Saving money in Nigeria as a student can be quite difficult, especially when things are getting more expensive daily. Transport fares are being hiked, and the prices of foodstuffs are getting unbearable, among others.
School is hard already, so juggling schoolwork and finances might be too much. To save money in Nigeria as a student might seem hard, but you can do it.
Saving money is a wise thing to do and will help you greatly during your school stay. I’m so excited to write this article because I know it will help you as a student making you informed on how to manage your expenses and save your money better. The saving I mean here doesn’t necessarily mean keeping loads of money in the bank.
Student Opinion: How I Save Money In Nigeria As a Student.
Before I delve into the topic properly, let me share these replies from students when I asked them how well they save money in Nigeria as a student and how they manage their expenses at school. I had fun when asking because of the various answers they gave. I’m sure you’ll be able to relate.
“I usually create a monthly budget, listing out the most important things like food and toiletries first. Then I leave out extra money in case of an emergency and save some. I end up spending most of my savings, though.”
“I manage my money by creating a list of needs on a scale of preference. I indulge myself occasionally; I’m only human, make me sef enjoy small. But overindulgence is the uncle to sapa, beware!”
“My policy is “spend it; another one will come .”Well, that doesn’t mean I don’t save at all.”
“My allowance in school is mostly for data and food, and other miscellaneous expenses come afterward.”
You might not see the reason to save money in Nigeria as a student. Yes, buying new clothes every week, going to fancy restaurants, getting yourself expensive hair (oh, how nice would it be to have that badass wig, maybe what you’re thinking right now) because “who no wan slay?”.
You fit be “OBO” sef, make your pale dey wire you like 50k per week.
But you, on the other hand, might be stuck between “I only have one life to live” and “omo, I need to save” either way, you need to save money in Nigeria as a student. Look, it no longer seems difficult when you make saving a habit.
Why You Need To Save Money in Nigeria as a Student
In case of an emergency
It might not necessarily be a bad one. Emergencies such as buying a manual or a textbook may arise. Even if you still call home, you will buy it first. I’ve been in situations like that countless times, and I could sort it out myself because I had some money saved.
To be responsible
You now have the freedom of making your choices, and you’re expected to make wise ones. When you save a percentage of your allowance or income, that sense of responsibility comes to you. Even your parents or guardians will be proud of you when they find out you have become reasonable with your finances even though you’re far away from home. That may even open doors for increment in allowances because they trust you now.
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6 Money-Saving Tips for Nigerian Students
Limit eating out
Eating out is more expensive than home-cooked food. To save money in Nigeria as a student goes way beyond stashing money. It also entails you inculcating the habit of strategizing in a way that aids you to have money whenever you need it. Having homemade meals will save you a lot of money. I know some guys that don’t even have a gas cooker. I’m sure they spend almost N7,000 weekly on food.
Besides, cooking is a survival skill for both genders. Being able to prepare decent meals is something you should be proud of. Besides cooking your food, buying groceries in bulk also helps you save money as a Nigerian student. You can locate the local market in your city or town instead of getting foodstuff where the prices are intentionally hiked because of the “student area.”
Lastly, make your food is more hygienic. You can’t be 100% sure meals are being prepared in a clean environment, that roadside food vendor you patronize, or even that fancy eatery. You do not want to get food poisoning. So apart from saving money, preparing your food also has health benefits. Now, that’s what I call a win-win situation.
Oh, and if you don’t know how to cook, I’m sure some of your friends know how to, or you can watch YouTube videos. The Internet has an answer to everything you know.
Make a budget and record your daily expenses
Another way to save money in Nigeria as a student is by creating a budget as soon as your allowance comes in. Just as you’ve read how Zainab does, when you’re first wired your allowance, you might be tempted to enjoy yourself before you start managing it. Please do not listen to that voice; shut it out!
You have to subtract the one you want to save first, then budget the rest. Having a scale of preference is a wise thing to do. Here’s a budget idea
- Toiletries (this is not limited to females only)
- Textbooks (you can borrow from the previous sets)
Write down what you spend daily that would help you curb overspending. Cut down unnecessary and frivolous spending if you’re serious about managing your money and having peace of mind. Also, avoid fizzy drinks as much as you can. You’ll save your money, as well as stay healthy.
Also, do all you can to avoid peer pressure. DO NOT spend to impress. You don’t have to show anybody you have money. Also, avoid billing at all costs, my guy. No, let anybody whine about your state. They call you boss, whine them back. They won’t feed you if you go broke.
Lastly, reviewing your budget is one thing you have to do. It may be weekly or monthly, so you’ll see how far you’ve kept up with it.
Read also: How to avoid billings as a Nigerian
Use a favorable student account
You don’t have any business operating a current account as a student. Using a zero savings account will help you in the journey of managing your finances. Imagine you’re extremely broke and have just N1,000 in your account; you can withdraw all if you’re using a savings account. That is one money-saving tip for Nigerian students.
Automate your savings
Another sure way to save money in Nigeria as a student is to save automatically. It reduces the temptation to squander your money. Makes you more accountable and disciplined. There are different savings apps in Nigeria like Piggyvest, Cowrywise etc. that can help you save conveniently as a student. A particular amount is deducted once your allowance enters your account. It might be weekly or monthly, depending on your preference. This right here might be one of the best. While the app helps you save money, it doubles as helping you be disciplined, plus it’s safe and guaranteed that your money will be out by the due date.
Saving apps would also help you meet your savings target. You might want to save for the textbook you want to buy next semester or that manual, or even that piece of clothing you’ve always wanted to get. The icing on the cake is that these saving apps are free to use and easy to maneuver; you don’t need to be tech-savvy to use them efficiently.
Avoid buying on impulse
You’re surfing the Internet, and you see those sneakers up for sale, you like them, you stay glued and can’t take your eyes off them for a minute. You want it! Letting go is not an option. You’re filling in your credit card details and location for delivery the next thing you know. That’s it, and you just bought it on impulse.
Impulse buying means not thinking twice before making a purchase. When you buy something, you don’t plan to. If you want to save money in Nigeria as a student, you must stop buying on impulse.
Read for more details on How to avoid or stop impulse buying
Reasons For Impulse Buying
- You think it’s a good deal
- You don’t want to miss out
- Emotional attachment to the product
- Shopping addiction and lots more.
Avoiding buying on impulse is another way to save money in Nigeria as a student. Tricks to stop include;
- Thinking twice before making a purchase
- Buying the things you need first
- Spend within your budget
- Wait for a few days before buying.
Buying things on impulse hinders your journey to being financially stable as a student. Do you want to save money as a Nigerian student? Flee from the temptation of impulse buying.
Find less expensive ways to have fun
Yes, a fancy date in a five-star restaurant would sure be nice. Or a one-week packed trip. Relaxation at the beach on weekends isn’t a bad idea either. But instead of spending half of your allowance on having fun, you should try as much as possible to have fun on a low budget.
Instead of going out to the cinema, why not subscribe to your Netflix, which might cost lesser than going out? Another way to save money in Nigeria as a student is to have fun cheaply. You don’t have to pay for the highest subscription on your music app. You can have your friends over and have a nice meal together instead of going all out to buy overpriced food. This saving tip for Nigerian students is very effective if you adhere.
Life As A Student Doesn’t Have To Be Difficult.
In conclusion, you don’t have to live below means just because your school in Nigeria, where things are hard. To save money in Nigeria as a student is not impossible if only you can be diligent in your savings and follow all those tips I gave you. Follow on Twitter and join our whatsapp community for updates on similar insightful content.
Read also: Cultivate the Habit of Saving Money in Nigeria.
- I'm Anu, a Microbiology student at Obafemi Awolowo University. A content writer, copywriter, and fashion enthusiast. Reading, traveling, meeting new people is what I love doing. I believe in self-development and purpose.