Easy Hostel Life Hacks to Save Money in Pune
No matter where you are in life, saving money is something that’s always important. And you first start realising this truth when you move out of your family home, shift to Pune and into a hostel in Hadapsar. For the first time in your life, money management is your responsibility, and once you’ve paid the rent for your hostel, you have to figure out how to survive and thrive on your monthly allowance. You might think that this is something you’ll learn just by winging it, but budgeting can actually be one of the best skills you can learn at this time.
So, if you’re wondering about how to get started with saving money while living in a hostel, we’ve got a few pointers for you. With these tips and tricks, you’ll be able to make some smart choices and save yourself a good amount of money.
Open a savings account
It’s free and it’s one of the most important things you can do as an adult living on your own. Open a savings account in a bank that’s got plenty of branches in your new city. If you’ve moved to Pune to attend college or for a new job, you might want to open an account in the bank that your college or organisation is affiliated with. This will help you keep a check of your expenses and income, and ensure that you’re not having to shell out extra ATM fees at other banks.
Use public transport
Ubers might seem cheap, but if you’re using a cab service everyday, it’s going to add up. Instead, try to use public transport as much as possible. Thankfully, Pune has a strong public transportation system so you shouldn’t have much trouble getting around. You can get a monthly bus pass for the Rainbow buses and save yourself a lot of commute costs.
Shop in bulk
When you’re living in a hostel, you have to think smartly about how to save money. Consider the items that you and your roommate both need regularly and buy them in bulk. You can split the cost between yourselves and save quite a bit of cash. Not just that, keep an eye out for discounts and offers, especially on online services like BigBasket, which might be a lot more affordable than heading to your local market.
Keep your receipts
If you’re someone who’s big on impulse purchases or finds it difficult to know where your money is going, make it a habit to keep your receipts and packaging for online orders. This will ensure that you’re able to return items that you might have bought on a whim but don’t actually need or want. It’ll also ensure that you’re able to see exactly where you’re spending your money, identify trends and set budgets.
Limit the number of takeaways
We know the temptation to order in when you live in a hostel. But even if the food in the restaurants in Pune seems much more promising than the food in your hostel mess, try to restrict yourself when it comes to ordering in. This tends to be the largest expense category for most hostel residents, so it’s best to set a personal budget for yourself and ensure that you’re sticking to this every month. If you’re looking for tastier food, you could consider learning some easy recipes or stocking up on some delicious snacks to help you save money.
Set a saving goal
If you find it difficult to save money as an abstract idea, consider setting a goal for the amount you save. Think of something that you want to buy, whether that’s a new phone or a holiday with your friends, and make it a point to save a certain amount towards achieving that goal every week. This will motivate you to save money and give you a tangible outcome at the end. Once you’ve saved up for one goal, you can start saving up for the next one, ensuring that you’re not missing out on the things you want, but not splurging too much either.
And there you have it. These tips will make it easy for you to save money while you live in a hostel in Pune. So, try them out, and let your wallet breathe a little easier.