Saving is not wasting but it helps the individuals in hard time when they need it. Once when i was a student then I always save some of my pocket money and then whenever I need some things for educations or something other then I always utilize that amount because I don't want to make a burden on my parents.
Everyone has some savings in student life. Savings can be done by saving tiffin money or taking tuition or taking money for some special events without spending that money. That savings is later used for our education. That is, we have to spend that savings for education. I like to spend my savings on education.
You may have thought of your parents and spent your savings on your education but there are many people who use their savings in student life for other purposes including investments. That is, everyone's thoughts are different.
You can also use this saved amount for investment but investment should initiate with proper management strategies and proper knowledge. You can use the saved amount for a variety of purposes but once you initiate to save some little amount to be use for emergency action.
If you invest, you should think carefully and have sufficient understanding about the investment and then invest. And I think it's best not to underinvest in student life because it can affect learning. After completing education with a good understanding of investment and gaining some experience in all these matters then one should invest. If you invest while you are studying, you will not be able to concentrate on your studies, just as investing will not remove your worries.