How to cut expenses being a student

How to cut expenses being a student

Financial discipline needs to be inculcated in young minds right from childhood. Being a student, are you facing problems on how to cut expenses?

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First interaction of a person with money is while being a student. It could be when they spend their pocket money given by parents, when they distribute finances for organizing a fest in school/college or when they manage their own expenses during a student industrial visit. Wherever it is, if a student learns to manage finances well, there is less chance for him making mistakes as an adult in future.  Every student needs to learn to conduct himself judiciously in terms of managing his/her finances.

There are several areas where a student suffers in terms of excessive expenditures unaware of various benefits to them available in the society. Governments, Businessmen, Colleges, Schools provide lot of incentives to students to facilitate learning with minimum expenditures.

Ways for a student to cut expenses in his daily routine:

  1. Students should make use of the student education loans given by Banks, NBFCs, and Government with subsided interest rates.
  2. Students can get rid of those mobile offers that charge students for unwanted services.
  3. You can make use of payback facilities to earn discounts.
  4. You can make use of subsidised school/college bus transport facility
  5. Make use of college canteen facility which is subsidised to students instead of regularly visiting expensive food chains.
  6. Students can buy notebooks, textbooks are available at subsidised prices at some selective shops/schools
  7. Works including stationery, internet can be get done within the library to save some bucks
  8. Carry one’s own ID card to make use of student discounts in restaurants, food chains
  9. Railway passes, bus passes provide up to 30% discounts for students. Do make use of them
  10. Do make use of the government fee-reimbursement schemes for economically challenged students
  11. Many corporate agencies, NGOs provide scholarships for merit students/poor students to encourage students in the fields of finance, research, medicine etc. Hence the college, school fees can be saved with the money
  12. Students majorly spend for entertainment like movies, games like bowling, snooker which can be expensive. Have a reality check and prepare an account daily for the expenditures
  13. Students addicted to smoking, alcohol should get rid of the habit as they spend huge amounts on cigarettes, drinking everyday
  14. Judicious use of petrol by walking/ using bicycle to nearby places is advisable to save money
  15. Students can use jute bags instead of buying plastic covers for carrying books/records etc
  16. Girl students should make use of the concessions in education, resources, transport provided by Government
  17. Laptops, tablets for educational purposes are provided with concessions for students.
  18. BSNL telephone and broadband services also provide concessions to students in India.
  19. Shops, services around schools, colleges provide discounts, concessions.
  20. Medical concessions are also available for students in terms of free medicines, surgeries.

Parents, teachers, counselors at schools, Government, Media, Internet have a collective responsibility in enlightening the students about the various facilities provided to them that can help cut costs.

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