BUDGETING TIPS FOR STUDENTS

By Calista

As a student in Nigeria, especially in a Public University, life can be financially exhausting. Combining schoolwork and a social life and also dealing with money issues is not only arduous but mentally draining. Of course, there are a lot of people whose parents are ‘well-heeled’ and provide everything from the clothes on their body to the shoes on their feet. Others, not so much.

Dave Ramsey observed that ‘eighty percent of personal finance is behavior,’ not education. You do not need to be financially proficient to balance your academics and methods of spending. You have to make some lifestyle adjustments. The tips below are sure to help.

DO A BUDGET 
Firstly, it is advisable to create a budget for yourself. It is possible to spend more on some days than others but having an estimated amount of money to spend weekly is a great way to stay on track. Monitoring one’s spending helps one be more financially responsible.

AVOID IMPULSIVE BUYING
Avoid spending impulsively. Buy what you need and not what you want. Before going to the market, write down a list of things you want to get and have a scale of preference. Buy from the most important item on the list to the least important.

LEARN A SKILL
Next, learn a skill.  Knowing a skill or two can come in handy. For instance, if you are already good at making hair, your friends, neighbours, and colleagues are your first line of customers. Let the people around you know what services you can offer and what fee you charge. Thanks to technology, there are many options of skills to learn from YouTube and other online platforms.   A skill can fetch you extra money instead of depending on your parents.

Also read: Balancing School with a Side Hustle

SOLVE A PROBLEM
Being observant can be useful in this journey of financial prudence. Look around you and find out what is needed but unavailable, and try to find a means to make it available. My last neighbourhood was about 20 minutes from the nearest meishai, so I decided to solve this problem by setting up one myself. Since I already had a gas cylinder, I needed just a little capital for half a carton of noodles and half crate of eggs. People were happy to have someone around who made noodles. I was equally happy with the money I got in return.

COOK YOUR MEALS
It is advisable to cook meals yourself. Most times, the amount spent on buying one meal is usually enough to prepare a meal you will eat more than once. It is also good to have foodstuff in your kitchen. If you already have rice and seasonings and you want to prepare jollof rice, the cost of preparation will be low.

AVOID PEER PRESSURE
Avoiding peer pressure can positively affect the way you spend money. It is good to have an autonomous mind, and setting your priorities straight is important. Trying to impress people by spending lavishly will do you no good.  Know who you are and buy what you can afford. Make friends with people who have the same financial attitude as you also do.

SAVE FOR EMERGENCIES
Undoubtedly, Saving is the most important tip. As a student, try to save money. You should save more than you spend. You can use a piggy bank or other platforms that make saving easy.  Saving money helps for rainy days.  It is also a confidence boost knowing you have backup when things go south.