How I Went from Broke to Saving ₹50,000 as a Student: A Realistic Guide That Works
I used to be that student who always said, “I'll start saving next month.” But that “next month” never came—until I hit rock bottom. I remember sitting in my PG room in Delhi, having ₹83 left in my account, and wondering how I’d survive the next 10 days. No matter how many budgeting videos I watched or finance books I skimmed, nothing worked—because I had no system. No structure. Just guilt.
If you're struggling with money as a student, I want you to know that things can change. You don’t need a financial degree or a high-paying job to start saving. You just need a plan that actually fits your lifestyle. In this guide, I’ll show you exactly how I went from being constantly broke to saving ₹50,000 in six months—without giving up everything I loved.
Step 1: Know Where Your Money Is Going 🧾
Before you can save, you need to track.
For years, I thought I didn’t spend much—until I started logging every expense in a simple Google Sheet. The first month shocked me. ₹2,000 on Swiggy. ₹700 on random stationery. ₹1,100 on autos and cabs when the metro was available.
Here’s how to get started with Google Sheets:
- Open a new Google Sheet.
- Create four columns: Date, Category, Description, and Amount.
- Log everything. Even ₹10 chai counts.
- At the end of the week or month, categorize and total your spending.
Example: Before vs After Tracking
| Category | Monthly Spending (Before) | Monthly Spending (After) |
|---|---|---|
| Food (Takeout) | ₹1200 | ₹600 |
| Transport | ₹900 | ₹750 |
| Entertainment | ₹1000 | ₹500 |
| Groceries | ₹1500 | ₹1800 |
| Total | ₹4600 | ₹3650 |
It’s not about restriction—it’s about awareness.
Step 2: Use the 50/30/20 Budget Rule 📊
Budgeting sounds scary, but this simple rule changed everything for me.
- 50% for Needs – rent, groceries, transport, bills.
- 30% for Wants – food delivery, outings, subscriptions.
- 20% for Savings or Debt – emergency fund, loan repayments, investing.
Example: For a ₹20,000/month income
- ₹10,000 – Needs
- ₹6,000 – Wants
- ₹4,000 – Savings
Pro Tip: Automate your savings. Move ₹4,000 into a separate account the day your money arrives. Out of sight = out of spend.
Step 3: Try These 5 Unconventional Student Saving Hacks 🔥
🎒 1. The Backpack Delay Rule
Want something? Wait 72 hours. If you still want it, then decide.
📚 2. Borrow Instead of Buying
Use libraries, PDFs, or campus swaps to save on books and supplies.
🎯 3. No-Spend Challenges
Pick 2–3 days each week to avoid any non-essential spending. Make it fun!
💳 4. Unfollow Temptation
Unfollow 3–5 shopping pages or influencers that make you want to splurge.
🍱 5. Leftover Lunch Days
Host weekly leftover lunch parties with friends. Save money and bond.
Case Study: How Riya Saved ₹50,000 in 6 Months 🎓
Riya, a 20-year-old student at Delhi University, saved ₹50,000 in just 6 months by combining part-time income and mindful spending. She tracked every rupee, followed the 50/30/20 rule, joined a book-sharing group, and delayed purchases by 3 days.
She says, “I used to think saving meant sacrifice. Now I realize it’s just smarter choices, not fewer joys.”
Bonus: Where to Keep Your Savings 🏦
Don’t keep savings in your main account. Instead:
- Open a digital savings account (Fi, Jupiter, etc.)
- Create a fixed deposit
- Use apps like Groww to start a mutual fund SIP
Final Thoughts: Your Future Self Will Thank You 🙌
Being broke is tough, but staying broke is tougher. Start small today:
- Log your expenses
- Commit to one no-spend day
- Delay your next non-essential buy
The goal isn’t perfection—it’s progress.
🎁 Want a Free Budget Template?
Drop a comment or message, and I’ll send you the Google Sheet I used to save ₹50,000!
Let’s make saving cool again. 🌱