In Nigeria, education is much more expensive than it ought to be making it more harder for students to save money.

Your studies prevent you from working full-time, but they also cost hundreds of thousands of Naira annually in text books, tuition, and other expenses.

It becomes difficult to manage money as a result, let alone save money as a student. The good news is that there are a few easy ways for students to live a great life while saving money.

It’s vital to keep in mind before implementing any of these suggestions that you won’t be able to follow any of them over the long term until you develop a saving lifestyle.

Being frugal entails adapting your expenditure in all areas of your life to the advantage of your savings targets. This does not, nevertheless, obligate you to be rigidly stringent.

If you set financial restrictions that make your living unenjoyable, you’ll probably go back to your old spending patterns. Rather, it’s all about finding the appropriate ratio between managing your money wisely and occasionally treating yourself.

There are countless ways to blow your hard-earned money or student loans on university, which is pricey. You can save yourself a lot of money over time by making a few modest adjustments today.

Also read: All you need to kickstart your freelancing career latest guide, Ways to Save Money as a Student

13 money saving tips for students

1. Start budgeting

One of the best ways to save money while you’re a student is to learn how to budget. If you’re dedicated to helping to improve your current financial situation, you should do this. This entails having a clear understanding of your regular revenue sources and outgoing costs, streamlining your consumption, and starting to set aside some funds to work toward your savings targets. You may take charge of your finances with the aid of one of the many budgeting applications available. The sensation of having your own money is unmatched, and developing budgeting skills while you’re still in school will help you have a more stable future.

2. Don’t buy a car if you can’t afford it

Being without a car is one of the best ways to save money as a student because it is one of the most expensive things you can own. Considering the initial expense like fuel,car maintenance, using public transportation can help you save a lot of money. skateboarding is cost-free if you have it, and walking is totally free. Public transportation is the next best choice when you need to make a lengthier trip, especially while paying student rates. When you do require a vehicle, you can also use ride-sharing services like Uber for one-way trips.

3. Prepare your meals yourself

Avoid dining outside whenever possible. Eating out, whether at fast food or fine dining establishments, is more expensive than cooking at home. Eating out is one of the most expensive things you can do, especially if you study in a city where a lot of restaurants are pricy.

4. Buy used textbook

Avoid paying full price for your textbooks by checking out the rental alternatives and used book selection at the campus bookstore. Find out if someone is willing to sell their used textbook for less. You might be able to pick up someone’s used textbook! The quantity of textbooks you have to acquire at the start of each semester is one of the unavoidable expenses of being a student. Buying used books and reselling them after you complete them is the greatest approach to make some money in this situation.

5. Buy second hand goods

Since prices for used items are frequently much lower than for brand-new ones, buying used items is a great way for students to save money. When compared to brand-new purchases, buying used is significantly more affordable, and there are some amazing deals just waiting to be discovered! You may save a lot of money with some perseverance and careful observation.

6. Take advantage of your student discount

Some businesses provide discounts only available to those who are in school or currently enrolled in order to attract more business from students. To save those coins, keep an eye out for opportunities like this and take advantage of them. You’ll be better off if you have your school ID card on hand. When you need to complete work, look for software that is available to students at no cost.

7. Share your living space

Living in a co-op instead of a single-occupancy home or apartment is one of the best methods for students to save money. You’ll save a lot of money each month by spreading the cost of the rent among a few people as opposed to paying it all by yourself. Additionally, you will be able to divide the cost of any shared equipment and energy bills, which will further reduce your monthly expenses.

8. Take care of your belongings

In keeping with the aforementioned advice, maintaining the belongings you currently own is a smart way to save money while you’re a student. Spend a little more time restoring items so you can use them for more, as opposed to discarding them at the first indication of deterioration. This keeps you from prematurely purchasing new products while the originals are still functional. Additionally, while you’re doing it, it helps you look more ecologically responsible.

9. Get a job

Taking on one or two additional jobs in addition to your studies is a great strategy to save money while you are a student. Despite spending the majority of your time undoubtedly buried in a book, you probably have enough money to spend a few hours each week working a side job to supplement your income.

10. Adopt a simple lifestyle

Less is more when it comes to student financial planning. A minimalist mindset can also be quite beneficial to your financial situation. Simply said, leading a simple lifestyle entails having less possessions. You avoid falling into the pitfalls of an immediate gratification mentality that tries to persuade you that you still need more belongings to be fulfilled by only purchasing things that are extremely necessary. By becoming more deliberate with your purchases, you’re far more inclined to spend less because you’ll see that the things you initially believed you “needed” are actually not that important.

11. Avoid going shopping when you are hungry

Going grocery shopping when you’re hungry is a definite way to spend more money than you intended to each week. You typically wind up buying unwarranted fully prepared goodies as you move through the isles when you let your stomach dictate what you put in your cart, which could also significantly boost your general food cost. In order to avoid hunger, eat a little more before doing shopping activities.

12. Know your source of income

You may not have a regular source of income as a student, i.e., money that you receive on a certain day each month, like a wage. But as time passes, you’ll realise that your parents or your part-time work provide the majority of your income. Keep track of the sources of income you now have and the average amount you receive from each.

13. Avoid debt

If you intend to save cash while you are a student, resist the peer temptation to live beyond your means! I understand that there may be a significant amount of pressure, and now everyone may be spending money on items they can’t possibly afford to satisfy others. Entering into needless borrowing to just finance liabilities rather than assets is a costly financial blunder. Resources let you recover part of the costs of debts while debts continue to incur costs. Furthermore, resist the urge to take out loans to finance “products” that are really nothing more than waste of to time. If something seems too promising to be true, it most likely is.