We cannot deny the fact that being a student in Nigeria is not easy. Life as a student in Nigeria can be quite tedious, and stressful. It isn’t a task for the weak. Being a student in Nigeria is a different kind of struggle entirely, and seriously, pushing through this life-changing experience “no be beans”.
Let’s be honest here, one of the major factors that plague the “student life” is financial management. It takes determination and wisdom to ensure that you don’t waste or overspend while trying to please yourself and others.
Even if you’re one of those “big boys and girls” on campus that receives free cash now and then, or you are one of those students whose only goal is to “chill with the big boys” with your torn pockets, it is reasonable and important that you learn the art of saving. As a student, you have to learn how to strike a balance and flex responsibly.
How To Save Money As A Nigerian Student
The list below entails five interesting tips you should know about the ways to save money, regardless of the obstacles, as a Nigerian student.
Create A Budget.
We all know the sweet feeling of joy that comes with knowing we would soon be blessed with extra cash. However, having extra cash does not only come with the feeling of joy, it also comes with the persistent voice that encourages you to at least, “chill and flex” as soon as the money comes in.
You know what? If your goal is to avoid careless spending, the first step is to learn how to ignore that voice. As soon as your allowance or earnings comes in, create a budget.
In a list, type or write out every single thing you spend money on monthly, including the money reserved for miscellaneous expenses.
You could also set out a fixed amount with which you would treat yourself like a “Queen and more” that you are for the month because no one is asking you not to flex, the goal is to flex wisely.
Having a budget would significantly help you track the amount you spend and aid your plan to save a percentage of your earnings.
Make Plans To Save.
After figuring out the things you spend on, as well as, how much you spend according to your expenses and you’ve created a budget, the next step is to create a savings category within it.
Every month, try, as much as you can, to save a percentage of your income/allowance. Remember to place your savings before your spending. It is not wise to save what is left of your allowance after you spend, because the chances of having anything left to save after thorough spending would be quite slim.
Regardless of what comes up, a portion of your allowance/earnings needs to be saved.
Buy Your Foodstuffs In Bulk.
Another essential means of saving up money as a student is by buying your foodstuff in bulk, especially if you are not one of those students who bring their foodstuffs from home.
If you are among the set of students that are given money to get their foodstuffs themselves, then it is better that you buy foodstuff in bulk, like at a wholesale price.
Plan your shopping ahead of time and get the things you would need all at once. Buying foodstuff piece by piece is very consuming and even stressful.
Reduce The Rate At Which You Buy Food Outside.
Look at yourself, you’re complaining about how your allowance finishes in the blink of an eye and you’re the number one person we would always find at restaurants and cafes eating loudly.
See, as a student, if you are serious about saving, then you need to eat more homemade meals. Instead of eating out, make your own simple meals or make meals together with your roommates and friends.
I do say it a lot, eating out every time is not convenient, especially for a student. Imagine having to buy food every day, three times a day, coupled with the high price of foodstuff. You would be spending even more than you might be able to account for.
Knowing how to cook your own meals is very important, whether you want to save up some money or not.
If you have the intentions to save, then you need to avoid borrowing money. Borrowing money grossly reduces your chances of saving and hinders you from reaching your financial goals.
One major reason why you need to avoid borrowing money as much as possible is the fact that borrowing can be addictive. Getting accustomed to debts could in turn make you spend way above your budget every time.
Asides from reducing your chances of saving as a student, accumulating debts can lead to stress, lack of concentration in school work and even severe health problems.
Remember, it isn’t borrowing money that poses a problem, it’s the payback that does.
In conclusion, the world outside is tough, so it is important to save as much as you can, while you’re still in school. Learning how to save would not only help you as a student, it is a skill that would also help you navigate through the realities of life even after you’re done studying in school.