Saving isn’t really hard, especially for students. Students’ daily problem at school is what to eat, and I can’t say for all schools but I know many schools have places where food is offered at cheap rates for students; so the one thing we’re sure to spend money on, every day, is food.
Sure, there are other relevant things we spend money on but definitely not on a daily basis. Things such as: textbooks, stationery, hand-outs, call and internet data subscriptions; which are necessary for effective communication and gaining important information, also transportation; which could be added to “daily-basis spending” for some students who live off-campus. All these and other little miscellaneous things in conjunction with food are what take out of money as students.
Anyone that has spent a month or more in the university; as a student, will know that one major challenge faced is how to manage money well. It’s good enough to manage your money well, probably to last you for the month; living from “paycheck to paycheck” but some or most students don’t realize the importance of saving; having that little money put aside; untouched every month watching it grow and eventually having extra money to your name. Money that can be used to sort out important and necessary things on the go without bothering parents, and even money that can be invested and watched to grow.
There are many ways in which students can save money effectively. Here are some tips which have also been proven effective to many students that practice the saving habit:
DISTINGUISH NEEDS FROM WANTS
We young guys find this very hard to do; it’s not everything you want that’s important. Okay let’s take for instance someone that wants a car; thinking it will help his daily movement, not really. It’s even better to walk sometimes; as a form of daily exercise or to take the public transport which saves you money. Things you know aren’t really necessary shouldn’t take out of your money.
START USING BUDGETS
This is very helpful it makes you have a view of how you’ll spend in a month and how much you can save. You can start first by writing down how much you plan to spend on food daily. If there’s any trip planned for that month, include it. Money for cell phone usage should be included but be sure to monitor it and choose wisely. Money for other miscellaneous things should be roughly estimated; sum all these up and compare to the money you have for the month, pretty easy yeah? And the most important part of it all is to make sure you live according to that budget.
This is not only referring to what you buy and how but also being wise enough to take advantage of student discounts. I know for sure that even cinemas give some certain discounts once your student ID is in view.
Nice one sticking to the end of this! There are a few helpful tools made even for Nigerian students; that help automate savings. Platforms like cowrywise and piggyvest are becoming quite popular. They allow you automatically save daily, monthly or yearly.
These are some tips on how you can start your saving movement today; it just depends on how wise you’re willing to be and how determined you are. Tell us what action your taking to start saving up now!