How To Spend Less As A Student In Nigeria


It’s 2024, and with the current hike in prices, God help us. But wait o! You’re still spending money anyhow. Heh! You sure say you go survive this inflation? Yes, as a student, schooling in Nigeria, there are a lot of goodies that will enter your eyes, it’s normal. Naijassador advise you to stand strong on the low-key budget.

Being a student in this 21st century isn’t as easy as our parents and guardians think it is. There are textbooks and materials to buy, little payments to make, and other uneventful spending that may occur. Then there are lecturers to deal with, feeding expenses, clothing, and relaxation doings sometimes. Why relaxation? Body no be firewood.

As a student, it’s essential to be meticulous with your spending and to manage your finances effectively.  This helps avoid unnecessary emotional stress and insults.

Create a budget

Start by tracking your income, pocket money, and expenses. Make a list of your fixed expenses (tuition, rent, etc.) and other expenses (food, transportation, and data). Then allocate a specific amount for each category and stick to it. Please stick to it o!

Prioritise needs over wants

That biscuit you eat every morning stop it. That Nutri milk that wakes you up each morning stop it. It’s time to distinguish between essential expenses and unnecessary spending. Focus on meeting your needs first, such as textbooks and groceries (aka Garri very essential), before indulging in non-essential items.

Comparison shop

Before making a purchase, compare prices and look for the best deals. Also, negotiate very well when you’re at the market. Be current about the price of goods in the market and try to buy things according to it. Use the fact that you’re a student to your advantage and get discounts.  Consider buying used textbooks or second-hand items when possible.

Plan meals and cook at home

Eating out can be expensive.  Especially when it comes to restaurants and eateries. Plan your meals, make a grocery list, and cook at home. This can help you save money and eat healthier too.

Avoid impulse buying

That snack that you can’t resist once you perceive the smell, type of thing has to stop. In fact, block your nose and run away from it. Before making a purchase, give yourself some time to think it over. Ask yourself if you really need the item and if it aligns with your budget and financial goals.

Save and invest

Save o! Set aside a portion of your income or pocket money for savings. I know, it’s not as easy as it seems but it’s doable. Plus it’s going to be beneficial to you, especially during the holidays when pocket money might be reduced.  Consider opening a savings account and explore investment options that can help your money grow over time.

Remember, being meticulous with your spending takes practice and discipline. Regularly review your budget, track your expenses, and make adjustments as needed. By being mindful of your spending habits, you can make the most of your financial resources as a student.  Grace be unto you in your pursuit for your degree or certificate.

Written by Dike Ijeoma


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