On this post, we will take a quick look how to reduce spending and save your pocket money as an undergraduate on campus. I will begin by showing you the Top 4 Money Drainers in every university campus. With the knowledge you will glean from here, you will be able to manage your pocket money very well.
Top 4 Money Drainers in Every University Campus
Below are things that keep you perpetually broke in school despite the money your parents sweat their association off to make and send to you.
This practice has produced more broke people than rich people. It sounds very cool to many people but, can you calculate how much you’ve actually lost in it? OK about the one you have won, what can you brag about that you’ve used it to do?
Quit the practice now and stop running round the circle of; Get Money >> Gamble>> Stay Hungry >> Lose money >> Go broke >> Get money >> Gamble>>…
You want the latest foot wear, latest iPhone, latest this and latest that but what’s wrong with using the normal one?
If it must interest some trend freaks out there to know, you throw a lot cash on trends that don’t trend up to 6 months because you are now faced with either selling it out or abandoning it. And that’s a lot of cash you know.
3. Smoking and Drinking
Why spend money on something that is a threat to your life?
Now imagine how much you spend on these things daily, weekly or monthly. Imagine how much you would save or even gain if you invest the same money into other profit-making ventures?
Well a quick advice to the freshers, if you have any plan to start these habits, please abort it. Save your Money and Your Health.
4. Womanizing and Clubbing
It’s easy to start but you will need God, discipline and time to stop.
Don’t waste your money on this one because the money is not your sweat but your parents’. Even if you are doing one or two things to earn your money, clubbing and womanizing are still not worth it.
What you have above are the four obvious money drainers on the campus of every tertiary institution. I know there are many more money drainers. If you don’t mind, you can use the comments section to share your thoughts.
Let’s proceed to how to reduce spending and save your money on campus.
How to Reduce Spending and Save your Pocket Money on Campus
Literally speaking, to save means to keep and store up money for future use. I’m not using the word save in literal terms. The goal of saving here is to extend the life span of your pocket money so that it can last longer for you.
Having dealt with the top money drainers, you will also find the following helpful.
1. Set a Daily Spending Limit
It’s a little bit complicating if this is your first time. All you need to do is calculate the total amount you spend in 5-7days and divide it by 5 or 7 to get the average.
NOTE: excluding miscellaneous. The average you get will be your daily spending limit. Sometimes you might spend more or less than the limit but always save the remainder for miscellaneous each time you spend less than the daily spending limit.
Workers use this technique too.
2. Learn How to Cook
I’m not talking to the females alone, it’s for both genders. If you can’t cook, don’t worry YouTube and Google have made learning cheap and easy.
Listen, cooking saves you more cash than buying food and more importantly, it’s part of a healthy lifestyle. How does it save cash? Simple. With #500 in hand and your foodstuffs available, you can make a meal that will serve you the whole day, but a plate of food outside costs N350 – N1000 or more.
3. Photocopy Textbooks / Get PDF Versions / Avoid Photocopying Everything Called Material
If you’re offering a course whose textbooks are not compulsory, I will advise you photocopy them. But before you photocopy, compare the price of photocopying to the actual cost of the book. PDFs are really good if you can get them but once the light is off, the knowledge can’t be extracted.
Don’t fall into the trap of getting everything called material, some are outdated or were written by lecturers who are retired now. So I will advise you ask older students before you photocopy.
Read Also: 8 Books to read in your 20’s
4. Kill the Urge to Join the Trend
Always keep in mind that trends don’t last. Why should you spend 10k for a sneakers that after 4 months, you’ll feel awkward putting them on? Trend can be in phones, shoes, wears, style, anything at all. It is costly to join and costly to keep up with, so avoid it.
5. Invest in Quality Wears
Okrika (or OK-wears like many call it) has been saving budget since we were kids but there’s something we’ve not observed. These cheap wears lose quality within a period of a year or less, causing you to replace them but you don’t notice this because they are cheap. Don’t misunderstand me though. First grade OK-wears might be great but in the long run, you’re spending more sewing and replacing it. Go for quality, it lasts longer.
6. Avoid Unnecessary Hangouts
These hangouts are crazy because most of the time we end up spending more than what we budgeted, and constant hangouts like this isn’t healthy for the pockets😁.
7. Flit Your Room / Use Mosquito Repellent / A Mosquito Net
This particular tip saves you from being sick as a result of malaria. Malaria is nothing to joke with, it’s killed a lot and is still killing. So my dear, pick the one you can afford. If you plan on flitting, 2 – 3 times a week is fine. Health is Wealth.
8. Protect your Data (Subscription)
I will advise you first turn on “data saver” mode on your device. This will help prevent apps that tap into your data without your permission.
Next is make a list on things you mustn’t do with your data. This will help you to always pull yourself back. But anyways, avoid downloading heavy file sizes and avoid watching Facebook videos. They are tempting though 😫.
The essence is to save your data, so you can subscribe just once or at most twice a month.
9. Avoid Money Draining Activities
Such activities includes Gambling, Smoking and Drinking, womanizing, trends, and the rest of them.
10. Avoid People who Spend Like their World is Ending Tonight
These people spend like the more they spend the more it comes, but we know it doesn’t work that way. So try not to spend much time with them or you might become one of them.
✅ Call people on the phone only when necessary. Whatsapp has made saving of credit easy.
✅ Be Spiritual. The best director you can ask for is the Holy Spirit. Have Him around and watch how your decisions have no negative impact on your pocket.
I hope this has been worthwhile. Remember that you can use the comments section to share your thoughts with us.
See you on the next article.
Nguakor Chukwuebuka Paul
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