Small Saving benefits in Students

Your mind would often say to buy a new smart phone or a new shirt, but because of its expensiveness, you have to quit your desire. However, you can buy your desired things if  you enter into a habit of saving. You may think that how can small savings can get your desired things, but you will be surprised to know that small savings can give you many advantages in your life.

Drops make an ocean

The richest person of the world Bill Gates says if you have to become a billionaire, first of all, you have to learn how to save money. Suppose, if you save just Rs 10 every day, your saving will be Rs 300 in a month and by this way your saving of money will be up to Rs 3650 in one year. Now, suppose, if you want to buy a sports kit worth Rs 1000 and you are not getting money, then having saved Rs 10 everyday, you can buy it yourself after 3 months. By now, you must have understood how much this small saving benefitted you.

Control your temptation

Your parents do give you pocket money. Besides, you will be also getting money time to time by the grandparents and relatives. You should keep this money in saving bank, instead of spending it immediately.Furthermore, you should keep track of your spending. And for this, first and foremost, you will have to avoid the temptation. If your mind is in confusion about buying something expensive and you are not taking decision you should, then, give priority not to buy.

Make a budget of things

You may have often attracted to see a new and stylish smartphone or gazette nonetheless, you will have to understand that it has no limitation because how much costlier gazette you buy, you get someone who has more expensive gazette than yours. Hence, you have to think that do you really need the thing, you would like to buy or is it just your desire.

As a matter of fact, savings opportunities are a great way to save more money and for this you should make a budget and you can become a smart shopper. To make a budget there is no need to puzzle. You can simply make your monthly budget in a diary or the Excel sheet. Even, you can do it in the planner of your mobile phone.   

So, if you are in a dilemma in buying something, then you can take advice of your parents or grandparents and no doubt their advice will be beneficial for you. For instance, if you have to buy an expensive smartphone, though your work is going to be without it for 3-4 months, it is better for you to avoid the purchase since the prices of the same model are substantially reduced within 3-4 months.

Where can you make savings ?

If your parents have given you credit card or debit card, you must learn to use it in the right way. Because if you often go to ATM  you may lose Rs 100 – Rs150 as bank charge. So you must have a saving account. Instead of regular account you should prefer special saving account for students, because such account can easily be opened and several facilities are also given by banks.

You can also take benefits of your student I-Card. Many visiting places, book stall, theater etc offer student discount. So if you go to such places, do not forget to bring your student I-Card and if you get such an offer in these places do not hesitate to take advantage of it.

It sometimes happens in holidays, you go to market without any purpose and buy something which you do not need. Hence, it is better to stay at home and read some inspirational books or go with friends to play. Undoubtedly, it will be much beneficial for you and at the same time, it will save your money. Moreover, if you are planning for a party with your friends you can do it at your home with permission of your parents, instead of arranging it in a hotel.

Whenever, you plan to buy anything, firstly, you should consider that can it be shared with brothers- sisters or friends. Because books, magazines etc can easily be shared with them. In the same way, if you are planning to buy new clothes or watch movie find that how much discount can you get if you add 2 or more persons. For instance, if a shirt is available at Rs 500 in a store and 20 per cent discount is being given on taking two shirts, you can persuade your brother or friend and in this way you can buy the shirt at Rs 400. In the same way, if you go to school by an auto, you can share it with your friends and save money.