Why Should I Save Money as a University Student in Nigeria

There are many reasons why you should save money as a young adult but summarily it helps you achieve financial discipline and independence. 

Saving money helps you achieve financial discipline and independence

If your goal is to be financially independent in your twenties, financial discipline is the map you need to get there. 

Saving money as a student gives you a taste of financial independence. Imagine making financial decisions on your terms without constantly asking your parents for money. Exactly! Saving money helps you build your financial muscles by teaching you discipline, and shows you the value of delayed gratification when it comes to spending.

How to Save Money as a University Student in Nigeria

1. Create a budget and stick to it: First things first, you need a budget. A budget serves as your financial roadmap. Make a list of your income sources, like allowances, side hustles (if you have any), or any other way that brings in money. Then, make a list of all your expenses. That way, you have a picture of where your money goes which can help you plan accordingly and dedicate a realistic amount to your savings account.

    

   2. Cook your meals: Eating out frequently can drain your wallet quickly. If you have to, learn to cook simple meals. This will help you save you a lot of money. You can also pool money with your friends and organize a get-together whenever you want to eat out to avoid overspending.

    

    

   3. Share expenses with your friends or roommates: Whether you’re living off-campus or in your school hostel, consider sharing expenses with roommates. This can look like renting a house with your friends or cooking together. Try as much as possible to slash your living costs to make room for other expenses and most importantly your savings. 

    

   4. Use public transport when you can: Transportation is very expensive in this economy because of the increase in fuel prices. So, make use of public transportation or carpooling options with friends to save some money whenever you can. 

    

    

   5. Learn a skill: whether you have completed your university degree or not, you can learn any skill and make money from solving problems for people using that skill. Learning any skill of your interest like product design, content creation, data analytics, graphic design, digital marketing, SEO writing, software engineering, etc, helps you gain an additional source of income apart from your allowance. That way you have enough money to spend and save for future expenses. 

    

   6. Take advantage of discounts and promos: Make use of any discount opportunity you have whether on bill payments, food, clothes, or other items. An example is the 2% discount Bankly pays their customers on bill payments. So, when you buy airtime or pay for GoTV/DSTV/StartTimes or IKEDC bills on the app, they pay you 2% back in your Betta Life Credits. So, be sure to look for these types of discounts in your banking apps or when you're shopping.

    

    

   7. Buy second-hand textbooks: Textbooks are one of the most cost-intensive items for students. So, instead of buying textbooks that become useless after school, consider lending from your seniors or buying second-hand ones which should come at a much cheaper cost than new ones. You can also rent from or share books with classmates. 

    

    

   8. Open a savings account: Opening a savings account is a more effective way of enforcing a savings habit instead of keeping your savings in your main account. Platforms like Bankly make it easy to set specific savings goals on the app, with 12% annual interest to grow your money. It is important to opt for a savings account with good interest rates that help you grow your money over time.