Saving ₹50,000 in just six months as a college student might sound like a distant dream—but I did it. I also did not come from a wealthy family nor did I have a side business that paid well. I was just a regular student living in a metro city, trying to make ends meet. But with a little bit of planning, discipline, and creativity, I managed to build a saving habit that changed my life—and it can change yours too.
In this blog post, I’ll break down exactly how I saved ₹50,000 in six months, step by step. Whether you’re living in a hostel, sharing a PG, or staying at home, these money saving tips for students in India will help you take control of your finances.
Step 1: Track Every Rupee You Spend (And I Mean Every Rupee)
Awareness is the first step in any student savings plan. At the start of my journey, I downloaded a simple expense tracker app (I used Wallet, but even a Google Sheet works) and started logging every single expense—yes, even the ₹10 chai and ₹25 auto ride.
Why it matters:
Most of us underestimate how much we spend. When I kept track of my first month, I found that I spent more than ₹3,000 on food deliveries and small impulse purchases alone!
Budget tip for students:
Keep a notebook or app and log your daily spending. At the end of the week, review where your money went. It’ll shock you (in a good way).
Step 2: Set a Clear Monthly Budget (With a Saving Goal)
I created a monthly budget after figuring out how I spent my money: 7,000 yen for necessities, 2,000 yen for enjoyment, and at least 3,000 yen for savings. I treated my savings like a bill. I transferred a predetermined amount to a separate savings account each time I received pocket money or freelance income. Formula I followed:
Income – Savings = Expenses (Not the other way around!)
My Monthly Breakdown:
- Rent: ₹3,000 (shared PG)
- Food: ₹2,000 (home-cooked mostly)
- Transport: ₹1,000 (bus/train pass)
- Miscellaneous: ₹1,000
- Entertainment: ₹2,000 max
- Savings: ₹3,000 to ₹5,000 depending on side income
Step 3: Cook Your Own Meals (Or Eat Hostel Food)
This one was a game-changer.
I cut down on Swiggy and Zomato completely. I started meal-prepping on Sundays simple stuff like poha, dal-rice, roti-sabzi, and sandwiches. Not only was it cheaper, but it was also healthier.
Before: Spending ₹150/day on food = ₹4,500/month
After: Monthly groceries: ₹1,500 (split with roommates)
Student tip to save money:
If you live in a hostel with a mess, make the most of it. If you’re in a flat, learn a few basic recipes. It saves thousands every month.
Step 4: Use Public Transport or Cycle
I sold the idea of Uber and Ola rides to myself as a “luxury.” I bought a monthly bus pass and walked short distances.
My campus was around 5 km from my PG, so I used a bicycle most days. It helped me get in shape, saved money, and even helped me relax.
Monthly savings on transportation: 1,000 to 1,500
Step 5: Take Freelance or Part-Time Gigs
This is where the real magic happened.
I started offering freelance writing and tutoring services on platforms like Intern Shala and LinkedIn. On weekends, I took tuition classes for school kids in my area.
Monthly earnings from side gigs: ₹5,000 to ₹7,000
Even if you can earn ₹3,000–₹5,000 a month, that’s a huge boost to your student saving plan.
Popular options for college students:
- Tutoring
- Content writing
- Graphic design
- Social media management
- Selling notes or study materials online
Step 6: Avoid the “Weekend Trap”
Weekends used to drain my wallet—movie tickets, food courts, shopping.
So I started hosting game nights with friends, watching movies at home, and doing free activities like visiting parks, museums (student discounts!), or just reading at cafes.
Saved: ₹1,000–₹2,000/month
Student budget tip:
Set a fixed weekend budget and use cash only. Once it’s over, that’s it. No UPI cheating!
Step 7: Use Student Discounts & Cashback Offers
I got smarter with payments. I used:
- Paytm for cashback offers
- Student discounts on Spotify, Amazon Prime, and movie tickets
- UPI apps like PhonePe and Google Pay for small rewards
It didn’t save huge amounts, but every ₹10-₹50 reward added up over time.
Step 8: Say No Without Guilt
This was hard.
Friends would often say, “It’s just ₹300, yaar, come with us!”
I learned to say, “No, I’m on a budget. Let’s do something free instead.” And guess what? Real friends respect your goals.
What I Did With ₹50,000
After six months of saving, I used the money for:
- An emergency fund (₹20,000)
- A second-hand laptop (₹15,000)
- Online course on financial literacy (₹5,000)
- Gifted my mom something special (₹10,000)
That feeling of financial freedom as a student is priceless.
💌 Like what you read?
If you’re looking for more practical, real-life saving tips to help you reach your financial goals faster — you’re in the right place! I share honest advice, personal experiences, and smart strategies that actually work.
👉 Subscribe to my blog so you never miss an update, and follow me on social media for daily money-saving hacks, budgeting ideas, and financial motivation.
Let’s build a stress-free financial future together — one smart decision at a time. 💸💪
Thanks for reading — and happy saving!