Saving money in Nigeria as a student can be very difficult because of self-pleasure, we always want to gratify our needs and after this, we become broke and unable to cater for some other expenses.
It’s very important to save money because of our unforeseen circumstances, when you save money as a student you’re making it very easy for your parents. You would also be able to cater to your needs without having to disturb your parents.
When you save money properly that makes you independent, you won’t have to contact someone for help when you’re in need financially.
In today’s post, I will give you the step by step guide to saving money effectively as a student in Nigeria.
7 Ways to save money in Nigeria as a student
1. Budget creation
Creating a budget of how you spend your money is very important, you need to create a list of how you intend to spend your money either weekly or monthly.
You also need to create a budget so you don’t spend more than your income.
Every successful companies or individual actually create a budget on how they intend to spend their money so I’m sure you would like to also create a budget for you to maintain the way you spend money.
Checking your bank statement, bills, receipts, it would be easy to create a budget.
2. Plan to save
This can be very hard to start but trust me, it would be very helpful when you actually get started. You need to create savings timing on how you want to save your money, Be it daily or weekly.
It would be very good to save at least 10 to 15 percent of your income. Make saving your priority and also discipline yourself to follow your saving timing.
If you find it difficult to save cause of your expenses then you need to cut off some unnecessary things you spend on.
3. Keep track of your expenses
An effective way of saving money is to keep track of how you spend your money, you need to review what is taking your money that is what you purchased.
By keeping track of your expenses you would be able to notice your bad spending habits and by that, you can be able to improve on it.
You can draw a table and illustrates how you spent your money in the last 7days or last months.
4. Spend your money wisely
There are ways to spend your money effectively through this you will have enough money left to save.
When purchasing a product you can bargain thoroughly so you buy the product at a cheap price.
Another way to spend money wisely is to buy things in bulk, when you buy a certain product in bulk, it’s normal that the price would be reduced so you can adhere to this to get the product at a cheaper price.
You can simply buy a used item instead of buying a new item by this the price would be less and you would also have more money to save
5. Automate your savings
Automating your savings is actually one of the best ways to save money in Nigeria as a student.
Technology has made things easier unlike before when you dig a hole to save money or you get a local pot to save your money.
You can easily save your money today through some apps which automate your saving timing and helps you to track your total savings.
These apps are:
6. Register a fixed deposit account
A fixed deposit account is an account that can help you to save money effectively. It restricts you to a certain time when you can withdraw your money.
When you save your money to a fixed deposit account you get an interest of a certain percent by this you’re not only saving but you’re also investing your money.
You can simply go to any Nigerian bank and tell them you want to open a fixed deposit account, they will assist you with it and also give you their terms and conditions.
7. Avoid purchasing unnecessary things
This is very common among Nigerian students, we are always prone to buying the latest things ranging from fashion, skincare products, electronics e.t.c. Most of these things might not be necessary.
When you avoid them you would definitely have more money to save and that would accumulate to bigger savings at the end of the month.
Now I will like to hear from you!
What step do you find important?
is it all steps?
Let me know in the comment section and also share this post on social media.
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