Schooling is fun, but it is also money consuming. As such, being a student is almost an excuse for being broke.
Our parents can only do as much as they can for us, particularly meeting the basic costs of schooling. Though they don’t really know the things that take the money off our pockets.
And most times, we can’t offer explanations as to how the allowance we just received is almost finished. Those are the times you often say to yourself; ‘my parents won’t understand how school is’.
For most students at universities, money management is always an issue. In fact, there’s simply not enough money to cover living expenses.
So you ask;
How do I save money at university?
How do I manage my money in school?
How do I earn money in school?
Aside you, these questions also frequent the minds of many students in school.
How to save money at university
Here are some tips to help you maintain a level of financial buoyancy all through the semester.
1. Live on campus
The truth is that staying off-campus is fun and lovely. There are no restrictions when staying outside school.
Moreover, there’s abundance of freedom living off-campus.
But unless you are staying alone or with a financially responsible relative/family member or roommate, staying off-campus would be unwise.
Its a well-known fact that apartments off campus cost more than the accommodation fees of school hostels.
An average off-campus accommodation costs 3 times the price of a school hostel space, excluding electricity bills, water, gas.
You’ll understand the numbers more if you have being in school for at least one full semester.
If you must stay off campus, be prudent with your money.
2. Learn to save
Understand that this tip is probably the most important point in this post. Without this tip, the rest won’t do much for you.
Inasmuch as we all love to spend money, its advisable to save for future purposes.
It is said that the concluding weeks of a semester are always the hardest and I agree. Wise students know how to save money for such periods.
It can be in a formal (commercial or microfinance banks) or informal way (a saving box or piggy bank).
You can also join a trustworthy co-operative society for weekly contributions. There are many of such platforms for students.
To avoid being broke too often at university, saving is essential.
3. Avoid parasitic friendships/relationships
We recently wrote a post on this blog showing you how to build healthy relationships in school. It contains tips to help you make your relationships profitable while in school.
School is a place where we meet with people from all walks of life and we interact.
The friends you keep, apart from affecting your behaviour and morals, also influence your finances. Therefore, its wise to avoid people that affect your money adversely.
And if you live with someone or group of people, check out my post on how to live with a roommate.
Do you always pay for the meal whenever you hang out?
Do you always host an internet connection (hotspot)?
Are they always borrowing your clothes?
Then it’s time to check your friends.
4. Study hard
This is a commonly overlooked, though important aspect of money management in school.
Many students spend lots of money on academic aids. Students pay huge amounts to have their assignments done and to be impersonated in tests and exams.
Then there’s the talk about ‘money for high marks’. What is often regarded as ‘sorting’ or ‘blocking’ or however you know it.
Studying by yourself will erase unnecessary expenditure from your budget. And you will be able to attain that high CGPA by paying more attention to study.
Image Credit: WESYC
We recently wrote a blog showing you how to achieve excellent grades in school. It contains things you should do to have high grades.
5. Spend wisely
We all know how school life is. There are so many things to spend money on.
Therefore, what you buy, when you buy, how much you buy and why you buy should be considered very seriously before every purchase.
This might not apply to you if you have so much money to spend. But as an average student, you should apply wisdom in spending.
Do not spend on services you don’t really need or you can get for free.
If your school offers free internet connection, your data purchase should be greatly minimized by making great use of the school internet service.
While this come easy for students living in the hostel, students living off campus are dealt a different fate. Check out: 5 advantages of living in school hostel.
Also, avoid junk foods and chops. Don’t strain your pocket to indulge yourself.
Buying in bulk is also advisable because of discounts that come with large purchase. Spend wisely.
6. Do business
Many people know that money, no matter how much kept, will one day finish unless its replenished.
Therefore, this blog will be incomplete without this important tip as a key to financial stability in school.
There are a thousand and one legal ways to make money in school. You don’t need to engage in fraudulent activities to make money.
Do legit things in school, no matter how small. Remember 1+1 is still 2.
Moreover, the aim of every business is to make profit. Therefore, its okay to discard your passion if it doesn’t bring you profit.
You’ll eventually become passionate about a business that brings you money.
Do you have a great fashion sense? You can sell clothes.
Do have access to gadgets at a cheap rate? You can turn your school into your market space.
It’s even much easier to sell your skill.
Do you write? You can run a blog or write for one. These tips to using the internet effectively is a great way to start.
Do you have access to information? You can teach others for a fee or run a blog as well.
Tailoring? It’s the next oil. Go for it.
Graphic design? Start now!
Don’t be ashamed to monetize your skill. Sell. Earn. Just make money the right way, because you will need it.
So how do I save money at university?
Below are the ways to save money at school:
- Live on campus
- Learn to save
- Avoid parasitic relationships/friendships
- Study hard
- Spend wisely
- Do business
Schooling is fun, but money makes it more fun because no one enjoys being broke.
Furthermore, most processes in school requires money. From course registrations to other academic costs. That’s why most students try to support themselves in school through scholarships.
What more on saving at school?
You can stay on top of your school economy, not allowing school to drain your pockets by applying these tips.
They’ve been a manual in my own life as they work miracles for me each semester.
Most importantly, there’s been tremendous evidence in my own life that these tips work outside school too.
I hope you liked this blog? Share it with your friends on social media. I appreciate you.
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Maxwell is a Dietitian with passion for showing people hope. With nearly a decade experience helping people make key decisions on education and career, you can find him almost everywhere on this site. From answering admission and scholarship questions to creating tutorials and helping others live their best lives though nutrition. Connect with me on Twitter.
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