We all know that the current economic situation in Nigeria is not exactly rainbows and sunshine or gbogbo or wigiwaga, but that doesn’t mean you can’t live smart, save money, and enjoy campus life. Saving as a student can feel like a balancing act, but I’m here to show you how to do it with ease and keep the gyration alive. Let’s jump into some simple tips to help you manage your money like a pro, if you choose stay consistent.
- 1. Know your streams of income
2. Create a budget and document your expenses
3. Cook if you can or buy groceries in bulk
4. Do not go into debt
5. Lookout for discounts to save money
6. Get a part time job or online internship
7. Use cash and leave your card at home when shopping
8. Borrow textbooks or ask higher levels for handouts
Know Your Streams of Income
Before you can save, you need to know how much money is coming in. Do you receive allowances from family? Maybe you have a part-time gig, or you get some financial aid or scholarships? Understanding your sources of income helps you plan better. Knowing how much you have will make it easier to track where your money goes. Pro tip: always save a portion of whatever you receive, no matter how small!
Create a Budget and Document Your Expenses
Here’s the truth, budgeting is your best friend when it comes to saving. Start by listing out your monthly expenses: rent, feeding, transportation, data (we know how important that is!), and anything else. Once you have that down, stick to it. You can use budgeting apps like Money Manager to keep things in check. And yes, document every purchase, even the sneaky midnight snacks! It’s hard but it’s better to build a better financial habit now than later
Cook if You Can or Buy Groceries in Bulk
Eating out can drain your wallet faster than you think. If you have access to a kitchen, cooking your meals is not only healthier but also way cheaper! Can’t cook? Ask a friend for help to teach you to make simple meals, if you’re shy, you can always learn on YouTube. Buy your groceries in bulk. Markets usually have lower prices for bulk purchases. Split the cost with a roommate or friend if needed, and voila! Your food expenses just got lighter.
Do Not Go Into Debt
I know, it can be tempting to borrow money to get that new phone or upgrade your wardrobe, but trust me, going into debt as a student is a trap. Avoid borrowing from friends or using payday loan apps unless it’s an absolute emergency. Keep it simple: if you can’t afford it now, it’s not the time to buy it. You’ll thank yourself later!
Look Out for Discounts to Save Money
Students have a secret weapon: discounts! Although they are hard to come by. Whether it’s for books, food, or even entertainment, keep your eyes peeled for student deals. Some stores and online platforms offer discounts for students—you just need to flash your student ID. Also, don’t forget about Black Fridays, and festive sales, they are goldmines for bargains.
Get a Part-time Job or Online Internship
One of the best ways to save more is to earn more. Look for part-time jobs or online internships that can fit around your class schedule. Remote internships are especially popular now and can help you gain skills while earning some extra cash. Check out websites like Indeed, Jobberman or LinkedIn to find opportunities! If you haven’t picked up a skill yet, you should get up and get learning.
Use Cash and Leave Your Card at Home When Shopping
When you go shopping, try leaving your debit card at home and use only cash. That way, you’re less tempted to overspend on impulse buys. It’s a classic trick to control your spending and only buy what you need. Plus, there’s something about parting with physical cash that makes you think twice before spending especially if your tp is involved.
Borrow Textbooks or Ask Seniors for Handouts
Textbooks can be expensive, but here’s the hack: borrow! Whether it’s from friends, the library, or even seniors who’ve already taken the course, you don’t need to spend tons of money on books.
Saving money as a student doesn’t have to be hard, even in today’s economy. It’s all about making smart choices, cutting unnecessary expenses like those Netflix subs, and taking advantage of opportunities around you. Start small, stick to your budget, and stay disciplined. And remember, every little saving adds up! The more you save now, the more financial freedom you’ll have later. You should also read up How to build an emergency fund, it’ll come in handy and help you stay consistent in saving and knowing that money saved, saves you too.
Happy saving, and best of luck with your studies! You’ve got this, Champ!
