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.
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.