Attending FUOYE for education is an enriching experience. University life will undoubtedly challenge your financial acumen. Regardless of your confidence in managing your finances, it is a well-known fact that expenses are incessant and unavoidable. Nevertheless, there are certain expenses that can be circumvented to prevent premature financial strain or complete depletion of funds.
It is acknowledged that there may be individuals who possess exceptional financial resources. In order to establish a clear understanding, let us consider a scenario where you are a student who relies on parental support for financial means. Your monthly allowance, before deductions, ranges from ₦15,000 to ₦60,000.
Stay Home ~ People who do not follow others often engage in excessive spending, falsely believing that being outside is the only way to enjoy oneself. However, unnecessary expenses should be avoided. By staying at home, not only will you have more time to focus on studying and socializing with those around you, but you will also be able to reduce stress. Even though you are located in Ikole, it seems that you are always present at events and shows in Oye or Ado, proving that you are an active participant in various activities. Keep up the good work! Sapa will guide you.
Avoid Competition ~ Dorime may not be suitable for everyone. Purchasing this beverage at its regular price typically amounts to less than half, highlighting the risk of pride leading to a downfall. This could result in spending all of your 60k on a drink that originally costs 20k. The individuals you are attempting to “oppress” likely possess millions in their bank accounts. Meanwhile, you, with a remaining rollover of 10k from the previous month’s allowance, will inevitably face oppression and be compelled to return home to create a strict budget in order to survive on your remaining change. Sapa will serve as a humbling experience.
Don’t Do Transfer! ~ Take the aforementioned well-known jingle, “Daju! Runjupa! Ma rerin! Mase transfer o!” into consideration. Treat it with utmost seriousness. You will be solely responsible for managing your own limited resources, while someone who likely earns a higher income than you will proceed to make financial decisions without considering the potential consequences. Eventually, they will find themselves in a situation where they need assistance from others. Do not succumb to this emotional manipulation, especially if you had previously warned them about the impending difficulties. The most frustrating aspect of dealing with individuals of this nature is their unwarranted sense of entitlement, lack of gratitude, and indifferent attitude when it comes time to repay their debts.
Limit Unnecessary Spending ~ To avoid unnecessary expenses, it is recommended to refrain from indulging in cravings, such as pomo sauce and chicken, and instead prepare your own meals. Additionally, limiting purchases of poki and meat pie can also help save money. It may seem like an exaggeration, but upon reflection, you may realize how much money has been spent on frivolous items. When in a tight financial situation, memories of overspending can resurface and serve as a reminder to be more mindful of expenses.
Control Your Data Usage ~ Avoid the 5K data plan and plans originally intended for corporate use. MTN tends to set up these enticing plans that continuously increase in cost, as if every individual network user is a tech startup CEO with unlimited resources. Do not be deceived by this. If the cost exceeds 5K, my friend, it would be wise to seek an alternative data plan. If other data plans do not seem like a good investment to you, consider obtaining a new SIM card. I believe they are once again available for free. Additionally, it is advisable to set a daily data limit for yourself and take advantage of the night plan. After all, it is not as if you typically sleep during the night.
Use Free Music Plans ~ Apple music and premium Spotify may not be suitable for everyone. These platforms do not consider your financial situation, even if you are left with only 1k. When the payment is due, they will collect their fees and include VAT without fail. However, if you overlook the advertisements, there are free music plans available on Spotify, Audiomack, and Boomplay that you can truly appreciate. Personally, I find Boomplay’s free plan to be a favorite, although Audiomack is also a formidable option.
Use Your Legs ~ Consider walking instead. In addition to the financial savings from not using a bike, it also provides a valuable opportunity for physical activity. Your cardiovascular health will greatly appreciate this choice. If there is no urgency to reach a destination that is within walking distance, there is no compelling reason to rely on transportation.
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