Student Guide

How to Save Money As a Student in Nigeria (15 Best Tips)

If you are searching for how to save money as a student in Nigeria, you are in the right place!

In one of my previous posts, I wrote about the best apps to make money online in Nigeria as a student.

See, when you begin making money online as a student, one problem you may likely encounter is how to save.

You will be faced with peer pressure and the eagerness to always show off that you have money.

And if you are not careful enough, you may easily blow up your money and come back to square one.

Even from the money your parents send you, you should be able to save a part of it no matter how little.

This savings will go a long way for you later and you will be glad you did.

In this comprehensive guide, I will be showing you how to save money as a student in Nigeria.

Ready? Let’s go!

How to Save Money As a Student in Nigeria

How to Save Money As a Student in Nigeria
How to Save Money As a Student in Nigeria

Saving money as a student is not an easy task but it is doable. I have done it and you can do it too.

Here are 15 tips on how to save money as a student in Nigeria:

1. Create a Budget

Okay, so first things first, you need to create a budget. It might sound boring, but it’s your financial roadmap.

List your income sources, like allowances, part-time jobs, or scholarships.

Then, make a list of all your expenses.

This helps you see where your money goes and plan accordingly.

2. Track Your Expenses

Now, let’s talk about tracking your expenses. For at least a month, jot down every naira you spend.

This eye-opener helps you spot where you can cut back and save.

3. Cut Unnecessary Expenses

Eating out, impulse shopping and excessive entertainment can be budget busters.

Try to cut back on these.

Cooking at home is not only cost-effective but can also be a fun and social activity with friends.

Recommended: How to Pack for University in Nigeria (14 Best Tips)

4. Cook Your Meals

Speaking of cooking at home, this is a big one. Eating out frequently can drain your wallet quickly.

Learning to cook simple meals can save you a ton of money.

Plus, buying groceries in bulk can be a money-saver.

5. Use Student Discounts

Remember that student ID you carry around? Use it!

Many places offer discounts to students, from restaurants to movie theaters.

It’s a little-known money-saving hack.

6. Share Expenses

If you’re living off-campus, consider sharing expenses like rent and utilities with roommates.

This can slash your living costs and make it more affordable.

Also See: Food Timetable for Nigerian Students on a Tight Budget

7. Limit Transportation Costs

Transportation can be a significant expense.

Think about using public transportation or carpooling with friends to save on fuel and maintenance costs.

For short distances, consider walking or biking.

8. Buy Secondhand Items

Don’t shy away from secondhand stuff.

You can find affordable textbooks, furniture, and more on online marketplaces or campus bulletin boards.

9. Use Free or Low-Cost Resources

Explore what your campus offers for free or at a low cost.

The library, gym, and student organizations are excellent resources for entertainment and fitness without breaking the bank.

Also Read: How to Make a Food Timetable As a Student in Nigeria

10. Avoid Credit Card Debt

Credit cards can be handy, but be cautious. High interest rates can lead to debt.

Use them wisely and pay off your balance in full each month if possible.

11. Set Savings Goals

Saving is easier with a goal in mind. Set specific monthly savings goals.

It could be for an emergency fund, a future vacation, or a new gadget.

12. Open a Savings Account

Consider opening a savings account specifically for your goals.

Look for accounts with good interest rates to grow your money over time.

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13. Build an Emergency Fund

An emergency fund is crucial.

Aim for at least three to six months’ worth of living expenses.

It’s your financial safety net for unexpected situations.

14. Engage in Part-Time Work

If your schedule allows, think about part-time jobs or freelancing to boost your income.

Just make sure it doesn’t interfere with your studies.

15. Learn Financial Literacy

Lastly, keep educating yourself about personal finance.

There are tons of online resources and books available.

Learning how money works is an investment in your future financial well-being.


Remember, saving money as a student takes time and discipline.

Start small and gradually build up your savings.

These habits will serve you well not just during your student days but throughout your life.

Also See: 15 Ways to Make Money Online As a Student in Nigeria

Why Should You Save Money As a Student in Nigeria?

Why Should You Save Money As a Student in Nigeria
Why Should You Save Money As a Student in Nigeria

There are several benefits of saving money as a student and it’s important we look into them.

Here are some of the most common reasons why you should save money as a student:

1. Emergency Fund

Imagine you’re hit with an unexpected medical bill or your laptop suddenly crashes.

Having saved money for emergencies means you won’t have to scramble for funds or rely on others to bail you out.

It’s your financial safety cushion.

2. Financial Independence

Saving money early on as a student gives you a taste of financial independence.

You’re not constantly asking your parents for cash, and you can make financial decisions on your own terms.

3. Future Goals

We all have dreams, right? Saving now can make those dreams a reality later.

Whether you want to pursue further education, start a business, or travel the world, having savings can help you get there without falling into a debt trap.

Also Read: 20 Things to Take to University Hostel in Nigeria

4. Debt Avoidance

Speaking of debt, nobody wants to be buried under a mountain of loans or credit card debt.

Saving money means you can minimize borrowing, which, trust me, is a huge financial win.

5. Financial Security

Imagine having peace of mind knowing that you have money stashed away.

Financial security is priceless.

It helps you stay resilient in the face of unexpected financial shocks.

6. Opportunity Seizing

Life is full of opportunities, and some of the best ones require a financial commitment.

Whether it’s investing in a great idea, taking on a new job opportunity, or continuing your education, having savings lets you seize these chances.

Recommended: List of Food Provisions to Take to University in Nigeria

7. Less Stress

Financial stress can be a real buzzkill. Saving money reduces that stress.

You can concentrate on your studies, your personal growth, and just enjoy life more.

8. Learning Financial Discipline

Saving money is like hitting the gym for your financial muscles.

It teaches you discipline, helps you figure out budgets, and shows you the value of patience when it comes to spending.

9. Long-Term Wealth Building

Even if you’re just saving a little, it can grow over time if you invest it wisely.

Starting as a student gives your money more time to grow.

Who knows, it might be the start of your journey toward financial freedom.

10. Retirement Planning

It might sound light years away, but it’s never too early to think about retirement.

Saving now and investing wisely can set you up for a comfortable retirement down the road.

It’s like planting a financial tree that will provide shade when you need it most.


So, there you have it! Saving money as a student isn’t just about being thrifty; it’s about securing your future, gaining independence, and turning your dreams into reality.

So, get started, even if it’s just a little at a time. Your future self will thank you for it!

Also See: What Should I Take to University As a Fresher in Nigeria?

How to Develop Healthy Savings Habits

How to Develop Healthy Savings Habits
How to Develop Healthy Savings Habits

Developing healthy savings habits will not only help you as a student but also in life in general.

Here are the steps to develop healthy savings habits:

1. Set Clear Financial Goals

Alright, first things first – you need to set some financial goals.

Think about what you’re saving for.

It could be anything from building an emergency fund to buying a dream vacation or planning for retirement.

Having clear goals gives your savings a purpose.

2. Create a Budget

Now, let’s talk budgets. Create a monthly budget that lists your income and all your expenses.

This is like your financial roadmap.

It shows you where your money is going and helps you figure out how much you can save.

3. Pay Yourself First

Imagine you’re paying bills. Treat your savings like a non-negotiable bill.

As soon as you get your income, allocate a chunk of it to savings before you spend on anything else.

Setting up automatic transfers to your savings account can make this super easy.

Also Read: Top 12 Cheapest Schools of Nursing in Nigeria

4. Start Small and Gradually Increase

Don’t feel like you need to save half your income right away.

Start with a manageable amount, even if it’s just a tiny percentage.

Then, as your financial situation improves, gradually increase your savings rate.

5. Set Up Separate Savings Accounts

Consider having different savings accounts for different goals.

Maybe one for emergencies, one for that next vacation, and one for long-term stuff like retirement.

It keeps things organized and makes you less likely to dip into your savings for non-emergencies.

6. Track Your Progress

It’s important to keep an eye on how you’re doing.

Regularly check your savings progress.

This helps you stay on track and tweak your budget or goals as needed.

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7. Cut Unnecessary Expenses

Let’s talk about cutting back. Identify areas where you can spend less.

Maybe it’s eating out less, skipping that daily coffee run, or resisting those impulse buys.

The money you save can go straight into your savings accounts.

8. Use Windfalls Wisely

When you get unexpected money, like a bonus or tax refund, don’t blow it all on something fleeting.

Consider saving a portion of it. It’s like a bonus for your future self.

9. Avoid Lifestyle Inflation

As your income grows, try not to inflate your lifestyle too quickly.

Instead of spending all that extra money, divert it towards your savings or investments.

This way, you won’t feel like you’re missing out on anything while securing your future.

Also See: 20 Best Colleges of Health Technology in Nigeria

10. Build an Emergency Fund

Always prioritize building an emergency fund.

This is your financial safety net, covering unexpected expenses like medical bills or car repairs without sinking into debt.

11. Explore Tax-Advantaged Accounts

If you have access to retirement accounts or Health Savings Accounts with tax benefits, use them wisely.

They can help your money grow faster thanks to those tax advantages.

12. Educate Yourself

Don’t forget to educate yourself about personal finance.

Learn about different financial instruments, investment options, and strategies.

The more you know, the better decisions you can make with your savings.

Also Read: Top 15 Best Medical Courses to Study in Nigeria

13. Stay Disciplined

Saving requires discipline.

Stick to your budget, resist the urge to splurge, and stay committed to your goals.

It might be tough at times, but it’s worth it.

14. Celebrate Milestones

Lastly, celebrate your savings milestones.

When you reach a goal, whether it’s a small one like saving a certain amount or a big one like paying off debt, treat yourself.

It keeps you motivated and makes the journey more enjoyable.


Remember, developing healthy savings habits is like training a muscle – it takes time and consistent effort.

Start slow, stay persistent, and watch your savings grow over time.

Your future self will thank you for it!

Recommended: 15 Most Useless Courses to Study in Nigeria

Frequently Asked Questions (FAQ)

What Are the Most Lucrative Business Ideas for Students in Nigeria?

There are several lucrative business ideas for students in Nigeria.

Being a student in Nigeria doesn’t mean you can’t earn some cash.

Tutoring is a winner if you’re strong in a subject. Try e-commerce – sell stuff online, like fashion or gadgets.

Snack stalls on campus can be lucrative during breaks.

Use your skills for freelancing, whether it’s writing, graphic design, or coding.

Event planning or photography for campus events also works.

Find what fits your schedule and talents to balance school and income.

What Can a Student Sell in School to Make Money in Nigeria?

In Nigeria, students have several money-making options in school.

They can sell snacks, like puff-puff or chin-chin, which are popular during breaks.

Offering photocopying and printing services for assignments and study materials is also a good idea.

Selling stationery, textbooks, or even smartphone accessories can be profitable.

For the creative types, making and selling crafts like jewelry or greeting cards is an option.

And don’t forget about phone repair services, as tech is big.

Just be sure to balance your studies with your entrepreneurial spirit!

Which App Can I Use to Invest in Naira and Earn in Dollars?

If you want to invest in Naira and earn in dollars, check out the “Bamboo” app.

It’s a Nigerian platform that lets you invest in U.S. stocks and ETFs using Naira.

The cool part is that it converts your Naira into dollars, so you can earn in the mighty greenback.

Bamboo is easy to use, offers a variety of U.S. stocks, and it’s legit and regulated.

Just remember, investing always carries risks, so do your homework and think about your financial goals and how much risk you’re comfortable with before diving in.

What Business Can I Start without Capital in Nigeria?

Starting a business in Nigeria without capital means getting creative.

You could offer freelance services like writing or graphic design, using your skills and existing gear.

Another option is dropshipping – sell products online without stocking them; the supplier handles shipping.

Consider affiliate marketing too; you promote products and earn commissions.

Tutoring or teaching a skill is great if you’re knowledgeable.

Consulting is an option if you have expertise.

While these ideas don’t need upfront cash, they require dedication and strategy for success.

So, pick what suits you best, and go for it with determination!

Which Business Can Never Fail in Nigeria?

While no business is fail-proof, some have better odds in Nigeria.

Agriculture is a big one because everyone needs to eat. Real estate is often a safe bet with urban growth.

Tech and telecom are booming as connectivity rises. Education and healthcare are evergreen.

Businesses offering essentials like food or energy tend to stay afloat.

Still, success depends on factors like competition and management, so research and adaptability are crucial.

Remember, no business is a guaranteed win, but these sectors usually have better staying power in Nigeria.

Also See: Top 15 Easiest Courses to Study in Nigeria


As a student, making money is as important as saving money.

In fact, in my own opinion, I would say that saving money is the most important part.

You can have money today and go broke tomorrow. How you handle money matters a lot as a student.

In this article, I’ve shown you how to save money as a student in Nigeria.

By following the tips I shared here, you can amp up your savings game as a student and build a safe financial future for yourself.

If you have any questions or inquiries, kindly let me know in the comments section and I will attend to them as fast as I can.

Best of luck!

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  • Grace Williams

    Grace Williams is a retired teacher with over 30 years of experience when it comes to teaching and education in general. She has decided to share her wealth of knowledge on Schoolcrib.

Grace Williams

Grace Williams is a retired teacher with over 30 years of experience when it comes to teaching and education in general. She has decided to share her wealth of knowledge on Schoolcrib.

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