Although it may not look like it at first thought, there are several ways on how to save money as a student. Yes, student life is usually plagued with financial struggles and questionable money management, but in the end, it’s saving is a skill that you can learn. Also, for many Nigerian students, the university is the first time you experience the combination of a lot of freedom along with free cash every now and then. Basically, if you go all out on freedom and spending, you’re surely going to learn the hard way. Therefore, why not learn now by going through the key points in this article?
How to save money as a student?
Here are some of the best ways to save money regardless of the spending obstacles as a student:
1. Budget as soon as your allowance comes in
It’s undeniable that a voice rings in your head every time you receive that notification of a lump sum allowance in your bank account. Basically, it’s a voice that encourages you to treat yourself before you return to spending minimal. However, the first step to saving is learning how to ignore that voice. Budgeting as soon as the money hits your account is very crucial to your overall saving target. Therefore, before anything else, put aside the sum you intend to save, as well as basic bills like rent, food, utility, and others.
2. Student accommodation vs staying at home
Those who school in universities not far from their home many times ignore the huge possibility to save. Although living at home cuts you off the so-called student social life, and no freedom from parents, it can surely save you a truckload of money. Basically, rent is one of the biggest expenses of a student, and if you can, get it out of the way. However, this has both positive and negative sides to it and many do not consider giving up their freedom as worth it.
3. Open favourable student account
There are different types of accounts offered by banks for students. Basically, these accounts have certain features that make them profitable to use. For example, a student should not be opening a current account. Instead, go for savings and compare other factors like interest percentage, minimum balance, and others. Basically, do your homework before selecting a student account. You can check out other areas where you can invest your money as a student.
4. Always leave your card at home on outings
Basically, taking your card along with you for shopping or nights out is a dangerous game that most times doesn’t end well. Therefore, the best approach is to always take your well-calculated budget sum and nothing more. Furthermore, this rule should not be toyed with especially for night-outs. This is because it’s almost certain that you would drunkenly spend over budget then regret the following morning. However, the money would already be gone by then.
5. Don’t food shop when hungry
This is one of the expressways to overspend. Basically, when you shop when hungry, it’s very easy to overspend as it’s a pressing need. Therefore, the best approach would be to plan your meals ahead down to the letter. With this, you’d know what to buy and buy exactly what you need. Basically, preplanning meals is the best approach to saving money on food.
6. Joint cooking
Like it or not, joint cooking with roommates is a very tidy approach to saving on food costs. Basically, you’d kill two birds with a stone by bonding with your roommates as well as saving money on food. However, this all depends on the even distribution of the food budget, so no one overspends. Therefore, cooking together when you fund most of the cost is a no-go.
7. Earn extra income
If your course allows you free time enough, take a part-time job to earn extra income. However, ensure you do not do this at the expense of your academics. Basically, from retail staff to bar staff and part-time teaching in secondary school, you can take a job. However, you could also check out these options on how to make money online if you’d rather not go for a job.
8. Don’t rush into buying textbooks
Textbooks are another area in which students spend a ton of money. Basically, you can save by resisting the urge to buy every single textbook right away. This is because you probably don’t need all of them, and can even get most from seniors who would willingly hand them over. Also, borrowing from the library when you need it is an option for books that you wouldn’t use very often.
Yes, saving money as a student wouldn’t come easy, but it’s possible. Basically, it’s all about your share determination to get it done and if you stick to the principles in this article, you would. Also, there are times when you might need a loan as a student to cover costs. If you do, you can make use of this amazing loan comparison platform to compare loan offers from different lenders within minutes and make the best decision for you.