Savings Tip 8 tips on how to leave University with a fat bank account

Follow these tips if you want to have a fat bank account before your first paid job.

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University is the best and most interesting time of one’s life all wrapped up in four years.

It is also the time to become a financially smart young adult, start your side gig and join the young millionaires club.

  • Know your budget status

The key to really being successful at budgeting is to make a realistic budget. Knowing your best, the money at hand to spend helps to plan effectively and stick to your budget.

READ ALSO:9 simple ways to make extra money off your friend’s wedding

  • Rent your textbooks

Textbooks are extremely expensive these days. The best way to make extra money after completing your is to rent out your books for a lesser price.

However, make sure there is a mutual agreement that the books should be returned in the right condition or the lessee pays the full amount of the book.

Another great way to save is to sell your last semester books. Many introductory courses require the same book for each year so if you end up purchasing a book, sell it once the semester is over.

  • Chill out on eating out

Try to cook different types of local dishes and store in the fridge during weekends. Eating out can be very tempting especially when your roommates are always eating from a fancy restaurant.

 You can eat out at least twice a month and rack up on grocery items that can last. There are creative ways to turn leftover food into some sumptuous.

READ ALSO: 5 bad savings habits Ghanaians need to stop now

  • Determine your needs vs. wants

First and foremost, buy things you need for yourself and other educational materials before you consider buying your wants.

When you go out for shopping, When you’re out, check your list before purchasing an item.

Don’t forget to buy your grocery in bulk to save extra cash.

This helps you to monitor what you’re spending and create accountability for your future.

  • Cut out unnecessary expenses

Ideally, active university students are busy with schoolwork as well as organizations, activities, and hopefully a healthy social life if they don’t attend midweek church services.

You really don’t need to purchase that ticket to that event, however, you do need to make sure your hostel bills are paid on time to avoid late fees.

READ ALSO:9 compelling reasons why you may need a personal loan now

  • Guide others with their assignments

You can guide freshmen with their assignment for extra cash. Your business will flourish during examination time.

  • Organise events

Event organize really pays if you have good advertising and promotion strategies. Organise events when the freshmen arrive and at the end of every semester to make extra money.

READ ALSO: 10 tips on how to save time and meet your target at the office

  • Be an entrepreneur

Most successful entrepreneurs made their fortune while in school. It will be very challenging, especially while juggling a course load and African print bag business but it will be worth the try.

Find the business idea that suits you best. Make a stellar business plan and use social media to advertise and sell your goods.

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