There is so much joy in saving money

College means a lot of independence. It’s almost like you’re learning to live on your own. You manage your expenses, your time, your what-not. Every little thing.

There are a few things that I’m doing to save up money in college. Thought I might write them down here so that people may find it useful. May be cliched and boring to many of you, but I’ll definitely be happy if someone out there takes my advice :)

Washing clothes on my own: I gave all my clothes away to the dhobi initially. Not any more. I see it this way: I save six bucks for every cloth that I wash myself :) There are plenty of other advantages in washing clothes on your own. Check them out here.

Using same bank ATM Card: I brought my Kid’s Advantage HDFC ATM card to college but we’ve got an Indian Overseas Bank ATM here. I learnt that transactions done via other bank ATMs will be levied a transaction fee of Rs. 20 after the first five transactions so I’ve started using my IOB card right now to withdraw cash.

Not carrying my wallet around: Not taking my wallet with me, helps. Many a time, I feel like buying something on an impulse so I’ve stopped carrying cash with me often. This directly translates to eating out less in the canteen.

Borrowing books from the library: I’m obviously not going to be reading my lessons every other day in college so I go to the library to borrow some text books that I don’t own, ten days ahead of my exams. I’ve done this for two text books, which means I’ve saved up about Rs. 400 this semester.

Another cliched tip that you must have heard again and again is to buy/rent used books. There’s Chegg for people in the US, but for us in India, we’ve got only local markets and college seniors to rely on

Bus Passes: I don’t go out much, so I haven’t got one yet. But I learnt from my friends that if you’re in Tamil Nadu, you can avail a bus pass for about 50 bucks and can travel free in all government city buses. I haven’t verified this, but if you frequently go out on weekends, take note!

Holding off from buying gadgets: After shelling some real huge money(!) for my laptop recently, I’ve learnt that it’s a mistake because I didn’t really need all those bells and whistles that came with my laptop. I could have rather settled with a low cost laptop/netbook. Seeing collegemates with iPods and portable speakers is tempting, but I’m holding out from buying them. I’ll instead listen to podcasts and music on my laptop.

And don’t forget: Writing down expenses helps too! Here’s another bonus: Don’t switch to Tata Docomo for the advantage of having a per-second billing pulse (hey, I’ve nothing against them). Here’s why: TRAI is probably going to ask all telecom operators to mandatorily offer per-second billing plan as a option.

I’m looking for ways not to spend the money I earned by blogging, but to save and invest it. May be I’ll keep them in my bank account and they would’ve generated some good interest by the time I’m sixty. May be I can invest in stocks. I’m exploring. ;)

Printed from: http://www.shankarganesh.com/journal/saving-money-in-college/ .
© 2010.

10 Comments   »

  • Sankaranand says:

    Good idea but i dont really insist anyone to follow this. There is no real joy in saving money…Saving is good but not now ..You can start saving when you work..

    you are studying college now.. Its time to enjoy instead of regretting when you work.. There are many things i wanted to highlight you.. You said you are going to wash your own clothes.. and save six bucks right ? Have u ever think of how much fees u r paying to your college.. You don’t know the riders and caveats present in each of the fees you pay… you don;t ask them why you should pay this much.. if they fix the fee structure we shell out our money….so all u r savings might go this way..

    Regarding the ATM.. Now you can use your ATM with any bank without any transaction fees. Regarding the books, try joining in some book bank, all you have to pay is an initial refundable amount. You can get the respective books at the start of semester and give them back after exams.. By this way you can refer the book whenever you want the whole semester..

    Not carrying your wallet ? Man.. Thats the craziest Thing ever… Don’t Ever do that. You don’t even know when you need your money.. Atleast carry an average sum of money man..if u want to eat something out… go ahead and eat it.. shed some money for friends da… there is a real joy and happiness in it.. Don’t tie yourself..

    i always use air tel, never mind whatever other service provides, but according to me i don’t have any problem with their service and would shell out even more if the service is good, instead of getting a headache and frustration when you want to call someone and it never works… :)

    In college, You have to try new things……whether its good or bad…there’s nothing wrong in trying…and experiencing it.. Final one question.. Do you have any aspirations to become saint ??????????

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