Simple Financial Advice Every Student Should Know

Simple Financial Advice Every Student Should Know

 Introduction

College or university life is exciting, but it also comes with new responsibilities — especially with money. Most students don’t get taught how to manage their finances, which leads to unnecessary stress and spending.

In this blog, you’ll find simple, real-life tips that any student can follow to save money, spend wisely, and plan for a better financial future.

1. Know Where Your Money Goes

Understand where you are spending before you even look into saving or budgeting.

What to do:

Write down all the rupees spent in one week.

Use straightforward apps like "Monefy" or "Money Manager".

Identify what are "wants" and what are "needs".

This makes you avoid losing money without knowing.

2. Set a Monthly Budget

Once you have an idea of your spending, prepare a simple budget. It doesn't need to be complex.

Example:

₹3,000 for eating

₹1,000 for traveling

₹500 for leisure

₹1,000 for saving

Be consistent. If you spend extra in one category, reduce elsewhere.

3. Make use of Student Discounts

Your college ID is stronger than you realize!

Check for offers on:

Books & stationery

Online platforms like Canva or Notion

Food delivery or streaming apps

Always inquire if there's a student discount before paying.

4. Don't Buy Everything New

Everything does not have to be new.

 Ideas:

Purchase second-hand books or rent them.

Share things like printers or kitchen utensils with roommates.

Look for online bargains before buying big-ticket items.

This saves you thousands in the long run.

5. Learn to Cook Basic Meals

Eating out daily costs a lot of money.

Master cooking simple meals such as:

Maggi with vegetables

Boiled eggs & toast

Rice with dal

Cooking at home = cheaper + healthier.

6. Avoid Credit Cards

It is better to pay with cash or debit cards in student life.

Why?

Credit cards are handy but carry high-interest debt.

One late payment can damage your credit score.

Use credit only if you fully comprehend it and can pay the full amount on time.

7. Save a Little Every Month

Even ₹100–₹500 a month counts.

What you can do:

Use a piggy bank or start a student savings account.

Remind yourself to save from your monthly pocket money.

Habit is more important than amount.

8. Begin Earning Something

If you have some spare time, try to earn by doing something you are good at.

Try:

Freelance writing or design

Tutoring juniors

Social media management

Selling handmade crafts or notes

A part-time income shows you the value of money.

9. Learn Financial Essentials

Don't be intimidated by financial jargon such as:

• EMI
• Interest
• Credit score
• SIP

Read plain YouTube videos or read introductory blogs. You don't have to be a guru — just remain conscious.

10. Don't Give in to Peer Pressure Spending

Friends may party every weekend or go shopping every week. That's no reason you need to.

Spend within your budget, not theirs.

A real friend will never criticize you for saving your money properly.

Conclusion

Money is not everything, but knowing how to save it gives you peace of mind and freedom.

Begin small, be regular, and remember: Being a clever student today will make you a strong adult financially tomorrow.

How Students Can Manage Money Without Stress

Introduction

Being a student usually translates into low income, high spending, and no money advice. But by making some easy adjustments, you can be more financially savvy and less likely to get into debt.

We're going to share quick and easy financial advice for students to be stress-free and money-confident in this blog.

1. Track Your Spending

Most students have no idea where their money goes — it's always on snacks, online shopping, or miscellaneous spending.

Record daily expense in a journal or through apps such as Walnut.

Change begins with awareness.

2. Make a Weekly Budget

Not a monthly budget, but divide it into weekly budgets.

Illustration:

Week 1: ₹700

Week 2: ₹500

Week 3: ₹800

Week 4: ₹1,000

Simpler to track and modify if necessary.

3. Share Resources

Living with friends? Split items such as:

Netflix or Spotify subscriptions

Grocery supplies

Textbooks

Teamwork saves everyone money.

 4. Use Free Alternatives

You don't always have to pay.

Examples:

Use Google Docs instead of MS Word

Take YouTube tutorials instead of paid courses

Participate in college clubs free activities

Save without missing out on experiences.

5. Say No to Loans Unless Necessary

Student loans can become a burden after college.

Take a loan only if:

It's for education, not lifestyle.

You've looked into every scholarship or grant option.

Always read the loan terms properly.

 6. Make Saving a Habit

Small savings can also count.

Maintain a piggy bank or digital wallet like Paytm.

Save change or extra pocket money.

One day, this will save you in times of emergencies.

7. Learn About Basic Investments

Don't wait till you're old.

• Start reading about:
• SIPs (Mutual Funds)
• FD (Fixed Deposit)
• RD (Recurring Deposit)

Learn now will benefit you in the future.

8. Monetize Your Talents

You write, sing, code, or draw? Convert your passion into money.

Use platforms such as:

• Fiverr
• Upwork
• Instagram or YouTube

Begin small, grow slowly.

9. Avoid "Buy Now, Pay Later" Traps

Apps that provide EMI or "Pay Later" facilities can lure you into purchasing more than what you can afford.

Keep to what you can pay cash for.

10. Don't Compare With Others

Every student’s background is different. Some may have more money, some less.

Stay focused on your goals and your budget. Your journey is unique.

Conclusion

Handling money wisely as a student is not about being rich. It’s about being smart, aware, and responsible.

Use these simple tips, be patient, and you’ll thank yourself later.