5 Tips on Saving Money as a Student
Whether you go to a public or private university, you can attest to the fact that being a student is way more expensive than it should be. From buying data/airtime to food, materials, to printing out assignments and projects, and other things we as students use money for. Things are getting super expensive and it seems the money coming in isn’t enough. While you may not have control over the economy, you do have control over the actions that you take.
Below are 5 simple ways students can spend less, save more, while still living the baby girl / baby boy life.
1. Save before spending.
This may sound funny because we are quick to start spending our money on all our cravings immediately we receive that credit alert. My fellow food lovers - I see you. However, by the time we are done spending all of the money, we have little or nothing in our accounts. Ouch! That hurts right? It really does, trust me. Saving at least 10% of your income - depending on how it comes, has proven to do a lot overtime. It may seem like a burden but just when you need to buy that birthday gift for a loved one or that new gadget for school work, that’s when you know how much of a game changer it can be.
2. Separate wants from needs.
We know what these wants and needs are. Buying things you know aren’t necessarily useful just because you have the money to be honest is a bad money habit. Draft a list of monthly needs. Stop the impulse buying. Practice the concept of opportunity cost. A carefully outlined budget helps you prioritise your expenditure and find a balance between spending and saving money across a period of time.
P.S. Anticipate our FREE budgeter - It will be up on the website soon.
3. Practice minimalism.
Do you really need 7 different brands of sunglasses? Or those designer bags and watches? The truth is while you may feel good when splurging on these luxuries, you may come back to drink garri later 😂. It’s also true that drip is
eternal even when money is exhausted but i tell you that that drip won’t feed you when you are broke.
4. Buy things in bulk.
I’m sure you must be wondering how this helps the saving culture. This one’s pretty easy, if you have any items that you use frequently, then look into seeing if you can purchase them in bulk and get a discount from a local supplier. Oftentimes you’ll find that you’ll get a much better per-unit price, and you’ll
rarely have to worry about running out of that item again, making this a fairly easy way to potentially save money on your essential needs every month.
5. Consider having joint subscription accounts.
Saving money doesn’t mean relinquishing all forms of entertainment. Instead, bring your pals together and choose “family plans” for subscriptions such as iTunes and Netflix, then split the costs between yourselves. It works out to be cheaper compared to everyone having their own subscription account. This way, you get to save way more than you would with a single account.
We hope these little tweaks can help you become an Otedola 😂. Okay, just joking. We hope they can help you save more and improve your money habits.