4 Powerful Tips on How to Save Money as a Student

Being a student isn’t as easy at it seems, ranging from academic works to personal savings for daily up keeps. It is therefore of utmost priority to knowing how to effectively save money undermining our daily spending. Updatedgist.com brings to your notice some of the powerful tips to go about it.

I was once a student, so trust me I know how this things works ranging from buying of Textbooks, Tuition Fees, Dues and some extra cash to spare for some personal projects. But the truth is that there is still a way you can save money amidst all of these financial responsibilities looking you in the face. Below are some list of ways that will help you on How to Save Money as a Student.

Having Questions? Leave a comment and we will attend to it. Also, simply send a message to +2348182257837 on WhatsApp. Kindly share this post to your friends on social media and other platforms.

Tips on How to Save Money as a Student | Money Saving Plan for Students

1. Make a Reasonable Budget

This is one of the most effective ways to go about saving money as a student. You can do this monthly or weekly, depending on how regularly you receive some cash or get paid.

With budgeting, you can keep track of what is going in and what is going out. Also, you get to know what exactly consumes most of your funds and makes it look like you can’t save all the time.

2. Reduce Impromptu Purchases

Funny enough this factor affects many students. Most of us have the habit of making impulse purchases. You went to hang out with friends and you promised yourself you will spend just money on food. But on getting back home, you come back with two bags filled with new clothes and shoes. You couldn’t just help it. You had to buy them.

These impulse purchases can slowly chip away at your savings. Sometimes, you have to leave your debit and credit cards at home so you don’t have access to money.

SEE ALSO: ASUU Strike: Rewarding Things Students Can Do During The Strike

3. Prepare your own food/Quit eating out

Whether it’s fast-food chains or upper-class restaurants, the cost of eating out is far greater than that of cooking at home, trust me. Your eating out should be reduced to these conditions:

  • Special occasions like birthdays and anniversaries.
  • Outings with friends. (Not always)

4. Apply the “DCD” Rule

Knowing how to save as a student, nothing is more important than this. Heaven helps those who help themselves. So, you need to make a conscious effort to stay true to your savings plan. You need 3 things, Diligence, Consistency, and Discipline. With these 3 things, you are set to go. Now, watch your financial life change positively.

ACTION POINT:
  • Start Saving 15% of your allowance every month.
  • If you get paid daily, save 10% of your wages every day.

Having Questions? Leave a comment and we will attend to it. Also, simply send a message to +2348182257837 on WhatsApp. Kindly share this post to your friends on social media and other platforms.

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