Studying at the university is challenging and being broke on top of that makes it even worse. Imagine studying for an exam with a terribly rumbling stomach due to hunger. This is a situation that some students have been in before and hope not to ever relive. If you’ve never had a “sapa” moment in school, then it’s safe to say you have plenty of money—emphasis on PLENTY. To be fair to our parents, the sapa is sometimes self-imposed due to our spending habits and lifestyle as students. You have got to free yourself from that broke-student web and here are some ways you could:
Create a budget
This is the first thing you must do if you have to save money. Not having a budget means anything goes when it comes to your spending. A budget will make you cut unnecessary spending and give you a clear distinction between your wants and needs. Having a budget will also help you practise delayed gratification.
Buy or rent used books for class
You will have some money to save if you rent books or buy used ones instead of paying full price or buying new ones. You can ask fellow students who are willing to rent out their textbooks or senior students who wish to sell their junior class textbooks. You can even go online to rent or buy used books.
Sign up for a student-friendly bank
Instead of operating a bank account that doesn’t take your status as a student into consideration, look for one that is student-friendly with minimal operating fees. I know that UBA Plc has an account that is created specially for undergrads called the NextGen Account. This account is super easy to open and manage. You are paid a monthly interest for saving, plus you do not get charged for SMS alerts and card maintenance. How cool is that! That’s not all, you could even win N15k monthly pocket money for a whole year and say goodbye to your broke days if you save N5k and participate in the super savers draw. The Next Gen account also gives you access to business workshops and masterclasses that will impact your life positively after school. There is also a chance to become a student ambassador and let other students in on the benefits of saving their money in a UBA NextGen account.
Get a part-time job
A little extra cash never hurt anyone. Getting a side job as a student will leave you some extra money that you can put away in a savings account. While at it, ensure that your side geek doesn’t interfere with your schoolwork.
Take advantage of student discounts
There are restaurants, retailers and some other service providers that give discounts to students for using their products and services. Using places like these will help you save on your everyday expenses.
Share bills
Sharing your bills with a fellow student is another smart way to save money. Consider renting a house with someone and sharing the utility bills and rent. This will save you some money as opposed to taking care of the bills on your own.
Unsubscribe from unnecessary streaming platforms
Check your gadgets. Do you have all the streaming platforms downloaded? It is time to unsubscribe from the ones that are not necessary. They offer similar services anyway, so why spend so much money on the same stuff? It is even advisable you share these streaming services with friends or family so that you can split the subscription costs to lessen the financial strain on your pocket.
Cultivating a good savings culture as a student will prepare you for the bigger life stage and give you the discipline you need to make it easier to achieve your set goals. They say, “Little drops of water make a mighty ocean.” So, start saving today!
Read Also: Savings Account Vs Current Account: Which is Right for You?
