Imagine saving 1000 naira weekly from your first year to your final year. That’s a whole lot, right? With this money, you can live the independent life you want and solve all your expenses without help from anyone.
Importance Of Saving Money As A Student In Nigeria
Saving money helps in building your wealth and saving you from poverty in the nearest future. With your savings, you can save yourself from unforeseen circumstances.
A lifestyle of saving aids in discipline to cut down impulse spending.
You probably don’t want to be a liability to your parents or friends. We’ll give a summary of the importance of saving, most especially as a student.
It Yields An Increase When Invested Rightly
It’s true that every day, the naira loses its value. This is why you can save in dollars or any other currency as there’s hope for it to increase value over time.
Probably, you’ve saved and you see a legit platform to invest your money, Why not!
Saving in savings accounts yields either simple or compound interest. The latter earns interest not only on your saved money but also on the interest earned by your principal.
Savings and investment work hand in hand. The earlier you consider saving, the better for you.
Builds the saving habit and cuts down expenses.
Can you just discipline yourself and consider saving and Don’t buy everything that passes your way? Now do that for two to three weeks and notice the result.
You then notice that you actually can stay without buying that ice cream or meat pie that passes your way.
You notice that money can last for you and not just a fickle that you squander in less than 24 hours. Building a saving habit assists in getting the discipline you need to sustain your finances.
Cultivate saving either weekly, daily or monthly, depending on how convenient it is for you
Have your go-to-cash available to solve your financial needs.
Imagine, before writing an exam, you’re supposed to pay a registration fee. Would you wait till your parents send you the money or do you rush home to take from your savings and pay the registration fee?
You also cover up for unforeseen circumstances like paying for your medical bills when you fall ill.
In the case of inflation of prices, there’s no need for alarm as you’re sure to foot the expenses out of your savings. Savings also make sure you’re financially stable and secured.
Helps Solve Your Accommodation And Relocation Need
Your home is probably far from your lecture halls and you want to relocate. Or you’re new to the school and you want to find a suitable place to stay.
Do you know you don’t need to depend on parents or guardians?
Upon relocation, you can pay for the rent of the building with your savings without anyone’s help. Hence, making you financially responsible.
You Live Life Respectfully
Consider someone who is always borrowing from you. What does it say of the person? It portrays a level of irresponsibility.
This is how you look when you constantly borrow money from your parents or friends.
This kind of lets people have a say in your life and of course, you can’t refuse because they help you. Hence, reducing your worth.
When you get to save, this doesn’t happen to you. There’s a kind of confidence built when you can solve your needs, you get to live on your rules.
Plan Your Life And Future After School
You won’t stay in school forever. When the time is appointed, you’ll be out of school. I’m sure that you’ll want to be your financial boss.
This doesn’t just happen. You start saving up now to plan your life for your life after school. If possible, create an account and tag it your ‘life after school’.
The more your savings, the more secured your future is. You can get the house of your dreams, the car of your dreams, family, and the life of your dreams.
It’s an important financial decision to plan the future you desire.
In conclusion, Saving money helps widen the gap between your income and your expenses.
Conceiving the idea of saving isn’t saving, setting aside the money isn’t necessarily saving. It’s saving in a savings account.
Go get a savings account today.