There appears to be no difference between what the economists who rule the news say and the fact that everything from food packs to cereal boxes appear to be shrinking. Students of tertiary institutions have learnt that the current economic doldrums is really affecting their choices. Kafayat Ikanrende brings you tips on to stave off financially ruin.
1. Save money: It’s never too early to become fiscally responsible. Even seemingly small habits like using dish towels instead of paper can make a sizeable difference in your wallet. Saving at least 20 per cent of every income helps you put substantial amount of money into the future especially when all chips are down.
2. Take discounts where necessary: You won’t be killed for it when you ask your customer for discounts especially when you are buying much. Your customer should not deprive you of that discount.
3. Do not eat-out: Eating out has been adjudged a money-spinning enterprise over time. In a bid to save money, stay away from canteens and restaurant. Take time to cook for yourself desirable meals. It saves you money.
4. Buy in bulk: Buying foodstuffs in bulk has been tested to be one of the best ways of saving money. Our mothers practice this, what stops you from doing such. It helps to save money too. Use it judiciously.
5. Do not borrow that money: New bags, clothes and shoes are great, but do not incur debt to get them – your desired accessories. You basically do not need it—accept only what you need for tuition and fees. Don’t be forced to buy those things because your friends are buying and know the type of friend you move with. Don’t join the caucus of friends whose parents are influential and spend money lavishly on things like they do, manage your money. You do not have enough.
6. Take MAPOLY luxury bus (economy): The Economy offers you the opportunity of saving N10, N20 on transportation every journey alone. This meagre amount assists you in times of need
7. Take part-time jobs: Taking part-time jobs to get income for yourself is most desirable even when we haven’t got into this mess. Jobs such as ushers, barbing, tailoring, hairdressing etc. will help in this regard.
8. Reduce photo sessions: Money spent on photo sessions can be saved in this time. You’ve got a smartphone to help you save and preserve your memories, ask ladies especially. You can save money meant for pictures on other important and valuable things.
9. Bar, clubs and lounges remain no go area: Sure, there are days when you feel like your friends are making you crazy, but you’ll thank yourself later for the money you saved by living at home as long as possible or opting for movie nights in the dorm instead of going out.
10. Apply for scholarships: Another means of generating more income for yourself. Check out for scholarship applications, and apply for those you have met their criteria in you have niche to go for them.
11. Lend books: This saves you enough money as against buying. The management has not made it compulsory to get all recommended texts by lecturers. Take this advantage but not to stay aways from books totally. You’ll need these books eventually.
12. Talk to people in the know: This doesn’t have to mean a visit to your financial aid office (although that’s not a bad idea once in a while). Parents, advisors, and instructors have access to more life experience and financial resources than you—they can offer great advice on managing your money now and saving for the future.
Lastly, all naysaying aside there is plenty you can do now to avoid financial ruin later. Adopt these aforementioned minor changes to help prepare you for major economic curveballs down the road.
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