Saving As A Student - The Possible S & Cs

Saving in itself requires a lot more than words and guides given about it. Many have the mindset to save but don't know how to succeed with it, others save but only save to spend more, others don't save at all because they feel they can't keep up with the discipline associated with savings.

One of those people who find it hard to save are "Students, young people who are schooling"

I won't be including those who work and school at the same time especially those in other countries since I've only schooled here in Nigeria and knows how it is to be a student and still try to save for more.

I also won't be directing this to those who are much older before they decided to go to school, a lot of them have stable jobs and bigger sense on how savings works and how to go about growing their savings even while still schooling.

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This is directed to younger students who left home for school to study their dream or accidental courses especially here in Nigeria. We would agree that leaving home to be on your own means to take responsibility of yourself while you study to come out as one of the best. It is a huge feat for every students especially the ones whose parents struggles extra to send allowances to them.

With that said, what is it with saving as a student?

It means maximizing the allowances a student gets to have some savings and still be able to get their study resources to keep up with their school life. It is mainly saving regardless of the amount of allowances, cravings of the student and high fees in school to keep up with.

That isn't my focus as many do know the importance of saving and the benefits it brings to those who keep at it. Instead, I'll be focusing on S & Cs involved for students who decides to save.

S - Strategies in saving as a student

I thought it'd be better to start by sharing some strategies students could use in saving regardless of the challenges which I would share after this. For every success, there are routes and it is same case with savings. To succeed in saving for future reasons, emergencies and even for after school plans, a student has got to strategize on how to go about it.

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During my time in school, I had more expenses than my allowances and I believe that haven't changed for many students who are struggling to keep up with inflations and high school fees. So with that in mind, here are a few strategies I used and might possibly work for you as well.

• Minimizing my cravings with saving a cent in mind.
• Using budget for almost everything I spend money on.
• Setting tiny targets and meeting up with deadlines for them
• Taking walks instead of transport systems by preparing much earlier.
• Buying in bulk or price cost down to buy.
• Finding small ways to grow my allowances so my savings amount could increase as well.

These strategies changes but all of them put together at different timings have helped me saved more than I thought I could succeed with. Life in school isn't easy and same goes with life after school, so I learnt the hard way to save while I spend. These strategies each have their challenges which I plan to share as well.

C - Challenges in saving as a student

It's always fair to share solutions and also reveal possible challenges one could meet in those solutions shared. I learnt those strategies from people around that I've seen and some from my personal decisions so I will share the difficulties or challenges I had while trying to keep to them.

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From all the challenges I've faced trying to save as a student, the discipline to keep at it to gain huge savings is where I find problem with. I feel it is easier to plan to save, set targets, feel so enthusiastic to start saving but in the process, the reason for saving is being defeated by side distractions, high fees or forgetting the reason for saving in the first place. Here are five challenges a student could face in trying to save.

• Inflation of prices and high school fees takes more of the allowance.
• Irresistible cravings that might be actually expensive.
• Unexpected emergency expenses especially health expenses.
• Trying to keep up with other students lifestyles
• Budgeting above allowance expected or indulging in borrowing.

These are the five I could remember now but there definitely will be more depending on each individual involved in savings. Emphasizing on the aspect of keeping up with others lifestyle in school, this has taught me a good lesson and I knew better that I had to sew my coat according to my size.

Learn to save even as a student but don't over do it, know how and be aware of the challenges that you might encounter. I hope this was helpful enough and I appreciate your feedbacks and thoughts on saving as a student.

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