and Spotify) offer student discounts. Always carry your ID card.
Why? Many companies encourage students by giving special discounts.
How? Always ask if a student discount is available and carry your student ID.
Example: Software like Microsoft Office is free for students. Spotify Premium is only ₹59/month for students (vs ₹119).
✅ 4. Buy Second-Hand Books & Sell Them Later
Instead of spending big on new textbooks, buy used ones or check online platforms like OLX, Quikr, or local book banks. Later, resell them to juniors.
Why? New textbooks are costly but rarely used after exams.
How? Buy second-hand from seniors or online, and resell later.
Example: A new engineering book costs ₹800. A second-hand one may cost ₹300. After exams, you can sell it for ₹200. Total saving = ₹500 per book.
✅ 5. Save on Transport
Use public transport instead of cabs.
Get a monthly bus or metro pass.
Cycle or walk short distances — saves money & keeps you fit!
Why? Daily travel is a hidden expense.
How? Use buses, trains, metro passes, or share autos with friends.
Example: Taking a cab to college = ₹100/day × 20 days = ₹2,000. A student bus pass = ₹500/month. Saving = ₹1,500/month.
✅ 6. Avoid Credit Card Debt
If you have a student credit card, use it responsibly. Pay full dues on time and avoid high interest charges.
Why? Late payments mean high interest and penalty fees.
How? Use debit cards or UPI for payments. If you have a student credit card, pay the full amount before the due date.
Example: If you spend ₹5,000 on a card and don’t pay on time, banks can charge 30–40% annual interest. That’s a big loss.
✅ 7. Use Free Online Resources for Learning
Instead of paying for expensive coaching, use free learning resources like YouTube, NPTEL, or Khan Academy.
Why? Coaching classes and paid courses can be expensive.
How? Use free platforms for self-study.
Example: Instead of paying ₹5,000 for a spoken English class, you can use YouTube channels like Learn English with Let’s Talk for free.
✅ 8. Share Subscriptions
Instead of paying full price for Netflix, Prime, or Spotify, share accounts with friends or use family plans.
Why? Entertainment is important, but it doesn’t need to be costly.
How? Share accounts with trusted friends or buy family plans.
Example: Netflix standard plan is ₹499/month. Split among 4 friends = ₹125 each. Saving = ₹374/month per person.
✅ 9. Cut Down on Impulse Shopping
Before buying clothes, gadgets, or accessories, ask yourself: “Do I really need this right now?” Delay non-essential purchases to save money.
Why? Buying unnecessary things wastes money.
How? Follow the “24-hour rule”: wait one day before buying non-essential items.
Example: You see new sneakers worth ₹2,500. After 24 hours, you realize your old ones are still good. You save ₹2,500 instantly.
✅ 10. Start a Small Side Hustle
Tutoring, freelancing, blogging, or selling handmade items online can give you extra income to manage expenses.
Why? Earning your own money gives freedom.
How? Use your skills like teaching, freelancing, or part-time work.
Example: If you tutor juniors for 2 hours daily at ₹100/hour, that’s ₹6,000/month. Enough to cover your expenses and even save.
Final words from Manish Finance
Saving money as a student is about being smart, not stingy. By budgeting, cutting extra costs, and earning a little extra, you’ll not only save but also learn financial discipline for life.