EDUCATION

How to Manage Money as a Student in Nigeria

Managing money as a student in Nigeria can feel like a constant struggle—one minute you have cash, the next, you’re wondering where it all went. With tuition, feeding, transportation, and unexpected expenses, it’s easy to run out of money before the month ends. But what if you could take control of your finances without stress? What if you could save, spend wisely, and even have extra cash without feeling broke all the time?

If you’ve ever found yourself wondering how to make your money last longer or avoid being stranded before the next allowance or pocket money arrives, keep reading. This article breaks down the best ways to manage your finances as a student in Nigeria without giving up the things you enjoy.

1. Cook Your Own Food

Cooking your own food is more economical than buying from eateries. This will allow you to save money, which can be used for other things like transportation and assignments.

As a fresher, don’t be tempted to buy food in the school canteen when you can cook it yourself. Wake up early and prepare your breakfast. You can get a cooler to preserve it in case you don’t want to eat it immediately. This is one of the best ways to manage money as a student in Nigeria.

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2. Walk Instead of Taking a Bike

As a student, you shouldn’t be ashamed of walking to school. If you are not from a wealthy home, trekking to school will reduce the pressure on your finances. You can walk to school in the morning and use transport after lectures. This simple habit makes managing money easier.

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3. Cook Moderate Soup

If you want to manage money, you must be ready to cut costs on ingredients. Instead of buying ₦3,000 worth of fish, you can go for ₦1,500. Also, try to negotiate prices before buying—this will help you save more money, which can be used for other school expenses.

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4. Don’t Entertain Too Many Friends

Having too many friends on campus can drain your finances. When you accommodate friends, they will eat your food, and before you know it, all your foodstuff is gone, forcing you to call home for money again. What if your parents are broke at that moment? It won’t be easy.

So, don’t entertain too many friends, and eat moderately. Don’t cook more food than you can finish. Measure your portions to avoid food wastage. This way, you can manage your resources better.

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5. Learn to Say No When People Ask to Borrow Your Stuff

You can’t love your neighbors more than you love yourself. In Nigerian school hostels, students often borrow cooking gas, money, and other belongings. Avoid giving out your things like you pluck them from a tree—otherwise, you might go broke before you know it. When other students ask for your cooking gas or foodstuff, tell them you don’t have any. Stingy? Maybe. But this will make your supplies last longer.

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6. Buy a Hot Plate and Charcoal Stove

If you live in a hostel with electricity, get a hot plate or a charcoal stove. This will limit your spending on cooking gas. When I was in school, I bought both a hot plate and a charcoal stove. Sometimes, my 3kg gas cylinder lasted two months due to constant electricity and standby charcoal.

In case of financial issues, you can easily switch to a hot plate or charcoal stove without breaking the bank. It will also save you from spending too much on refilling gas.

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7. Avoid Relationships

Apart from being a distraction, relationships can also drain your finances—especially if you rely on allowances from your parents. Data, airtime, gifts, and taking care of your partner all require money. If you want to manage your money, stay away from relationships for now—especially as a fresher.

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8. Buy Only What You Need

Overcoming financial temptation on campus requires self-discipline. You will always come across things you feel you want, but before buying, ask yourself: Do I really need this? Buy things you need, not things you want. For example, a fresher does not need a TV set, expensive clothes, shoes, or bags. Learn to overlook unnecessary expenses, and you will save more money.

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9. Take Only Your Budgeted Money to School

To avoid overspending, when going to school, take only the amount of money you have budgeted for the day. Don’t carry your ATM card. This will ensure you don’t spend more than planned.

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10. Anniversaries Are Nice but Not Compulsory

Birthdays, Valentine’s Day, Christmas, and Eid are special occasions, but as a student managing money, resist the temptation to overspend. Photoshoots, gifts, and celebrations are not compulsory—especially if you are not earning an income. Don’t use your school fees or monthly allowance on things like this. You don’t want to experience sapa later.

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11. Buy Food First

As a student, food is a priority. You need food to study and stay focused. Whenever you have money, set aside a portion to buy foodstuff in bulk. This is another way to manage your money effectively.

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12. Take Your Academics Seriously

Many students go broke on campus because they rely on “runs” to pass exams. Paying for “runs” can lead to serious financial struggles, especially for students from low-income families. Study hard and do your best. Avoid paying lecturers for grades—it will only drain your finances and leave you broke.

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13. Get a Part-Time Job

A part-time job or side hustle is an excellent way to maintain financial stability on campus. Seminars, reports, practicals, and assignments can put a lot of pressure on your finances, but having a side hustle can help. There are many options: freelancing, starting a small business, menial jobs, or online businesses. Just pick one—you won’t regret it.

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14. Create a Budget

Budgeting helps track income and expenses, ensuring that money is spent wisely. List all sources of income, such as allowances, part-time job earnings, and scholarships. Then, write down expenses like tuition, rent, transportation, feeding, books, and miscellaneous costs. Compare your income and expenses. If expenses exceed income, adjust accordingly. Prioritize necessities before spending on leisure activities. Using budgeting apps or a simple notebook can help monitor spending habits.

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15. Save Money Regularly

Saving money, no matter how little, helps build financial security. Unexpected expenses like medical bills or emergency travel can arise, and having savings prevents borrowing. Set aside a fixed amount from each allowance or income source. Keeping savings in a separate account or using savings apps can help prevent unnecessary withdrawals.

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16. Borrow Wisely

Sometimes, borrowing money is unavoidable, but it should be done carefully. Don’t borrow unnecessary things. If borrowing is necessary, consider interest-free options like soft loans from family or student-friendly loan schemes. Avoid loan sharks or lenders with high-interest rates to prevent financial difficulties.

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17. Avoid Get-Rich-Quick Schemes

Many students fall for scams, hoping to make fast money. Ponzi schemes, betting, and shady investment platforms often promise high returns but lead to losses. Avoid Ponzi schemes, SportyBet, Bet9ja, Baba Ijebu—most of these platforms promise quick money but end up taking everything.

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18. Plan for Emergencies

Unexpected situations happen, so always have a backup plan. Keep an emergency fund, even if it’s a small amount. This fund can cover urgent medical needs, sudden academic expenses, or unexpected travel. Keep your emergency money in a secure but accessible place.

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19. Use a Fixed Deposit Account

A fixed deposit account can help lock funds to avoid unnecessary spending. For example, keeping your school fees in a fixed deposit account can prevent you from using it before resumption. Many students spend their school fees on unnecessary things and regret it later. A fixed deposit account ensures better financial discipline.

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