While in campus, you need to be smart with your money. One of the easiest ways to keep your money safe is by saving it in an account.
Follow these simple 5 steps to save your money the right way:
Choose the Right Bank
Set up a savings account with the right bank and make sure that you consider that this money is for your future and for emergencies only. You can also have a separate bank account containing money for more frequent use but make sure it’s with a friendly bank that doesn’t have a high minimum balance, doesn’t have monthly charges, has a cheap or free ATM card and has low withdrawal fees.
For example, an Ecobank Xpress account has low fees and many advantages so it’s highly recommended.
Keep Track of Your Spending
Keep track of how you spend your money every week for a month. Collect receipts and write down how much you spend on transport, food and other basics.
Create a Budget
Make a plan of how you’ll spend your money over the course of a month or a week. Make sure you write down your budget for the upcoming month.
READ ALSO: AVOID BEING BROKE IN COLLE;SAVE
Take Advantage of Discounts
You don’t have to spend 100/= on soda at a fast food place when you could get it for 70/= at a kiosk. Wait for ‘back-to-school- promos and end-month sales to get cheap things. There’s no need to always spend on expensive things when you truly can’t afford it.
Prioritize the Important
As you plan your spending, make sure things like transport to school, food, stationery and such are at the top of your list. Once you’ve planned that or you’ve spent on that, you can concentrate on secondary needs like clothes and shoes.