If there’s ever a time to live frugally, it is when you’re in campus. You’re currently in a very unique situation where it’s normal to be frugal because you are getting a limited amount of spending money from your parents or guardians every month and in some cases the HELB ‘boom’. Therefore, take advantage of the situation while you’re in it. It will help you foster great spending habits in the future when you get a job and have access to more money than you do currently.
The following money saving tips are opportunities to save that students often ignore or overlook. Start taking advantage of these chances to save:
- Differentiate your wants from needs, e.g. do you need to go out every weekend? How else can you have fun with your friends without spending much?
- Avoid impulse buying and create a budget for yourself and stick to it to the letter. This can sometimes be difficult especially where the funds are limited but it will help you in planning and saving for the future.
- Live in a place that you can afford, i.e. if you can’t afford to rent a house, share with a friend or better still live in the campus hostel.
- Walk to class instead of taking a ‘bodaboda’ or cab. Where necessary, use public transportation.
- Shop smarter for food, e.g. cook instead of ordering pizza, eat from the campus cafeteria rather than eating out and if you have to, take advantage of the discounts and offers available.
- Experiment with savings methods that best suit your needs; is it a bank account, is it a fixed deposit account or do you wish to invest in the stock exchange? The possibilities can be endless.
- Look for ways you can earn an extra coin; could be through a part time job or an innovative idea you can work on with your friends. Guys like Steve Jobs started off from a Garage; you could also create an empire while still in campus.
- Get a bank account where you can put the extra money that you want to save
Lastly, you are in school to learn, so do not skip your classes. Your parents’/guardians’ funds are just as important as your funds.
There are a number of bank accounts where they can save their extra money. Some of these accounts offers great interest rates on the saved money. At Credit Bank, we can help you choose the account that best suits your needs.