Every student bears some level of expenses daily, which may include juggling through tuition fees, getting handouts or textbooks, attending parties, taking extra lessons, and many others. The list can go on if we want to itemize every bit of what a student is likely to spend on. As a matter of fact, we could further ask, with all of these glaring expenses, how possible is it to save?
In this article, we dive into the entirety of how to save effectively as a student amidst all of the expenses that stand before us. With a certain degree of discipline and proper planning, you can, with these rules, maximize your time as a student, explore in the best way possible, and still maintain a good savings record. Shall we?
The following are smart ways to save money as a student:
1. Have A Budget:
You and I know what a budget is and how important it is for helping our finances grow. As a student, when you receive your income from parents, guardians, freelancing, or running a business, there is always a surge of urgency to want to spend all that is received.
Truth be told, this affects even the best of us. Having a budget allows you to track where your money is going, what you will be spending on, and how much you will allocate to each expense. That way, you can assign a portion to savings, and your finances will keep growing.
2. Eat From Home:
es, this is for the spenders or those who hate all kitchen utensils. One of the ways to manage your funds as a student is to reduce fast-food expenses and cook more meals at home. A student investor once said, “You spend less when you make it yourself than when you buy it outside.” This is true for fast food. Buy your groceries in bulk and prepare your meals at home.
3. Save On Entertainment:
Students are often drawn to entertainment, starting with fantasizing about every entertainment program, parties, and hangouts organized by the school or individuals. To save, you’ll need to cut down on these expenses. They are like drains on your body and your savings. To maintain a savings habit, consider reducing your entertainment spending.
4. Acquire a New Skill:
Now, let’s talk about increasing your income. I know you might be wondering why we’ve been focusing on cutting expenses. However, you can cut back less if you have a higher earning potential. As a student, aside from the curriculum designed by the school system, you can diversify by acquiring high-income skills. To mention a few: sales and marketing, design, cloud computing, web design, etc. If you’re not the tech-savvy type, you can also explore traditional skills like learning the ins and outs of starting a business, fashion styling, hair styling, or anything that can supplement your income apart from the allowance you receive from your parents or guardians. We encourage you to do this to increase your savings. While savings is a habit, having a higher earning power also results in a higher saving capacity.
5. Trade Your Space for Money:
Your room can earn you some extra cash weekly if you play your cards right. As a Nigerian student, you can lease your room during holidays or times when you’ll be away from your hostel to make some extra money. This allows you to generate income without much effort.
To get started with this, follow these simple steps:
a. Create an account with hostel.ng
b. Take a neat and clear picture of your room and upload it on the website
c. Sit back and enjoy the income that flows in.
Savings help you create a life of options. As a student, you want to save to have enough to invest and work toward financial freedom as soon as you can. Cheers to more savings!
