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Finance Management Tips for Students

By – Andrew Mejire Etoh

education savings

Its no longer news our economy has taken quite a number of hits, and Nigerians have had to endure the unstable and ever increasing price of goods and services, I thought about how it was when a pack of indomie superpack cost fifty naira or when an egg cost twenty five naira. Back then, one hundred and fifty or one hundred and twenty five naira could provide a substitute meal for my roommate and I. well that was some years ago, today the current price is double that amount, frankly when I imagine what students life is like in this economy, Im thankful I graduated when I did.

This brings me to this weeks topic; finance management tips for students’ Gaining admission into the higher institution is an exciting experience for many students, and it is often the first time many young adults taste the freedom of the real world and venture out from the warmth and safety of their parent’s homes. There are many different tasks that need to be juggled in order for a student’s experience to be successful. From studying and attending classes, to networking. But more importantly, students are open to a degree of liberty that affords them the opportunity to learn how to be independent adults; managing student finance is one lesson every student needs to learn, so the following tips should help.

#Cut your coat according to your cloth.

And I mean that literally, lets begin with the basics, when making your choice of a higher institution, many students are typically guided by the desire to be far from home, where they have as much freedom as possible which isnt so bad but also consider the cost of studying in that institution, whether it’s a private, state or federal institution, try to find out what their tuition fees are like, accommodation costs, if there are special tuition fees for indigenes if its a state institution, make sure its something your parents or sponsors can afford. When you get in, if you find the on campus dorm unsuitable for you, consider an affordable off campus option. Here you might get tempted to go over budget to guarantee your comfort; for instance, high-end luxury hotels, luxury furnishing etc.

Share Expenses with a Roommate

Another way that you can reduce your cost while in school is to share expenses with your room mate. When it comes to living in a dorm, you can expect to live in close quarters with another student. Many expenses can be shared between roommates such as furnishings and groceries.

Get a convenient part-time job

Sometimes student allowance might not be sufficient to help you get by in school, you may consider getting a part-time job so the income can help you get by, that way you build your capacity and earn some money along the way. You may also opt from bursaries, student internships or student scholarships.

Stay Away from Debts

I cant over emphasize this enough, try as much as possible to live within your means, borrow only when you need to, dont succumb to impulse spending or credit purchasing, and spend only when you need to.

 

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