My name is Belema Kalio, a medical student of the prestigious Niger delta university and here is my story on managing finances as a student. As a student, finance is one of the major issues you can face. We all face it. I remember how things suddenly went rough for my family in 2018. My mum lost her job and my dad’s business was stagnating then. But I had saved some money. Well, I wouldn’t say that I had a savings habit, but I always knew how to NOT eat everything I had. I learnt it from my mum by simply watching her. My mum worked really hard and saved equally as hard. She has one of the best money and people management skills I know. Anyways, when I was running my pre-degree program, here at NDU in 2017/2018, I remember how I’d saved about 13k or so and I did this by simply cutting out unnecessary wants and saving 5% of my student allowance, out of which I lent 4k to my then roommate’s sister, gave part to a dear friend and used the rest to buy gifts for my 3 younger siblings. All from my savings for an entire semester. It was my first real savings and I felt good! Fast forward to 2019, a dear friend suggested I started selling pure water and recharge cards at my apartment in school and I needed about N5,000 to start. Thankfully, I had it because I had saved and since that time till now, I have never been penniless. The key point here is “SAVINGS”. Savings saved my life. Eventually, I went on to build a business centered on helping people save money and build the habit of saving. So, here’s how I manage my finances as a Christian medical student.
1. Contentment: Aka ‘controlling thy expenditures’. Godliness with contentment is great gain. What you have right now is enough. Tell it to yourself. You just need to put a knife to your throat and live according to your means per time. I tell myself, if I can’t afford something I want today, then tomorrow I would because I chose discipline over instant gratification. Therefore, be content with what you have now, because it is enough for you now.
2. Budgeting: I was budgeting my allowance in the following format: •Tithe- 10% Offering, Food, Data and airtime Water
neous. · Transport, Savings – 10% – Miscella- I also had a small pocket-sized jotter to help me do this (budget) effectively.
3. Savings: I always save something out of everything I receive and earn, especially my allowance- no matter how little. For instance, if I receive 5k, I would put N500 into savings. At some point, I bought a wooden savings box to ensure I stayed disciplined with and committed to my savings. Now, I recently learned something and it was this; “Save first and spend what is left. Don’t spend and save what is left. When I receive money, after removing my tithe, I remove my savings next and set it aside, before spending. This way, you’re being actually intentional about your savings. Know also that, if you wait to have ‘enough’, you’d NEVER save.
4. Starting a side hustle: Starting a side hustle really helps because you will always have some- thing to save. Especially for those who feel that their allowance isn’t enough to cater for their basic needs, not to mention save. If you have skill, monetize it. God blessed my small pure water & recharge card business immensely and it didn’t affect my studies. Please ensure to strike a balance, so your academics don’t suffer.
5. Giving as led by God and trusting Him to always supply your needs according to His riches in Glory through Christ Jesus. I want to encourage you with this article to start to build a savings account today. It will surely save your life.
Belema Kalio
