Undergraduates: 3 ways to master savings at school or now, at home

Studentship has many shades to it; there are good, really cool days and there are tough and rainy days too. However, it’s really not in your hands to choose, times and seasons tell but you can actually plan and run ahead of the ‘rainy days’ and still stay cool. I’m talking about mastering savings and the three ways to it.  You may not be at school now I understand, but you can add it to your skill-set or make it a habit if you like.

What can students save for?

Like earlier highlighted, students save for rainy days – some time you have all the financial support you need from parents, guardians and sundry, but what happens when you find yourself in a fix and money isn’t home coming, you could fall back to your savings right? Secondly, final year projects are one of students nightmares; it requires heavy financial input to a fault. So at some point, you may not have all the money you need at the same time so your savings treats you to some financial freedom.

Again, it could turn out that you may not have to touch your savings at all as a student. Your money in the ‘bank’ could build up to something really meaningful and perhaps help become financially free when you are no more a student – when no steady allowance is home-coming.

You still have a chance to master three saving routines as a student to arrive your financial freedom, thus;

Track your income lane

Where does your money come from and how often does it come? Does your money come monthly, weekly, daily, quarterly which one?  You may also need to fix the question of who gives you money. Who gives you money or what gives you money and how much determines your income lane as students.

Establish a budget line

From your student allowance, how much can you possibly spend daily, weekly, monthly and  how much will be left before the next money comes in? Do not subject your savings to how much is left – you must be ready to cut-down on your expenses and withdraw from spending that won’t make your priority list. Depending in how your money comes, take a book, a pen and wear your thought faculty and plan your spending ; be sure to follow the plan. The rest you can then save.

Do not borrow

Borrowing is a little-looking bottomless pit that can ruin one’s life in a sec. As a student, you may decide to borrow 5k from your folk and when pay back later on, you will have very little for yourself. So how do you save if such routine is repeated?

Alright lets say you don’t borrow physical cash, how about airtime and data borrowing. These two unlocks some Oliver Twist syndrome in students; it’s funny how they pay back though, lol. Instead, discipline yourself to live by what is available at the moment, that way, you can avert spending double without you ever knowing.

Call to action

  • Open a savings account apart from the one you are operating now.

  • Do not opt for an ATM card; if its compulsory, do not collect it yet

  • Do not activate your online banking services for that account

  • All you need do is, put money in it, transfer money to it, save, save, save.

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