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How to save millions of Naira as a Nigerian student in Europe

How to save millions of Naira as a Nigerian student in Europe

If you do not want to come home with empty hands after graduation or for not being able to get a job afterward, you must pay detailed attention while reading this piece, I’m sure it’ll help you a long way.

What is the benefit of studying abroad without having anything to show for your spare time years later? Yea, you heard me right.

It’s a common phenomenon that you’ll need to work part-time to help yourself out, you should also be able to save the money you made for the better part of your life after school.

I don’t mean to control how you spend your money, but frugal living is the way to go as an international student who wishes to survive hard times in Europe.

Read also: Business Ideas for Students in Nigeria Tertiary Institutions

You can save millions of naira before you complete your studies in Europe from doing little jobs which could be menial in your spare time.

The below steps will help you if and only you will listen diligently.

Step 1. Do not go for accommodation outside, stay in a student hostel

You will agree with me that accommodation takes away huge money from your pocket especially if you are not making use of the school/student hostels made available for you.

You could pay as high as $600 for accommodation every month. Why spend that much when student hostels are usually subsidized immensely? Think about that, there lies point number one.

Step 2. If you are above 30 years, public health insurance will not be ideal for you

If you are above 30 years and not working full time particularly in Germany, public health insurance is not ideal for you, except in a situation where you have medical issues, this is quite understandable.

In most cases as a full-time employee in Germany, public health insurance is compulsory. Your company pays half of the premium while you carter for half of the payment.

You may have to pay up to $250 if you are above 30-year, where you are not fully employed which constitutes a huge amount for a student’s health insurance.

Consider $600 for accommodation + $250 for health insurance = $850 from your earning in a month, what are you left with? There lies point number 2.

Step 3. Avoid girls that demand so much for the period of studies

It’s advisable to date girls in your residence country if you are single before leaving Nigeria.

The reason is that most of these girls work and make their own money, they know what it feels like while making this money. Unlike Nigerian girls at home who will keep demanding and billing you to send money across.

It pays to have a physical companion in Europe than a phone companion in Nigeria that always calls to demand money.

Avoid such girls, once they start demanding you should start ignoring them too.

Step 4. Do not send money home except for emergency and life-threatening issues

Our immediate family sometimes can be as demanding as most Nigerian girlfriends, the moment you start sending money home they will start piling up demands on you as if you are working full-time.

Read also: COVID-19: Lucrative stay at home  business idea for students, undergraduates & graduates in 2020

Use coronavirus and luck-down as excuses, only send money for emergency or health concerns. Pay attention when it comes to buying land and building houses here in Nigeria.

Step 5. Do not buy expensive gadgets on loan

Most students in Europe go on buying expensive gadgets on loan just to have a sense of belonging, it kills your financial ability way too early.

Some of the unnecessary purchases are; buying iPhone on credit, big plasma TV, Macbook, a screen touch laptop, some even buy a car on credit as students, where is the sense in it? You will keep on servicing loans from your meager earnings by working part-time.

There’s no way you will escape a life of debt when you buy all these things on credit, hardly will you make savings since you are living to service debt, there lies point number 5.

6. Do not post posh pictures on social media (Facebook)

There’s this mindset with Nigerians that whoever stays abroad is rich, so when you post nice pictures on Facebook complemented with a good environment, and you’re now abroad freshness, you will create the illusion that you have arrived. This will only attract known and strange people begging in your DM.


As an intending or existing student in Europe, the above steps will help you to save money while in school. You will value this idea after school since most times getting a full-time job after school does not come in handy. You can help yourself from your savings and invest back home in Nigeria the proceeds which will turn to millions of Nigeria.

Are there other ideas you think I should have included? Share your financial experience with us as a student in Europe.

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