So you get your school allowance or money from your side hustle and you’re ecstatic! Next thing you know, you’re flat broke and now all you are left with is the billion-dollar question…
How did this happen?
Managing your personal finances while on campus can be hard, but we have a few tips below to help you survive sis!
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.
The word budget can come off as scary and intimidating to most of us and where does one even begin?? Please keep in mind, a budget is super important to have to maintain financial stability while in 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 mobile data to hair supplies to that take-out from last weekend to groceries, 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 DO NOT get an ATM Card or Mobile/Internet Banking for it, you’ll thank me later.
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 attend every brunch, every party or buy every dress on sale, I promise you won’t die if you don’t do all the social activities in one month. Always stick to your budget.
3. Budget money for the fun things too
Include an amount of money for the fun things you love to do and buy. If something extra comes up that is not in the budget, politely decline and if necessary you can 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 (or when we’ll be allowed outside again, stay safe!) and buy those new shoes a month later.
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.
However, with everything else in life, moderation is key. Don’t splurge on everything simply because the word “SALE” 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 about these skills and confidently charge money for them. This will serve as an extra source of income for you.
6. Flee Debt!
You’re too young and too cute to be in debt sis. Try not to borrow, especially if it is not urgent. Live within your means always.
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!Always live within your means Click To Tweet
7. Already up to your neck in debts?
Don’t worry – create a space in your budget for the repayment of these debts. Split them up 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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