I can relate to how it feels to put your all into your studies, especially at the University of Ibadan, yet never feel as though you have sufficient funds to do anything. Saving money while a student can seem like an improbable task, but it need not be.
Let’s now discuss how to manage and save money when you’re a student.
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Know your sources of revenue
As a student, you may not receive a regular income that you receive on a certain day each month, similar to a paycheck. But as the months or years go by, you’ll discover that a select few sources (part-time employment) or parents account for the majority of your money. Keep a record of your present sources of income and the average amount you receive from each.
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Cook if possible or order in quantity
In general, dining out is more pricey than cooking your meals. If you enjoy fast food, you could try this for, say, a week to see which is more expensive. If you genuinely detest cooking, there are possibilities to purchase large quantities of meals from caterers or chefs, which can be far less expensive than purchasing breakfast, lunch, and dinner separately. (Also purchase your food in bulk.)
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Make a budget and keep regular records of your spending
A budget is your projected income (from your sources of income) and expenses for a certain timeframe, such as one week, few months, or a year. Your budget needs to be examined frequently to make sure you stay within your spending restrictions.
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Take some money and keep your card behind
Estimate how much cash you’ll need, then take cash out to spend rather than taking your card with you to prevent spending far more than you intended. Additionally, you can put off purchases by waiting a week or two to determine whether you actually need them.
Although finances in school may be limited, you may start developing sound money management skills right now. Not too soon, really.
As a student, use these suggestions to cut costs. In school, you’ll undoubtedly start to realize how much money you can save and accomplish more for you.
Good luck!
