Project Materials

Save More Money as a Student

For many students on campus in universities, colleges and polytechnics, money happens to be a very important part of being okay. Just as it applies to all other categories of people, money answers to many things. As a student, being down on cash means not being able to get a lot of things done as and when due, the more reason why saving for the rainy day is very important. You should have a system in place to save money, so that even beyond attending to day to day school needs, you can also afford some important things too on your own. Another thing that cultivating the habit of saving money will do is to make you imbibe a culture of not eating everything you get at once, learning self-control, wisdom and principles to apply later in life after school. Irrespective of the amount you get as pocket money, whether little or big, there are ways you can manage your finances better. Having enough money to throw around does not mean you should trivialise saving, anything can happen. Having little too can be a blessing in disguise to help you learn how to cut your coat according to your cloth. The following tricks and strategies will help you to better inculcate the habit of saving.

Have a Budget

You likely know when and how money comes to your hand, maybe from your parents, uncles, guardians, sponsors or side jobs that you do – is it monthly, weekly or at other intervals? You have to plan your budget along with when money is sent to you, and plan the percentage you want to save along with the budget. It might mean some little sacrifice but, no matter how little, save something. In the instance that you receive monthly allowance, then your budget should be monthly, itemise all the things you need to get with their prices attached, the foodstuffs you need to buy, groceries, wears, school works that might demand money, transportation, plan everything to the least item. The way your budget can help you is for you to make it as realistic as possible. Don’t put extravagant things when you know you don’t have the means. Plan within your budget and make sure your plan is able to carry you till when the next allowance will show up, else you might get stranded. With a good budget you get to save yourself the problem of borrowing money during the month.

Get the Difference Between Needs and Wants

Needs are obviously different from wants, but most times the dividing line may not be obvious enough. Needs are things that are so important to you, as a student some things are more consequential to you than others, some things you need to spend money on matter more to your success than others, some things are of more relevance to your wellbeing than other things. These are the things that should take the priority on your list, do not put the things you want which are unimportant luxuries above other things. Cut down on how much you spend on unimportant things, the money you’re able to get there can be used to meet more important needs or better still, saved, and you’ll have more money in your hands.

Plan and Cook Your Meals Yourself

Going by how the school life is, classes, assignments, practical, project and the likes. It may seem very easy to subscribe to buying of food often. While it may seem to save time in a way and save you some energy, it is an expensive way to live. There are ways you can work around your time to make your own meals, spend less and eat better. The worst part of buying meals at restaurants and cafeteria is that sometimes the food they give may be substandard or unsatisfactory in terms of quality and quantity. So you spend more money and yet not get a satisfactory experience. Cooking your meals by yourself will not only help you to cook it the way you want it in terms of quality and quantity, but will also help you to save more money, that is you have more money to spend on important things.

Join or Form a Cooperative/Thrift Society

If you are really serious about saving, then you might want to find a credible thrift society where you can save a particular amount of money every month and you are allowed to have your part of the money at your own turn. Or you could find a number of your friends and start a periodical contribution system, you save over time in such a system and you are entitled to collect your share at a particular time. Committing yourself to this type of system will build a saving culture in you.

Don’t Buy on Impulse

Register in your mind the fact that the less you spend, the more you save. If you are prone to buying on impulse, as in buying at the dictate of the moment, maybe you see a shoe you like, you buy it, you see another thing you appreciate, you pay for that as well. Before you know it, all your money will be gone on non-essentials and you’ll be sending home for money again when you are still supposed to have some good amount of money on you. Instead of buying on impulse, why not try to postpone the buying, if you eventually feel it’s important you get that thing, then you can probably go for it.

Get a Suitable Accommodation

Depending on which is best for you in terms of transportation, rent and other expenses. Staying on and off campus is another matter you should decide on wisely. If you have the opportunity of going from home to school, that is if your campus is near your base, you might consider going from home but decide on this only when you have put other factors like transportation and environment into consideration. If it will be okay for you, go for it instead of paying to rent another room off or on campus. If you have to get an accommodation, compare the pros and cons of renting a place on campus and off campus and choose the most suitable one that will save cost and help your academic goals.

Take a Side Job

Being able to earn more money means being able to save more money if you plan and prioritise well. So, if all you are getting for your upkeep seem little and insufficient to cater for you let alone saving part, then you might consider getting a side job where you can earn some more and can have the opportunity to save.

Don’t Just Save but Invest

As good as it is to save, money saved may not appreciate much unless it is invested in a system that can make it grow or increase. When it increases, you can as well have more money to save and further invest. The caution is to be sure that you find out adequately about the systems you can invest in reliably, with credible reputation and which are legal as well.