We’re not unfamiliar with being broke.
In private universities, it seems like air is the only thing we don’t have to buy to survive so the cost of necessities can take a toll on your pockets.
Let’s have a case study with Bingham University.
The average Bingham student spends at least #1000 naira every day. And that’s just on feeding sometimes. Spending money in school is inevitable but it’s a different thing altogether to know how to spend money right.
Spending such an amount daily sounds ridiculous but with proper management, you’ll find money being sufficient to cater to your needs.
To help you with that, here are some tips to reduce your expenditure and begin to curb your spending habits.
FIGHT THE BOREDOM!
You’d be shocked at how much goes to things bought out of boredom. It’s second nature to want to eat or shop when you “have nothing better to do”. A lot of students end up spending a lot of money on unnecessary snacks, drinks and other sort of foods all because they think their hungry but they are just really bored. School might not be the liveliest place and that can create an opening for boredom to creep in. Try to fill up those moments by playing sports, doing homework, reading a book or anything in general that will take you away from spending money.
It’s probably the most obvious thing to do when trying to control your spending yet when once we receive alert, this concept seems to elude us. The problem with most students is that we have access to a lot of money and don’t know how to handle it. To budget, find out what you have planned to do with the money for the month or however long it can last you, WRITE IT DOWN and make sure you have the essentials down such as food, to replenish provisions, printing money and any prior need that you’ve have. When you have a budget, your spending will be guided.
WHEN BUDGETING FOR FOOD
Food is essential – no need to stress that – so you should make sure you always have food. When resuming, come with a lot of provisions that will last you for long. Buy food or snacks you can keep with you in the hostel like biscuits, sardine cereals, bread etc. You can also deposit money in your favorite cafeteria for food so you don’t have to worry about spending into your feeding money in case of emergencies.
ALWAYS HAVE EMERGENCY CASH
Speaking of emergencies, you need to be ready for any kind that comes up. Printing and spiral binding of assignments and projects, newly enforced dues, increase in price of goods you buy; anything can happen at any time.
Note that having cash at hand is always a better option than money in the bank that you have to depend on through transfers and ATMs.
IMPULSE SPENDING IS A THIEF
Yes, it looks nice. Yes, you’ve been looking for where to buy it and now you can. But does it rank as ‘important and urgent‘ on your priority list? The things is we can make do with a lot of the things we already have and so we don’t have to spend on more things. Take a look around you and see how you can improvise to tend to your needs.
GET SOMEONE ELSE TO KEEP YOUR MONEY
If there’s that one person you can trust to keep money for you, please do so.
You can agree on an amount to give, how regularly you save and keep a record of how much and when you make such deposits. Just to be on the safe side, make sure you always have a witness for every transaction to avoid stories that touch the heart later on.
You can decide to use your savings at home or when the “brokage” starts setting in in school.
These tips may fail for you the first time you try them out but keep using them till you adjust your spending habits and then you will notice a change in your spending challenges.
We hope this article will help you even after/outside university.
When last did you attempt saving and how did it turn out for you?
Have you tried any of these tips before? Please share your experiences with us in the comments.
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Image source: https://buildcommonwealth.org/work/savings
Written by Laura Nuffy
Edited by Lois Samari