How I Saved My First $200 In University Last Year
Saving money can be daunting for many university students, especially those with a limited income. The high cost of textbooks and living expenses can make it difficult for students to set aside money for savings.
Despite these challenges, some students find ways to save money and stretch their limited funds further.
In this article, we explore the experiences of one such student and a recent graduate who saved his first $200 last year despite facing the common financial challenges of being a university student.
Hey Michael, Please tell us about yourself and what you do.
I’m Michael Scoffield. I am a recent graduate of the Kwame Nkrumah University of Science and Technology in Ghana. I am currently doing my National Service, a compulsory one-year service required of all Ghanaian university graduates.
Awesome. You saved about $200 on Accrue last year. Was that your first time saving such an amount?
I’m curious. How did you first become interested in saving and growing your money?
Before Accrue, how were you saving your money?
I didn’t really have a savings platform I put my money in. I mostly kept money in my mobile money wallet (MOMO).
How were you able to stay committed to your savings?
When I joined Accrue, because I was new to the platform and wanted to know how the app worked, I started saving $1 each day because, at the time, financially, things were quite challenging. After a while, I decided to be intentional about it and save till the end of the year.
Nice. Were you pleased with how much you saved?
Yeah, I was pleased because It was my first time saving $200, but I know I could have saved more than I did last year. I plan to save more this year.
What’s your new goal for the new year? How much do you plan to have saved by the end of this year?
I haven’t set my savings goal for the year yet due to a few financial challenges I want to resolve, but I’ll get to that really soon. I’d like to save up more this year.
That’s great! How do you balance saving and building wealth with some of the other financial responsibilities that you might have?
That’s easy. Mostly, I save money that I don’t plan on using.
Anytime I receive money for which I have no plans, I deposit it in my Accrue savings wallet, so I won’t be tempted to spend it.
What’s your advice to other university students trying to save their first $200 this year? How should they approach it?
Savings builds you up financially and safeguards you for the future because you never know what lies ahead. Be intentional about saving and try as much as possible not to dip into your savings. It may be difficult, but you will be pleased with yourself if you persevere.