7 ways to save money as a student
It the beginning of the session and everybody is currently in ‘Ose Igberaga'(boxed up) well here are quick tips to help you maintain your lifestyle and not be broke or worse in debt by the end of the semester
1. Create a budget and stick to it
Well everybody has an allowance, it could be weekly or monthly but if you do not have a budget it doesn’t matter how much you get weekly it won’t be enough. That’s why you create a budget, Ofcourse the budget should be within your allowance LIVE WITHIN YOUR MEANS and you should still have some left over to save which is the essence of all this. The budget is useless though if you can’t stick to it.
2. Start a Savings account if you don’t have any:
Well I don’t really have to dwell on this as any average student in Nigeria should already have one, but if you don’t have one open one. Now it’s called a SAVINGS account where you save your money not to go and withdraw once anybody sends you money
3. Plan on Saving:
It’s a simple strategy really, save a percentage of your income and live on the rest. Most students do the very opposite of this and spend their money and try to save whatever is left over.
‘Beware of little expenses; a small leak will sink a great ship. Benjamin Franklin’
You also have to be very conscious of little expenses not just the major ones, from the soft drinks to the cafeteria meals etc. You just have to learn to manage this and skip any one that is not necessary.
4. Compare prizes:
Students have this tendency of buying what they need at the first place they find it , this is not the Best as we should always,check out other places first till you find out the best price. It saves you money and and you find cheaper places to buy from.
5. Buying stuff of higher Quality
Simple maths buy higher quality stuff and it will last longer, the initial price might be higher than the lower quality one but on the long run you save more in cost of repairs and how long the products last
6. Think twice!!:
Students do things on impulse, those nice shoes or latest phones!. And this habit ruins finances quickly. So, thinking twice before buying any advertised product or service can help save a lot of money. Most people realize that what they bought was unnecessary only after parting with their money. To avoid such buyer regrets, it is necessary to check whether a product or service is actually needed before purchasing it.
7. Do more at home:
Another smart way to save money is to start handling certain tasks at home rather than paying for them. For example, eating food cooked at home is always far cheaper than eating out. Similarly, rather than pay weekly for laundry at the dry cleaners do it by yourself except Ofcourse for the few special ones you just have to have dry cleanedb