• Monday, May 27, 2024
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BusinessDay

Tips to being a financially savvy university student

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Attending university can be a financially daunting due to the cumbersome expenses for tuition, textbooks, transportation, food and other responsibilities. However, there are a number of practical ways to curb various costs and avoid the constant panic of going broke. Here are a few ways to save and still have a pleasant university experience:

• Invest in Used Textbooks: Brand new editions of textbooks can be very expensive with some costing as much as N45, 000. You can, however, avoid these costs by purchasing used textbooks from the campus bookstore or your friends at a much cheaper price. Additionally, you can capitalize on the benefits of the digital age and obtain e-books via the internet. Majority of the e-books are available at subsidized costs so this should save you some bucks.

• .Patronise less expensive means of transportation: Using taxi cabs or even spending money on fuel for your car (if have one), can take quite a lot from your allowance. You can consider using the local bus or drive a bicycle to school in order to save transportation costs. Also, you can search for a classmate with a similar class schedule to yours and catch a ride with him/her every day to school.

• Cut cost of feeding: Various universities have meal plans for students and restaurants on campus. However, food from the restaurant and the campus meal plans can be quite costly. Thus, you can choose to purchase food from more affordable eateries off campus or cook on a budget with foodstuffs from the grocery store.

  Be smart about accommodation: Finding affordable housing in university can be challenging. It is clever to source options that can help curtail living costs. You can split a room with a couple of friends or even commute to university from home if you live close by.

• Set up a Savings Account: As a student, saving for the rainy days should be very important to you. A number of banks in the country cater to students through savings accounts and internet banking. A savings account is useful because it allows you withdraw at minimal fees and it is more lenient on the minimum amount allowed in an account.

• Be meticulous, be organized: Monitoring your spending habits is also a viable path towards saving. Keeping receipts of items you purchase whether they are as little as a notebook or a laptop is advisable. At the end of every month, you can gather up the receipts from purchases and double check to make sure you’re not spending on items you don’t need.

• Use your leisure time creatively: University life is often overwhelming so the need to unwind and relax cannot be overstated. Realize that you can do this without going overboard with your finances. You can find out movie theatres, bars and other recreational centers that offer student discounts or rebates. Creatively choose alternative ways for leisure that would help you save some bucks. Activities such as making dinner for your friends instead of going to a fancy restaurant, planning a picnic or going to the beach can be fun and also enable you cut a fraction of costs.

• Find a time-convenient job: It is understandable that university can be stressful, so getting a job may sound intimidating. However, if you get the right part-time job, the experience could be rewarding. Finding a job on the school campus is much more convenient because you’ll be curbing transportation costs. The job will most likely not pay a ton but the little you get from it will assist you in taking care of a number of expenses.

• Minimise your phone bills: Telephone calls to friends and relatives can also put a drain on your finances. Therefore, it is judicious to cut down on calls and text messages unless they’re necessary. It is also smart to utilize the phone plans by the various telecommunications networks that enable you to make calls at subsidized rates.

 • Explore scholarship options: Most universities have different means of financial aid and scholarship opportunities for students. It is advisable to research on the various funding options no matter how little they provide. Scholarships go a long way in cutting university costs which of course gives you a better platform to save.