It’s that time of the year. Sigh.
This post is specially dedicated to my fellow undergrad Nigerian students going through life, steady pushing towards our goal and destination not relenting even though the system tries to put us down. Still, we rise.
Studying in a Nigerian university is an extreme sport. Where do we even begin? From the hostile learning environment to the terrible transportation system leaving students to the mercy of the scorching sun, the insensitivity of lecturers to our time (never apologizing for coming 20 mins to the end of the class), unscheduled tests and the general brouhaha that comes with being in Uni.
Still, somehow we rise. To becoming some of the greatest people in the world, excelling wherever we find ourselves and never carrying last.
One of the major issues every student faces is lack of funds. Honestly, we almost ALWAYS lack money so if you know an Undergraduate student today, send them money plis they’re dying, I mean literally.
The money comes and goes and somehow we don’t even have anything tangible to account for it, leaving us living from hand to mouth.
With this post, all of that is about to change. For the better.
So here are ways to save 100k and above in a semester.
Top of the list would be to get a piggybank popularly known as Kolo in Nigeria. A Piggybank is a fancy rubber pig with a thin hole where money like spare change is put in to save in bits. At the end of the saving timeframe, it is broken and money is recovered to achieve that purpose. Piggybank were initially and often used by kids to teach them how to save. With time, it became a thing even for adults and so the Nigerian version is in the form of a thick wooden box with a slim space where notes are neatly folded and placed in.
This can be made my a carpenter on demand or gotten already made from the nearby carpenter. It costs between N300-N800 to buy one depending on the size.
Put in spare change and leftover money in there, this is not the time to spend it on unnecessary and unhealthy snacking. Set a target or period for which it would run which is until the end of the semester. You could buy more than one and label them by months, it would help track how well or better your saving skills have become.
The traditional way always wins.
Piggyvest is a Fintech company which is a digital piggybank or Kolo as we call it. Previously used to be Piggybank until they decided to upgrade their services to become an investment platform where people can save and get interests while doing so.
Some of their services include the daily, weekly or monthly target saving called the AutoSave option where a certain amount set by you is automatically deducted from your Bank Account at a time, on days determined for you. Perhaps you could do N500 per day or N2000 every week or N5000 twice in a month. All depends on you. Another option is the Safelock where you can lock a specific amount of money which cannot be accessed until the last day of withdrawal.
Users are allowed to set days of withdrawal on their accounts, and if you withdraw on a contrary day, you get charged a 5% breaking fee charge from the money withdrawn. Imagine remembering that 5% of what you withdraw would be taken, you’d sit tight and rethink that decision.
Best part? You earn interests, at the best rates. They once topped up our accounts with N500 just for completing a survey. I mean, how cool is that?
There’s an affiliate part of it which everyone can be a part of through PiggyVestStories.
Register with my code https://piggyvest.com/l/7adce0c to get N500 upon sign up.
Invest in a Commercial Bank’s Mutual Funds.
Check with your Bank to know their interest rates for their Investment packages and invest with one that suits your pockets.
Stanbic IBTC Mutual Funds has one of the best packages with the Money Market fund that you can begin with a minimum of N5,000 and top up consequently.
You can decide to put in N10,000 every 2 weeks or even every month and watch your money gradually grow.
Walk into the bank branch and make inquiries or visit http://www.stanbicibtc.com to know more about it.
Invest in someone’s business/ give out loans:
This is one of the most popular things to do on campus. Look out for people you can give out loans to with a written agreement that they pay at a certain interest with a third party present. No matter how little the money is.
You can also invest in a business where you are an investor. For instance, you invest 50,000 with the agreement that 12,000 would be paid subsequently in 5 months which sums up to N60,000 making a gain of 20%. Smart right? Remember, it has to be in a written agreement with consequences in the presence of a third party. Friends or not, business had to be business. Keep it straightforward.
Budget your expenses for every month:
Every month when that Credit Alert comes in with your monthly allowance, create a system of how this money flows and is spent.
Take some aside for investment, 10%-20% is advisable, another 10% for savings, now you are left with 70% for expenses.
Take out your monthly transportation money and keep aside, which should be about 15%- 20%. Make a list and buy your groceries in bulk which should take about 40% of your allowance. The remaining 10%-15% should be for miscellaneous expenses that might arise.
It is important that everything is accounted for, that is one of the best ways to make smart financial decisions. Create that budget and be on your way to healthy finances.
Hope you enjoyed this post. Kindly share and leave a comment if you’d be incorporating any of these tips into your financial life.