Being a student is not as easy as people presume it to be. Your studies hinder you from getting full-time jobs and in the midst of that, you have a lot of expenses looking you right in the face like “When will you attend to me bruh?!”. This makes it very hard to Save Money as a Student.
The cost of being a student also runs into thousands of dollars yearly. You need to pay for
- Tuition Fees
- Dues and
- Some extra cash to spare for personal projects.
I was once a student, so trust me I know how this life was. But the truth is that there is still a way you can save money amidst all of these financial responsibilities looking you in the face. Yes! you can manage money better as a student too.
So, I gathered a list of ways that will help you on How to Save Money as a Student.
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Tips on How to Save Money as a Student | Money Saving Plan for Students
1. Make a Reasonable Budget
You can do this monthly or weekly, depending on how regularly you receive some cash or get paid. Luckily, technology has made budgeting less of a chore. You can download budgeting apps on the Google Play Store or Apple Stores.
With budgeting, you can keep track of what is going in and what is going out. Also, you get to know what exactly consumes most of your funds and makes it look like you can’t save all the time.
2. Quit eating out | Cook your own food.
Whether it’s fast-food chains or upper-class restaurants, the cost of eating out is greater than that of cooking at home, trust me. Your eating out should be reduced to these conditions:
- Special occasions like birthdays and anniversaries.
- Outings with friends. (Not always)
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3. Reduce Impromptu Purchases
Most of us have the habit of making impulse purchases. You went to hang out with friends and you promised yourself you will spend just money on food. But on getting back home, you come back with two bags filled with new clothes and shoes. You couldn’t just help it. You had to buy them.
These impulse purchases can slowly chip away at your savings. Sometimes, you have to leave your debit and credit cards at home so you don’t have access to money.
4. Get a Piggybank for Change.
Rather than squandering all of your change on futile things, you could get a piggy bank where you can keep all of those change regularly. You will be extremely shocked by how much you could save by just gathering the little drops.
This piggybank save could be different from your actual savings plan.
5. Apply the “DCD” Rule
Knowing how to save as a student, nothing is more important than this. Heaven helps those who help themselves. So, you need to make a conscious effort to stay true to your savings plan. You need 3 things, Diligence, Consistency, and Discipline. With these 3 things, you are set to go. Now, watch your financial life change positively.
- Start Saving 15% of your allowance every month.
- If you get paid daily, save 10% of your wages every day.
For Nigerians, you can try out this savings platform: PiggyVest. It has helped me a lot.
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