To japa to the country of your choice is one thing, to protect yourself from the chokehold of sapa when you get to that country is another thing. Studying hard is not the only thing that will help you succeed in your new country, you need smart financial planning too.
Now let’s talk about some financial hacks for Nigerian students preparing to study abroad.
- Begin with a Budget
Before you even step onto that plane, start resisting the urge to do pass yourself. Start by creating a budget that includes tuition, accommodation, food, transportation, and some “flex money”. Let the fear of sapa inspire you to stay disciplined.
- Embrace the Art of Thrifting
Thrifting isn’t just a fashion trend; it’s a lifestyle. Ask for student discounts, buy used textbooks, and explore budget-friendly grocery options. Living smartly doesn’t mean sacrificing quality – it’s about being financially literate and knowing how to get the best deals.
- Cook To Avoid Eating Out
Eating out every day may seem like you are chopping life, but your bank account might not agree. Learn to fall in love with cooking; it’s not just a life skill but a money-saving superpower. Cooking even gives you the opportunity to enjoy your favorite home-cooked Nigerian dishes just the way you like them.
- Virtual Voucher
As an international student, you should always be on the lookout for online discounts and virtual vouchers. Check out student discount platforms, sign up for newsletters, and be on the lookout for exclusive deals.
- Track Every Penny
Budgeting should not just be a manual work, download budgeting apps to track your spending, set savings goals, and receive friendly reminders when you’re edging too close to your budget limits. It’s like having a personal financial advisor in your pocket.
Also read: The best budgeting apps of 2023
- Explore Part-Time Opportunities
Part-time jobs are not just about earning extra cash, they’re about gaining experience. Look for on-campus jobs or explore internship opportunities related to your field of study. It’s a win-win – you earn, you learn, and your resume gets a glow-up.
- Have an Emergency Fund
Life is full of surprises so be prepared with an emergency fund. It’s not about expecting the worst; it’s about being the smart person who’s ready for anything. Your peace of mind will thank you later.
- Know when to engage in currency exchange
Keep an eye on rates, plan your currency exchanges wisely, and make your money work for you. This is a smart way to make your money work for you.
- Celebrate Small Wins
Financial planning is a journey, not a sprint. Celebrate every budget victory and every penny saved. Financial planning is not about hoarding alone, sometimes, flex yourself.
With smart budgeting, brilliant spending, and a touch of financial magic, you have everything you need to be a financial superhero!