Skip to content
  • Privacy Policy
  • Contact Us
  • About US
CampusTimesNG

CampusTimesNG

Complete Campus Updates Just For You

  • Home
  • Admission
  • Institutions
  • Scholarship
  • Jamb CBT
  • Study Abroad
  • Career
  • NYSC
  • O’level
  • Toggle search form
  • Banks Sort Codes
    What Is Banks Sort Code Used For? General
  • Home Child Care Provider
    Eligibility For Canada’s Home Child Care Provider Pilot General
  • Africa Initiative For Governance (AIG) Scholarships For Nigerians Scholarship
  • UCH Ibadan School Of Nursing Admission
    LUTH Post Basic Nursing Admission Forms On Sale Admission
  • FUTA Pre-degree Science Admission 2022/2023 Announced
    Top 10 Nigerian Universities To Study Engineering Courses Institutions
  • Things not needed at NYSC orientation camp
    Things Not Needed At NYSC Orientation Camp-Take Note!!! NYSC
  • Yabatech Aggregate Scores
    How To Calculate YABATECH Aggregate Scores | 2025 Post UTME Screening Date Admission
  • Federal Government Scholarship
    Federal Government Scholarship Interview Dates | How To Apply Scholarship
Financial Literacy

Financial Literacy And How To Save Money As A Student

Posted on August 26, 2025 By CampusTimesNG No Comments on Financial Literacy And How To Save Money As A Student

Financial Literacy is the ability to understand how money works in the world. How someone earns or makes money? How that person manages it. How? he/she? invests? it? (turns? it? into? more? money) and How that person donates it to help others. Financial literacy means being smart about how you manage money.

FAMOUS QUOTE: “We are not taught financial literacy in school, it takes a lot of work and time to change your thinking and become financially literate“

<Robert Kiyosaki>

MONEY AND VISION

Having a vision brings purpose to making money. Keeping a vision book or vision board reminds you about your vision and guides money spending.

Having a vision also helps you to set? savings goals so that you know how much you need to put away every year in order to? achieve your goal for the future.

Financial Literacy for NEEDS AND WANTS?

Money is spent on needs and wants? Needs are goods and services that are required for life (food, clothing, shelter) things we cannot live without.

Wants are goods or services that are not? necessary but that we desire or wish for.? Things we would like to have but can live? without if we don?t get them

MANAGING MONEY

Having a budget helps you to distinguish? between wants and needs.?Budgeting is creating a plan for how to? spend your money.

Writing down how much you have and how? much the things you NEED will cost allows? you to see what is left over for the things you?WANT.

It also stops you from ?impulse purchases?? and helps you to save!

Financial Literacy and SAVING YOUR MONEY

In order to grow your money you must put aside a portion of what you earn regularly in a safe place that pays interest. This is known as saving.

  • The first thing you do when you get paid/ get an? allowance is to put aside your savings
  • Avoid expensive items? and live within your? means
  • Decide how much to? save each month,? and stick with it
  • Ensure that your money? is in a safe place that? pays interest

Financial Literacy and WHY WE SHOULD?SAVE

There are several reasons why we save? money, here are a few of them :

Financial Independence

Unforeseen Expenses

For Accommodation? For Education

Get Out of Debt

For Retirement

Financial Literacy AND SAVING YOUR MONEY

Saving your money in a wallet or money? box at home is a good starting point? Sadly, this method of saving does not

increase your money and is not safe

Financial institutions are regulated by the? Central Bank of Nigeria (CBN) and the? Nigeria Deposit Insurance Corporation? (NDIC) to keep your money safe

You can also invest in stocks which are? regulated by the Nigerian Stock? Exchange

Money? saved? should? be? placed? in? a? financial? institution? for? safekeeping? and to earn interest on your money? Interest is money the bank pays you? for saving your money with them? When you save money in a bank, you? get? an? account? number? which? gives? only you access to your money

This reduces the risk of spending,? theft, and gives your money the chance to grow.

HOW TO MONITOR YOUR SAVINGS

  • Mobile phone
  • Statements
  • Internet? banking
  • Email /? Electronic? bank? statements
  • Paper Bank
  • Statements

In order to ensure the safety of your money, be careful not to disclose confidential information the bank has given you for access to your money such as: Bank Verification Number (BVN)? Financial Literacy (ATM) Pin Code Internet banking password Account Number.

The earlier you can start? saving, the easier it will be for you in the future, Not only will it help you? become financially? responsible, but saving? right now can make you? financially stable

EARNING MONEY

  • You earn money by working
  • Examples of work are:

Teacher? Lawyer? Doctor? Police Officer? Mechanic? Bus Driver? Engineer? Cook? Carpenter? Entrepreneur

  • Have you ever worked before and earned money?
  • You can boost your income potential by:Staying in school and working hard to maintain excellent? results that make you more attractive to high-paying? employers
  • Learning a skill that a lot of employers want (e.g., IT skills)
  • Receiving entrepreneurial training to help you start your o? business
  • Tutoring people who want to learn the skills you have? Investing money in people that have great ideas for business

SAVINGS ACTIVITY

Now that you know all about earning and saving, it is time to make a savings plan for yourself!

Step 1 -Decide on a savings goal

Step 2 – Make it SMART

  • Specific – give yourself a specific goal to save e.g ?I?d like to save enough money to buy XYZ or pay for university or deposit in a bank account”
  • Measurable ? How much money will you save?
  • Action-oriented ? How much will you save per day? Where will you keep the savings? Do you need to buy a piggy bank?
  • Realistic ? No need to say you will save one million naira if you know you get 100Naira

allowance a month!

  • Time-Bound ? How much by When? Set yourself a target to reach by a specific date

Step 3 – Get help from a financial mentor? if you need one…

REMEMBER….

  • To become financially independent, you must:

Learn as much as you can about financial literacy and your? economic rights and responsibilities

Save as much as you can by setting savings goals and sticking? to them

Earn as much as you can by working hard to maintain good? grades and developing skills in high demand by present and? future employers/clients

  • Find and learn from financial mentors
  • There is dignity in hard work ? stay away from get-rich-quick schemes
  • Be a responsible citizen and share your wealth with the less privileged.

I trust you have a rethink about how best you can make good savings with the help of this post,

we await your kind comments, suggestions and questions in this regards.

Career

Post navigation

Previous Post: Nigeria Police Force Recruitment Exams Past Question And Answers
Next Post: NOUN Postgraduate Transcripts Application Process

Related Posts

  • Manage Academics With Relationship
    How To Manage Academics With Relationship Career
  • Optional Practical Training
    All You Need To Know About Optional Practical Training Career
  • Manage Exam Stress
    How To Manage Exam Stress More Effectively Career
  • Best Courses To Study In Nigeria
    10 Best Courses To Study In Nigeria Today Career
  • ECOWAS Recruitment 2022
    ECOWAS Recruitment 2024/2025: How To Apply Job Vacancies Career
  • How Much Could You Earn As A Nigerian Graduate? Career

More Related Articles

Best Paying Health Top 11 Best Paying Health Care Jobs Career
Pass KPMG Quantitative Reasoning Aptitude Test Easily How To Pass KPMG Quantitative Reasoning Aptitude Test Easily Career
Federal Government empowerment programmes Top Federal Government Empowerment Programmes In Nigeria Career
High Paying Tech Jobs Without Degree How Can I Make Money Doing Online Jobs In Nigeria? Career
Manage Exam Stress How To Manage Exam Stress More Effectively Career
Manage Academics With Relationship How To Manage Academics With Relationship Career

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

scaleitpro

Navigation Links

  • Admission
  • Australia
  • Canada
  • Career
  • General
  • Immigrate
  • Institutions
  • Jamb CBT
  • Jobs
  • NYSC
  • O'level
  • Scholarship
  • Schoolings
  • Study Abroad
  • USA
  • Visa
scaleitpro1
  • Al-Hikma Polytechnic Courses
    Atlantic Hall School Fees, Lagos O'level
  • NECO 2022 Registration Form
    NECO 2025 Registration Form Now Out! Price, Exam Start & Closure O'level
  • Favourite NYSC Orientation Camps
    7 Most Favourite NYSC Orientation Camps NYSC
  • Guidelines For Study Abroad Program [Nigerian Perspective] Study Abroad
  • YABATECH 2022/2023 HND Full-Time Admission List
    YABATECH Matriculation Ceremony Date Announced Institutions
  • Corona Secondary School, Agbara Tuition Fees O'level
  • Calculate UNILORIN Aggregate Score
    UNILORIN Academic Calender Released Institutions
  • Schools That Accept 3rd & 4th Choice In JAMB
    5 Tips For Prospective Inter University Transfer Students In Nigeria Career

Gallery

Nigerian Navy School of Health Sciences Offa
Canada Visitor Visa
Child to a Christian school
Ogun State College of Nursing Sciences

Recent Posts

  • Olamide Endorsement Deals, Assets and Net worth
  • NYSC No Record Found Issues- Facts You Must Know
  • Apply For West African Power Pool (WAPP) Recruitment

Recent Comments

  • CampusTimesNG on JAMB Subject Combination For Nursing In UTME Exams
  • Lydia on JAMB Subject Combination For Nursing In UTME Exams

Calendar

September 2025
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930  
« Aug    

Copyright © 2024 CampusTimesNG. All Rights Reserved.

Need help? Our team is just a message away

 

Loading Comments...