Think about college life and the thought of struggling financially is coming to many people’s minds, so learning how to save money as a student is going to be a useful skill.

There is no doubt that students also have a poor reputation for their questionable money management skills.

University is likely to be your very first time living away from home, and with all that newfound freedom, combined with a lump sum of cash dumped on your bank account at the beginning of the year, there’s a temptation to spend your money exactly as you want.

We don’t even have to remind you why this is a bad idea, though.

 

10 simple ways on how to save money as a student 

#1. Buy Used Or Secondhand products is a great way to save money as a student

If you do need something for your house, buy it used or secondhand.

There are a lot of great ways to get laptops, couches, beds, tables, gas stands, and gas bottles, and more for cheap – just look online or join business WhatsApp groups.

You can equally get original and good quality second-hand stuff from shops that sell important second-hand goods “’occasion shops “Buying second or used products is a great deal to save money as a student.

 

#2. Swap things with friends

Swapping things with friends and friend friends is a great way to save money as a student.

If you have friends who have similar tastes in things like clothes, then that could be a golden opportunity for you both to save on some money as students.

Instead of buying new clothes, shoes, chains, watches, just ask to swap some with your friend.

The odds are that both of you have some items that you’re bored with, anyway.

Even if you’re both different sizes, there could be some clothing items or gadgets that you can both swap, like accessories.

This can also apply to things like books, laptops, TV, and games. Of course, they don’t have to be permanent swaps, if you’re worried you’ll miss the items.

 

#3. Living with a roommate is a great way to save money as a student

The idea of living alone is great, but it’s so much more expensive than living with others.

For example, you could probably rent a one-bedroom house (studio) for 500,000FRS in Molyko-Buea, but a two-bedroom (apartment) is just 700,000 FRS.

If you had a roommate, your cost would now just be 350,000FRS – a 150,000FRS savings could have been made at the end of the year.

This sum of money is worth using in solving other important issues.

So, while you might want to escape the roommate situation, living with roommates is a great way to save money as a student and even after your university studies.

 

Related:

5 Ways To Make Money In Cameroon

 

#4. Live Close To your school Campus

one of the easiest ways to save money as a student on daily basis is to simply live close to your school campus.

That way, you can walk to school and save the most money that could have comes from paying for transportations from home to school and from school to home on daily basis.

Living close to your school campus might be more expensive rent-wise, so do the math and make sure the savings of living closer offset the cost of higher transportation father away (hint: it usually does).

 

#5. Stop smoking cigarettes and other related weeds will help you save money as a student

Smoking is a very bad habit no student should adopt.

The nicotine and other poisonous chemicals in tobacco cause lots of diseases, like heart problems and some kinds of cancer.

If you smoke, you hurt your lungs and heart each time you light up.

It also can make it more difficult for blood to move around in the body, so smokers may feel tired and cranky.

According to studies done in Cameroon, an average smoker spends 1000FRS a day on cigarettes and other related weeds.

This means that in a year such a student would spend 365,500FRS (365days x 1000FRS).

This amount (365,000FRS) is a start-up business capital that such a person could have save to start a business or invest.

 

#6. Learn To Cook (Especially boys)

It’s almost always cheaper to cook than it is to go out and buy pre-made food from restaurants and or fast food outlets especially for those living in a town like Buea.

While a plate of food might cost 1,000-2,500FRS may sound cheap to some students(boys), it does add up over time.

 

And you can probably cook the same meal (and prep for future meals) for about half the price.

Cooking isn’t hard, but it does take some practice. Getting started with easy meals like groundnut soup, jollof rice, eru can be a great start for you to save lots of money as a student.

To mix things up, you can even have potlucks with friends where you share food by contributing less than the amount you spend on buying a single plate from a restaurant or fast food outlet and end up eating to your stomach feel

#7. Sell things that you do no longer want

If you had a textbook in your first year that you don’t need in the second year, then why not sell it to a student in the year below you?

Both of you will be getting a deal, as you’re making money, and the next student is getting the book for a cut price.

This doesn’t just apply to textbooks, though.

If you’ve grown bored of a sport, then sell on the equipment.

If you get a new phone, then you can sell your old phone, even if it’s broken. Selling things you have grown tired of helps you save money as a student.

 

Further Readings:

12 Lucrative Small Business Ideas for students in Cameroon

 

#8. Buy things far in advance or offseason

It’s no surprise that if you want to buy a plane ticket, then the earlier you buy it the better!

The trick here is to plan well in advance for your future expenses during the study.

This also applies to buying things offseason.

If you need a new school bag then best buy it 4 months before school resumes or 2 months after school is ongoing. This example applies to all products.

Take note that some products that are quite expensive during the December Christmas season are very cheap during the January-march period when people have very little demand for them.

Take this advantage and buy some valuables and stock at home.

These are the kinds of things that you will need, but most people pay a premium for them because they waited until the demand was too high, thus buying things far in advance or off-season will enable save money as a student.

 

#9. Plan your expenses in advance

Expenses such as car insurance premiums, line rental, or gym membership fees can often be cheaper if you pay them annually instead of monthly.

You could save a bundle by ensuring you have enough money stored away to pay these annual bills in one go.

Also, there are plenty of products that tend to cost less at certain times of the year.

If you can plan your major purchases to coincide with these discounting periods, it’s possible to make big savings.

 

#10. Start A Side Hustle

Instead of paying for fun, what if you got paid to have fun? That’s the idea behind starting a side hustle while still at the university. Starting a side hustle doesn’t require much money to start, but it does take time.

And if it’s something you enjoy doing, then it will be entertaining to start.

The thrill of earning money on the side is also a huge motivator and can be a lot of fun!

 

Concluding Remarks

saving money as a student in Cameroon is not easy but is quite possible.

You can archive this by simply learning how to cope with the use of second-hand quality products, selling things you do no longer have use for, swapping items with friends, planning ahead of time, or even living close to your school campus are some ways to employ to be able to save money as a student in Cameroon.