I want to save so that I can have something to fall back on when I graduate.

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Question?

I am a final year student who is aiming at saving ?500,000 this year. However, I battle with some financial issues and decisions. Often, I don't have proper food to eat because I put my money in savings, so I snack a lot but this snacking system takes money too and the fact that it's not even healthy but takes part of my money worries me.?

What should I do?

I really want to save so that I can at least have something to fall back on when I graduate. I don't have a job because I want to focus on finishing with a good CGPA. But at the same time, I want to eat proper and healthy foods.

Answer

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To start with, it should be best to consider planning your meals. Make a grocery list of healthy and affordable food items. Planning your meals in advance will help you stay on track with your healthy eating habits and save money by avoiding impulse buys.?

Also, consider cooking at home. This can save you money and help you control what you eat.

Instead of unhealthy snacks, opt for healthier options like fruits, nuts, and yoghurt, which can also save you money in the long run. Always remember that ‘health is wealth.’

Prioritise necessities like food and rent, and try to minimise non-essential expenses like eating out or shopping. You may also consider sharing the cost of groceries and cooking with a roommate or seeking out resources like food pantries, which can provide healthy meals at a reduced cost.

Also it appears you want to save N500,000 but you do not have a job. If you don't have a job, finding money to save can be a challenge. Consider starting a side hustle at school, offering tutoring services to your schoolmates, looking for a freelance or part time job, starting an online business, among many other options. You should also manage your finances wisely by creating a budget and reducing expenses on things that aren’t needed. For example, you could use the 50:30:20 rule for budgeting. That is, spending 50% of your income on your needs, 30% on your wants and 20% on saving and investing.?

In conclusion, Taking care of your health is important and will benefit you in the long run. It's okay to prioritise your well-being and allocate some of your savings towards healthy eating habits.

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Question?

I am basically taking care of my nieces, my little brother and my mum. I'm also trying to save money to travel to the UK via the study route but every time I think about saving, something comes up and the money goes into that. I need advice on how to manage my funds, even if they aren't enough.?

Answer

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To manage your funds more effectively, budgeting is very key. Create a budget that accounts for your monthly income and expenses including food, housing, transportation, and other necessities. This will help you track your spending and make adjustments where necessary.?

In addition to budgeting, Identify the most essential expenses and prioritise them over the less important ones. This will help you stay on track with your goals and ensure that your family's needs are met. Look for ways to reduce your monthly expenses, such as cutting back on entertainment, eating out, or other non-essential expenses.

Another effective way to manage your funds is to set up automatic transfers to your savings account every month to ensure that you are consistently setting aside money towards your goal.

Saving money is a process and it may take time to reach your goal. Stay focused, be consistent and be more disciplined with your spending.

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