6 Tips on how to Avoid Being Broke as a Nigerian Student

Tips on how to Avoid Being Broke as a Nigerian Student

by Daniel Yakubu
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To make money whilst studying as a Nigerian student is of the essence because of the times that we live in. It is no longer news that Nigerian students in higher institutions have been home for a couple of months due to the ongoing industrial action (strike) between The Academic Staff Union of Universities (ASUU) and the Federal Government of Nigeria. The advantage of making money in school as a student is that it automatically pulls you out of the circle of broke Nigerian students. 

It is not a good thing to be broke as a student. Being broke as a student will mount so much pressure on your studies and performance in school. 

Many Nigerian students find themselves struggling through school because of their financial state. 

6 Tips on how to Avoid Being Broke as a Nigerian Student

Here are tips on avoiding being broke as a Nigerian student.

  1. Have a savings account

I will say this is one of the proven and tested ways to avoid being broke in school.

Many Nigerian students have developed the habit of not saving at all, which has cost many of them a fortune that could have been used to meet other needs. 

One of the reasons why you need to save money as a student is because of unforeseen circumstances or emergencies. There is nothing as sad as being in dire need and not being able to sort out the need.  

I know one of the core reasons why you went to school is to study, but you see, if you always have needs day in, day out, it’s just a matter of time before you may get overwhelmed and start feeling downcast, and that will not be good for your mental health. 

To learn and implement how to avoid being broke as a Nigerian student, you must create a system to save a particular percentage of money that comes into your pocket. 

Make a decision not to spend every money that comes into your hand. People who spend all the money that comes into their hands always turn out to be broke sooner or later. 

One of the principles of savings is that you don’t spend and then save what’s left from the money spent; always save before you start spending.

Read also: 6 Creative Ways to Save Money in Nigeria as a Student 

  1. Learn a profitable skill

In understanding how to avoid being broke as a Nigerian student, it is expedient that you learn a profitable skill. We live in a digital world right now, and there are many opportunities for young persons or students to learn skills that fit their areas of core competence. 

Study your strengths and weaknesses and discover what skills you can learn that will bail you out of financial struggles for life.  

Do you have a flair for writing? Then you can learn skills like Copywriting, Ghostwriting, Ebook writing or content writing, etc. 

Do you have a flair for pictures or videos? Then you can learn skills like video editing, graphic design, photography, etc. Invest quality time in learning the skills that interest you, and you will be amazed at how much value you would have added to yourself. The good thing about learning a profitable skill is that it can still bring money to you even after you graduate from school. 

Read also: 10 Must-have Employability Skills for Nigerians – Students and Professionals

  1. Monetize your skill

After learning a profitable skill as a Nigerian student, you must monetize your skill. But unfortunately, we have many Nigerian students with profitable skills who don’t understand how to monetize their skills. 

To effectively understand how to avoid being broke as a Nigerian student, you must know the wherewithal to monetize your skill. 

Monetizing your skill entails putting a price tag on the services you render with your skill. Unfortunately, you are not Santa Claus, so don’t try giving your services for free. 

Be very intentional about putting a price tag on your skill. If you offer your services for free, you will soon go hungry. Ensure you get paid after offering your services.

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  1. Organize paid tutorials or classes

In every university or higher institution, you will always find students who need tutorials in a particular course or project. Take your time to thoroughly study and understand a course, and then organize a paid class or tutorial. 

Some students will gladly pay for those classes. One of the advantages of teaching other students is that the more you teach, the more you will become knowledgeable. That can be said as “using one stone to kill two birds” because you are getting paid for it and growing in knowledge in that particular course. 

  1. Start a side business 

Carefully conduct a feasibility study in your school environment and find out the businesses that are in high demand with no or less supply and then find a way to supply or meet the demands. 

Starting a side business that will not interfere with your studies is a good way to make money in school. Nigerian students have so many needs, and you will make a good amount of money if you can find the needs they have and meet those needs. 

I must be honest, learning how to avoid being broke as a student in Nigeria is not easy, but if you can only be determined and willing to start a side business, you will in no time start smiling to the banks to cash your cheques.

Read also: 5 Online Jobs for Students in Nigeria to Make Easy Money

  1. Lower your expenses

If you want to buy everything you want, you may go broke soon. In order to avoid being broke as a student, you must delay your gratifications. 

As much as possible, always ensure you buy the things you need first before thinking about your wants. Then, cut down on your expenditures. Unfortunately, many Nigerian students are not disciplined in cutting down their expenses; before you know it, they run out of cash. 

Minimize your daily spending and improve your savings; that way, you will hardly go broke in school. To lower your expenses, you need to have a budget for your expenditures and be disciplined enough to stick to them.

Final Words

Finally, as a Nigerian student, don’t relent in your drive to become financially independent. Having understood how to avoid being broke. Diligently follow and practice these tips consistently.

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About Author

Avatar of Daniel Yakubu
Daniel Yakubu
I am Daniel Yakubu, a professional freelance SEO content writer. I'm passionate about creating excellent and engaging SEO content.
I have worked with several brands and organizations to write informative articles that attract quality traffic to their websites.
My passion is to see that my articles add value to people.

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