Esther Olutoye
Will Rogers once said, “The quickest way to double your money is to fold it in half and put it in your back pocket.” Although it may seem absurd, there is some logic behind it. Money is a constant struggle for every student on campus, regardless of their background. Whether you come from a middle-class, low-income, high-income family, or are self-employed, managing and spending money is a common question. The reason for this is simple: as social beings, we have constant wants and needs, and there is no reason to feel guilty about it.
As a student, you can live a worry-free life by following these 3 concrete and well-tested tips to cut your spending and save money.
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TRANSPORTATION
Everyone is well aware of the increase in the various transportation mediums, i.e., boarding a Keke, cab, bus, or taking a drop. For a person who wants to save money on spending, boarding transportation at every slightest chance should not be their lifestyle, unless one’s health is unable to adjust to this change. Also, there are extremely long distances that are hard to cover; in this case, taking a conveyor is reasonable.
In such cases as when you’re returning to your hostel after a class, going to a class, or someplace not too far from the school, taking a walk to your destination is a smart option. But this also depends on one’s mentality, as you could either see it as a way to exercise your body without having to spend a dime, as a way to take a walk with friends while enjoying each other’s company, or as a grievous task that feels impossible to achieve.
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REDUCE BUYING OF FOODS
The habit of buying food every day has great potential to drain one’s finances. You might be the type who lacks flair for cooking or one who doesn’t know how to, but that doesn’t mean it is impossible for you to learn how to cook easy and durable foods. Directing your money on buying foodstuffs to later prepare yourselves might seem like a long haul but trust that it is to your best advantage, especially as a student.
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CARRY LIMITED CASH
As we all know; the new naira note pandemic has resulted in a cashless policy being implemented. This means that many vendors on campus now accept payment through transfer or card payment via the POS machine. By carrying less cash, you can reduce your spending and save more money.
Research has shown that having cash readily available can lead to unplanned and unnecessary spending. It’s easy to give in to temptation and make unnecessary purchases, but if you don’t have excess cash on hand, it’s easier to resist the urge to spend impulsively.
By spending less, you can achieve the goal of Will Rogers’s famous quote.
