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So you get your allowance or money from your side hustle, you’re happy! Next thing, you turn around and you’re flat broke. And now all you are left with is the (thirty) billion dollar question…

How did this happen?.

Staying on top of your finances while on campus can be hard. But the following are a few tips to help you survive.

1. Create a Budget

A budget is simply a statement showing how you plan to spend your income. Creating a budget starts with being realistic. This means that you are realistic about how much money you currently receive/earn and how much you spend or hope to spend.

This is probably something you’re afraid of or have no clue how to begin, but it is one that is super important to maintain financial stability while school.

Let’s be honest. No matter how much money you have, it will never be enough to cover every single thing you need to buy. So budgeting is one key way to ensuring that you spend your money on the things that truly matter to you.

Document everything you spend your money on, from data to hair to food to clothes and stationery, all while being realistic with your current income.

This helps you take charge of what exactly you want to spend and sticking to it helps reduce impulse spending on things that you don’t really value.

If you can't save when you earn in thousands, it will be difficult for you to save when you earn millions Click To Tweet

2. Save, Save, Save!!!

Your allowance might be small, but truth be told, if you can’t save when you earn N20,000, it will probably be difficult for you to save when you earn N20,000,000. This is because your expenses and tastes will inevitably rise in response to your new income. In light of this, the best time to start saving is now!

My favorite tip to share for saving is to open a savings account and refuse an ATM Card and Mobile or Internet Banking for it.

Transfer a certain percentage of ALL the income you get, (including the money you lobby out of relatives, yes, even that) into that account. This makes it difficult to access the money at will.

Another option is to use a piggy bank. A lot of small businesses make and sell beautifully designed ones to order. Put some money into the box and only open it for emergencies or to invest.

Finally, you don’t have to do everything. You don’t have to go to every concert, buy every dress, or eat at every restaurant. I promise you that you won’t die if you don’t do it all in one month. Pay attention to your budget.

3. Budget money for fun things

Include in your budget an amount of money for the fun things you love to do and buy. If something extra comes up that is not contained in your budget, politely decline and if necessary include it in your budget for the next month.

Spread out these kinds of purchases over different months. For instance, you could buy that dress this month, go for the Wizkid concert next month and buy the cute new shoes the month after.

4. Take advantage of Student discounts

Don’t be embarrassed to use your Student ID to get the student discount on a movie, event or even products. Look out for these discounts and coupons and make the best of them.

But with everything else in life, moderation is key. Don’t splurge on everything simply because the word “Discount” is attached to it.

5. Get a Side Hustle

Can you make wigs, create content, draw, do makeup, code, etc? Then get a side hustle – Sharpen your skills and monetize them.

Spread the word out that you have these skills and confidently charge money for them. This would serve as an extra source of income for you.

6. Flee Debt!

You’re too young to be in debt. Try not to borrow, especially if it is to satisfy your consumption. Live within your means.

Not only do unpaid debts make your relationships sour, it also reduces the amount of money you have to spend on yourself when you receive your next income, making you run out of money early and pulling you back into debt. See, it’s a vicious cycle.

If you must borrow – please try to pay back as soon as possible. Don’t hide from your debtors – be transparent, this ensures that if you ever need to borrow again, you are creditworthy enough for friends to comfortably lend you money.

Whatever you do, run away from debt!

7. Already up to your neck in debts?

Don’t worry – Create a space in your budget for the repayment of these debts. Split up all your debt into manageable bits.

Create a plan to repay and discuss this plan with your debtors. Back up your words with action and ensure that you pay back as planned.

I wish you the absolute best as you SLAY your financial goals!

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