10 Ways To Save Money as a Student In Nigeria

10 ways to save money as a Nigerian Student
Written by Robin Okwanma

Saving money is one of the most difficult things a student can achieve. In Nigerian institutions/Universities there are just too many things to spend on, some too necessary to ignore, others too mouth watering to turn the other way. Same applies everywhere else on the world,  it’s just not easy to save money no matter your financial status. Heres how to save money as a student in Nigeria.

Starting or saving for the first time is literally the most difficult part or phase of savings. If you survive the first one-two months, you’ll be good to go.

In this post, I’ll be showing you a few “unpopular” ways to make sure you save money as a Nigerian undergraduate but as I’m sure you already guessed there will be per-requisites.

Before we move on, Take note of these quick tips;

  • Forget getting a piggy bank or savings box, it wont just work. It works for kids…not adults so if that is what you were expecting to see, cleanse your mind.
  • You might hear a lot of people saying you should set a goal… This doesn’t always work for everyone. Let me explain why, Most people who can easily set goals and save up enough to buy whatever their goal is, they don’t really need advice on how to save money, they’re strong willed and would easily save up. Others tend to see themselves having multiple goals and anytime they save up to a certain amount, the goal auto-changes, now that’s a problem.
  • Don’t also give it to your friends to save it for you, you’ll never be independent in saving money and there is also a problem of you know…..tampering….

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 Now you know some tips involved, let me spill the beans on how to save money as a Nigerian Undergraduate

1. Start Using Savings Apps

Remember when I said don’t give it to your friend to save for you? Why not save on your own using a savings app like branch…There are many settings and savings techniques that make it more strict, you can open a savings within these apps and set a withdrawal date, the saving will and cannot be broken until said date. You even get additional interest for saving all depending on how long you intend to save.

2. Invest Your Spare Cash to Make More Money

Why toss away the money when you can find various ways to make more profit from it? You can consider ways like buying and selling cryptocurrency to try and make more gain. But if you are a newbie, I wont consider it as there is also a possibility of loss. If you can make more money with the little you have right now, you’re set for the semester.

3. Think Less About your Savings

This is one of the biggest reasons Nigerian students find it hard to save, If you’re constantly thinking about how much money you have saved and all the things you would buy with them, you end up spending it all before you even know you touched a dime.

4. Try Cutting Down on All Unnecessary Expenses

Think of the things that you spend the most money on. Find ways to cut down on those expenses. It could be food, clothes, shoes, jewelries, if you minimize expenditure, you save more.

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5. Save in Groups

Don’t save alone, trust me when I say, the more, the merrier. If you save as a group you become each other’s watchman. Sometimes the mere urge to out do the rest within you savings circle will make you save better. Besides, it’s more fun this way as you have more people to relate with.

6. Avoid Debts

If you can’t afford it, don’t go for it!. Don’t purchase a product in debt due to peer pressure. Cut your coat according to your size. In your savings journey debt shouldn’t be kept. This indirectly runs you bankrupt when redeeming them.

Before you say, Jack, you have a lot of liabilities than assets. Learn to say no to some offers. Don’t also borrow loans for unnecessary investments. It ends up ruining your finances. Rather, use your purchasing power only when you have the means.

7. Cook More and Avoid Spending on Fast-Food

Okay let’s try this, Eat out for a week. Then the following week, cook your own food, which is more economical? Cooking doesn’t reduce your status. You sometimes get dissatisfied eating meals out. This is why you should also cook that meal to your taste and save cost.

You can however still buy food out but places cheaper. They shouldn’t be so expensive to save cost and they shouldn’t be so cheap to avoid poisoning. If you’re too occupied to cook, you can buy in bulk from food vendors, provided there are means to preserve them. Cooking your food is much healthy, safer, and saves costs too.

8. Record Your Daily Expenses and Have a Budget List

Having a record of your daily expenses is something you should be a habit. Don’t forget to have a budget list. Right out things that you should spend your money on. Things like food, groceries, data, etc and allocate a particular amount to them.

Ensure that you stick to the list and your expenses. Review your spending at timely intervals. You can do this with the aid of excel or pen and paper.

9. Go For Second-Hand Everything

This is a “student-cheat-code” no one talks about. You don’t need to buy new goods as a student. Go for second-hand goods to save costs for you. Their prices are much lower than brand new ones. And no one ever knows the difference. Go for the best second-hand. Find stores where they sell second-hand products and buy from them.

10. Stay Home If You Can

Going out is the king or source of all unforeseen expenses. You don’t need to attend that party or get together if you know you’ll spend there. Consider spending time with your friends at home. This way, you all contribute and spend on basic needs like food.

If you can stay close to home, you spend less on feeding by getting fed in your family house. Staying home isn’t much of a deal to help you save your money.

If you’re aiming big, you can simply open a fixed deposit account in any local bank close to you.  Just like the savings app, you have restricted access and high interest rates.


if you really want to save, you have to tame your urge to spend and have a strong mindset. Set budgets, be better at bargaining, and remember don’t think about what you have saved so you don’s start getting any bright ideas.


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About the author

Robin Okwanma

Hi, I'm Robin Okwanma. Software Engineer || Django, Python || React, React Native || Blogger. Technical Writer.