I've always been interested in understanding how money works for as long as I can remember. My first attempt to learn more about money was during my second year (200 level) when a friend posted about a Financial Fitness Class by Frank Samuel.
I knew Frank as the SUG president in my first year (100 level). Before that time, I had never seen a personal finance class like his, so I was eager to attend. Initially, I paid for a one-off class and later saved up to enroll in his mentorship program.
As time went on, we got talking, and one day, I received a call from him inviting me to join his team to plan the first Financial Fitness Conference in FUTO. Of course, I was excited to join. A while after the conference, he employed me to work with him as his administrative assistant.
Those experiences helped me understand personal finance better. Working closely with him and hearing him teach about money motivated me to study more on my own and do better with my finances.
During my time as a student, I've learned and practiced a lot about money. In this newsletter, I'll share key tips for students. Whether you're in your first or final year, it's important not to wait until after graduation to start thinking about your finances. Starting early can help you avoid big mistakes later on.
Well, trust fund kids are exceptions to the above. Lol.
Personal finance tips for undergraduates
Keep reading to get valuable personal finance tips as an undergraduate
Grow your knowledge
There are many things your parents or teachers did not, and will not teach you about money, so it’s your duty to go out there and get this information. There are many wonderful books written about saving the right way, investing, building wealth, and more, and you must be disciplined enough to find them and read them.
As I always say, reading is not always fun. It’s not supposed to make you laugh or tickle you. If you’re always seeking pleasure when reading, then you’re missing the point. If you can take your bath, and brush your teeth even when you don't feel like it, then you can be disciplined enough to pick up a book to read when you don't feel like it.
I wrote a short guide of just over 20 pages on how to read without losing interest, and I’m sure it’ll be helpful if you find reading challenging. You can get it here.
Having a strong reason (a 'why') and surrounding yourself with people who value knowledge will keep you accountable and motivated. If you're unsure where to start with personal finance books, consider starting with "Rich Dad, Poor Dad" by Robert Kiyosaki and "The Psychology of Money" by Morgan Housel.
Besides reading books, attend seminars and conferences. You can also take full advantage of the internet, it is a blessing in our generation, so use it to gather as much information as possible about personal finance. Lastly, find mentors and follow people who already have the results you wish to achieve.
Save, save, save
Towards the end of last month, I wasn't liquid. It's not accurate to say I was 'broke' because I am never 100% broke, lol. There's always money somewhere. What saved me? Since my second year in university, I've been diligent about saving for graduation. I tagged it "After School Funds" because I planned to use it to purchase some gadgets and get myself a graduation gift as soon as I was done with school.
The money matured not too long ago, and it paid off cause I was short on cash. When I started saving towards my graduation with PiggyVest, I wasn't earning much—I was still working as an intern, and making about 25k, but I made it a habit to save part of my income. So, as I grew, and my earnings grew, I saved more.
When it comes to money, mastering long-term thinking is a crucial skill. It's not always easy—I could have easily splurged that money, but I knew better. No matter your income level, prioritize saving. Most importantly, save with intent, not just for accumulation. You can start now to save for your Masters, wedding, children’s school fees, etc.
Choose a safe place to stash your savings where you won't be tempted to spend impulsively. I appreciate Piggyvest's Safelock feature. It ensures that no matter what happens, I can't access my savings until my chosen withdrawal date. Having used Piggyvest for over three years, I confidently recommend them. If you're ready to start saving with them, click this link to join now.
Budget wisely
If you don't allocate your funds purposefully, they can vanish without a trace.
No matter how much I earn, I always create a budget. A budget is essentially a plan for allocating funds. Even when I was earning 25k and receiving small allowances from my parents, I made it a habit to budget. Typically, I allocated a percentage for tithing, savings, daily expenses, and a small amount for personal enjoyment.
Most budgeting follows the 50/30/20 rule, which is a simple guideline for managing your finances effectively. Here’s how it breaks down:
50% for needs: This portion of your income goes towards essential expenses for daily living.
30% for wants: This category covers spending on things you don't need, like eating out, entertainment, or shopping.
20% for savings and debt repayment: Allocate this portion towards savings goals, emergency funds, or paying off debt.
Note that you don’t have to follow the 50/30/20 rule, you can customize your budget however you like. If you don’t budget, it’s easy to lose track of your spending. Once you start dipping into your funds without a plan, it can quickly disappear without you realizing where it went. Setting and sticking to a budget helps ensure your money is used wisely and aligns with your financial goals.
Join a circle of financially wise people
If there are five foolish people around you, you did not count well, there are six - Apostle Joshua Selman
The friends you keep always influence your choices, whether you're aware of it or not. If they spend money without thinking about the future, you might do the same. One of the best places to make new friends who share the same values as you, is at conferences, workshops, or seminars. In my experience, volunteering for personal finance conferences helped me connect with others who care about managing money wisely. Building relationships with these people helped me make smarter financial decisions and grow personally.
Build your skills
One thing I'm incredibly grateful for is starting to develop my writing skills early enough. It wasn't a deliberate plan at first; I simply seized opportunities as they came. I believe my ability to secure quality gigs today largely stems from this early foundation.
While there's nothing wrong with building your skills after graduation, keep in mind that it often takes several years before you begin to see substantial progress. I believe it's good to start early, especially in Nigeria where the state of the economy can be uncertain. Learning skills while you're in school can help you avoid depending on others later on.
I didn’t give my writing career full attention during school. I once wrote a newsletter questioning if balance is real—I think it’s tricky. I couldn’t focus on both school and writing fully, so I usually prioritized school when I was in school, and work when I was at home. When at school, I devoted 80% to my studies; I could easily cover up for the remaining 20% because I always started studying early, and reduced distractions.
At home, especially during strikes, I made sure to work on my writing. This helped me see results when I returned to school. During one of the holidays, I was actively building my brand on LinkedIn and Twitter. I wrote good blog posts and interviewed experts.
When I returned to school, one of the experts liked the article I wrote about her and offered me a job (the pay was in $). I usually don’t job hunt when I’m in school, but opportunities came to me because of the groundwork I laid at home. It’s important to note that my grades never suffered because I was working in school; rather they improved because I learned to manage my time better.
Pro Tip: Always learn to use your time wisely, especially during the holidays.
Be valuable
If you are a person of value, money will always find its way to your purse. In any field or path you choose, aim to be in the top 1%. Everything I did from my second year until graduation — putting myself out there, upskilling, building my social media presence — shaped my brand.
Before I knew it, I had established myself as an authority in the writing and freelancing world. Because of this, I was often invited to speak on topics related to content writing, personal finance, etc., which either earned me money or introduced me to a new audience.
You don’t have to follow the freelancing path like me. While in school, avoid sitting in classes year after year; step out of your comfort zone and contribute to making your world a better place. Volunteer for departmental events, join the executive team, etc. Learn to do things that teach you life skills.
Cut your coat according to your size
We buy things we don't need with money we don't have to impress people we don't like - Dave Ramsey
Living to impress others can strain your finances more than you realize. Do you really need the latest iPhone when your current one works just fine? Why spend to impress those who don't truly care about you? It's important to live within your means and stop trying to prove yourself to others.
That’ll be all for today. Did you learn anything new? If yes, please leave a comment.
Talk soon. 💕
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This is loving, I wished someone showed me this in my year one probably would have jumped over some stones and landed perfectly
I think thriving financial intelligence is a price you pay or soon ,you won't be able to afford any price
Thank you so much for this masterpiece this beautiful morning.
I was recently Coached by Frank Samuel in a Financial Class and I can say it's one of the best decisions I've made this year.
I learnt a lot from this especially budgeting, it's the area I struggle with currently.
Thank youuu Chidinma, Nigerian Undergraduates really needs to read this, God bless you & Good morning 🤍