Saving as a Student in 2020 – Lisa Omoragbon

By January 18, 2020 Finance

2020 is the year of fresh starts, continuing well and getting things in order. Saving is a regular goal on every student’s new year’s resolution list. Was it one of yours? Let’s see how I can help.

Saving is putting away or preserving money for future use and as a student that means putting some of your allowance, monetary gifts, or even profit from your side hustle aside. It has been quite a challenge for a lot of people but once certain things are in place, it really is not so hard anymore.

First things first, why do want to save? You have to answer this question because your goal is what would keep you going on the hard days. It could be for a gadget, a masterclass, some TLC during your break or financial security. Saving just because you’ve been hearing about it and you want to try it would have you starting and abandoning it before you realise it *lol*.

As a student you should maximise the opportunity of being able have some inflow of money and not having dependants or serious bills to cater to. In most cases, once you’re out of school, you are ON YOUR OWN (O.Y.O.) and what you had saved all those years in school may help you not get stranded.

After coming to terms with the decision to save and having a goal, the next step is how to go about it well. In my early school years when I made the decision, it seemed a brilliant idea to open another bank account dedicated to setting aside some money. If that’s what you want to do, hold your tracksss because I made two big mistakes; 1. I had a debit card and 2. I had a mobile banking app. I didn’t think I would be tempted to spend the money on wants or “needs” that came my way and before I knew it, the money had been transferred, withdrawn or used to buy another data subscription.

I never even saved enough for the goal I had and I regretted because I knew I could have done so if I had been more disciplined. Yes, self-discipline is a big factor in saving, especially if you want to go through this route of having another bank account for this purpose.

So, DO NOT request for a debit card and DO NOT download a mobile banking app. The only way you’d have access to the money is when you go to the counter to make transactions which would make you think twice before going and if you want to go the extra mile, you can make open a bank account with a bank that doesn’t have a branch in school or is far from your reach.

The next thing I decided to try was a ‘kolo’ box. I was determined to put some money in it at every chance I got and it did work for a while till I forgot I even had the box altogether lol. Because I’m a student, I have busy schedules and many times, once I got back to my room, my mind was nowhere near “Okay Lisa, bring out some money for your savings box” and of course in my time of need I knew where to find that kolo🙈😂. That was option 2 gone wrong and it seemed maybe this saving thing was more feasible as an adult when things were more balanced (Lie!!!) so I didn’t stress myself so much about it until I stumbled on a life changer one day.

I discovered CowryWise (this is not an ad). With it, I was able to create a savings plan and automate my savings i.e. my debit card was linked to my plan and I could choose a particular amount to be debited every week. So, this helped out with the issue of not remembering to save. Another thing was that this plan had to be locked for a minimum of 3 months during which you had no access to the funds…you couldn’t withdraw the money even if your head was literally on fire till it was the due date. This did a good thing for me and you know what? I survived whatever it was and still had my money safe *wink*.

A plus for me was that I was able to get better interest rates in my money so it felt good to see my money grow and I was encouraged to save more as the interests were higher with more money. I can say after all my trials and errors, I finally found what worked for me as a student and I know it can for you too. There are other similar platforms too like Piggyvest. Just make sure to ALWAYS DO A PROPER RESEARCH before putting your money in anything.

A bonus point I have to say is, track your expenses. You may think you’re too broke all the time to save but tracking your expenses would open your eyes to see that you’ve had inflow and where all the money has gone which can help in cutting down your spending on certain things you’ve been over-indulging and channel it into your savings. There are apps for just this purpose that you can download.

Whatever route you decide to take to reach your goal, remember self-discipline plays a key role so it won’t be easy but you can do it. Don’t be too hard on yourself, saving is not supposed to be something you dread so don’t go putting all your allowance away in the name of saving because you’d run into trouble. You can start with 100 Naira and grow from there. On your due days please treat/reward yourself for following through and achieving your goal but don’t squander it in a sitting or foolishly spend all you had worked so hard for, it defeats the whole purpose. Do it with friends, you can motivate, encourage yourselves and be accountability partners.

Saving as a student is definitely possible and you can do it.

Cheers to saving as a student in 2020!

Lisa Omoragbon.

 

P.S.: I do have a referral code for CowryWise which you can use to get some money when you start saving. It’s LisaHbS or invite link: https://get.cowrywise.com/r/LisaHbS

For piggyvest, sign up with my link and get ₦1,000.00 to start your own savings journey – https://piggyvest.com/l/18c8d75

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