“DO NOT SAVE WHAT IS LEFT AFTER SPENDING, BUT SPEND WHAT IS LEFT AFTER SAVING…..”
Saving money as a student may seem impossible, especially for us female folks who want to splurge and keep up with fashion trends. I know because well.. I might be guilty as well but it actually is possible especially if you have a small business by the side, or even if you don’t, saving is very possible. Here are 4 major tips I have adopted over the past year which has worked really well for me and might as well be useful to you.
HAVE A SEPARATE SAVINGS ACCOUNT
This is one method that I particularly use, in fact this was what I started with when I started saving. Immediately my allowance for the month is sent to me, I transfer a certain percentage into my “savings account”. I use a constant percentage for better adherence and makes my budgeting process easier. I’d totally advise you don’t collect the ATM card for this particular account. If you do,you just might be tempted to spend
all out of it. Also, I’ll advise saving just a reasonable amount you can do away with monthly without having to make yourself inconvenient. It’s called savings for a reason.
AVOID IMPULSE SHOPPING
Saving money doesn’t have to be direct saving of physical cash. Leaving home with cash instead of your debit card would definitely help avoid impulse shopping. Having a list and sticking strictly to it is a plus. You can equally save money by looking out for discounts on every type of items especially online stores. For fashion items; thrifting which I think deserves a blog post of its own is the major way I save and still get quality stuffs. It’s way easier now that there are a number of online thrift stores especially on Instagram (let me know if you’d like to make a list of thrift stores).
PS: If possible, avoid shopping online has this would encourage you to splurge(tho I doubt if this would be possible but with self control…just maybe)
PPS: black Friday is almost here (usually last Friday in November for most stores). you can be on the look out for stores especially expensive items you’ve been eyeing. I’ll definitely be doing a post on various online stores/websites that will be running the black Friday discounts.Student on a budget? Here's are some tips on how to save money without having a side job! Click To Tweet
HAVING A PIGGY BANK
Very early this year, I read about the story of a certain woman here that saved an about #400,000 just from having a piggy bank at home. I remember having a piggy bank when I was growing up which as more like a wallet as I would
break into the bank open the it when its time to buy sweets/gum but after reading this woman’s story,though not with the aim of saving that much, I bought mine around June this year and intend to open at the end of the year to see how much I can come up with. So far, this has especially helped me save “extra money”. You know those cash gifts you get unexpectedly when you meet a relative or your parent’s friend somewhere and she decided to give you money for ”transport”?. Yes I save every penny because I could do without the money in the first place. Trust me you need a certain level of self-discipline for this one
By the way:The piggy bank is the same “KOLO” most of us know
You can get the piggy bank can be at any local market and costs about #300. The price may vary depending on your location.
EAT OUT LESS OFTEN
I like to try out new food and cuisines, but I don’t do that all the time. Most times, I eat out approximately once a month and when I do, I look for very affordable restaurants. I either read reviews or do a proper research. As a student, I personally think cooking your meals saves you a great deal of money. Well if you’re in a university that allows you to cook,buying food stuff at the beginning of the month and preparing your own meals would save you a great deal of money as it’s way cheaper,though may be time consuming,but way cheaper than eating out.
Saving however doesn’t mean I don’t splurge sometimes; I just make sure I don’t do it too often.
BONUS TIP: Withdraw your money on a weekly basis so that you can stick to your budget. p.s: take transport and buying of lecture notes(if that applies to you) and other miscellaneous expenses into consideration.
Do you save?
What other tip do you use to help you save money? Please leave your thoughts in the comment section so I can learn from you as well.
Till soon. Tosin Toge