Meet Chisom, a 300-level Building student at the University of Nigeria, Nsukka (UNN). He lives with his parents and receives about ₦80,000 every month for his personal expenses. Between school projects, transportation, food, data, and trying to have a social life, making that money last isn’t always easy.
Here’s what his monthly allowance looks like, the times he runs short, and how he makes extra money when he needs it.
Vesturf: You get about ₦80,000 every month. What usually happens to the money?
Chisom: Honestly, when I first started getting that amount, I thought ₦80,000 was a lot. But once the month starts, you realize how quickly money can disappear.
I usually try to separate the money into different things. Transport is one of the first things I think about because I have to move around for school. Then there’s food, data, school expenses, and personal stuff.
Since I’m living with my parents, I don’t have to worry about rent or buying food for the house, which helps a lot. But I still spend money on food when I’m in school, especially on days when I stay late.
Vesturf: Do you actually budget your money?
Chisom: I try to. I’m not going to lie and say I have a perfect spreadsheet where I track every naira. At the beginning of the month, I normally have an idea of what I need to spend. I’ll put some money aside for transportation and school-related expenses first. Then I know what I have left.
The problem is that sometimes you budget for normal life, and normal life doesn’t happen.
Vesturf: What do you mean by that?
Chisom: There are always unexpected things. Maybe you need to print something for an assignment, buy materials, contribute money for something in class, or you suddenly need to go somewhere. Those little expenses can add up.
And sometimes, it’s not even an emergency. Your friends might invite you somewhere and you don’t want to be the only person saying you don’t have money.
Vesturf: Have you ever run out of money before the month ended?
Chisom: Ah, yes oh. A lot of times if not all. There was a month I had less than ₦10,000 left and we still had almost 2 weeks to go. I had to really slow down my spending.
That’s when you start checking your balance before buying anything. You might see something that costs ₦2,000 and think, “It’s just ₦2,000.” But when you do that several times, suddenly you’ve spent ₦10,000 without really knowing where it went.
Vesturf: So what does a typical ₦80,000 month look like for you?
Chisom: It changes, but roughly, I try to keep about ₦20,000 for transportation and moving around.
Maybe ₦15,000 to ₦20,000 goes toward food and things I buy while I’m in school. Data and airtime can take another ₦5,000 or so.
Then there are school expenses. Building can be expensive because sometimes you need materials, printing, drawings, or other things for projects. I try to keep money aside for that because those expenses can come suddenly. Whatever remains is for personal spending, saving, or emergencies.
Vesturf: You mentioned saving. Are you able to save from the ₦80,000?
Chisom: Not every month. I used to think saving meant I had to put away a large amount. Now I just try to save something whenever I can. Even if it’s ₦5,000 or ₦10,000, I’d rather have something set aside than spend everything.
Sometimes the money I save is what helps me when something unexpected happens the following month.
Vesturf: Do you also make money outside your allowance?
Chisom: Yes, sometimes but it’s not a fixed income, so I don’t include it when I’m planning my monthly allowance. If I get an opportunity to make extra money, I see it as extra. Sometimes it’s from helping someone with a job or doing small things here and there. It depends on what’s available and how busy I am with school.
Vesturf: And what do you normally do with that extra money?
Chisom: I try not to immediately spend it. If I make ₦10,000 or ₦20,000 extra, I’ll usually keep some of it. There are times when I use it for something I’ve been putting off, especially school-related expenses.
But I’m also human. Sometimes I’ll use some of it to enjoy myself. lol. I think the important thing is not convincing yourself that every extra ₦10,000 has to disappear because you didn’t plan for it.
Vesturf: What’s the hardest part about managing money as a student?
Tobi: Knowing that your money has to cover everything until the next time you get money. When you have money at the beginning of the month, you feel comfortable. Then two weeks later, you’re calculating everything.
Another thing is comparison. You see other students buying things or going out and you might start feeling like you’re missing out. But everybody’s situation is different. I’ve had to learn that I don’t have to spend money just because other people are spending.
Vesturf: Has living with your parents affected how you think about money?
Chisom: Definitely. I know I’m privileged in that sense because some students have to pay their own rent, feed themselves, and handle almost everything themselves. Living at home means I have a safety net, so I try to take my personal expenses seriously because I know I’m not carrying all the responsibilities yet. It has also made me realize that when I eventually start paying for everything myself, I’ll need to be more disciplined. Although, like every student knows, living with your parents comes with a lot of restrictons though but that’s a talk for another day. haha.
Vesturf: If you could go back to your first year, what would you tell yourself about money?
Chisom: I’d say stop treating every small amount like it doesn’t matter. When you’re spending ₦500 or ₦1,000 at a time, it doesn’t feel serious but those amounts add up. I’d also tell myself to save before spending, even if the amount is small. And don’t be afraid to say, “I can’t afford that right now.”
Vesturf: Finally, do you think ₦80,000 is enough?
Chisom: For my situation, it can be enough, especially because I live with my parents. But I wouldn’t say it’s enough to spend without thinking. If I had to pay rent, feed myself completely, and handle all my school expenses from that same ₦80,000, it would be a very different situation.
For me, the biggest lesson has been that how much money you have matters, but knowing where your money is going matters too.
Editor’s note: Chisom’s story is one student’s experience, not a blueprint for every Nigerian student. What works for him depends on his living situation, school expenses, family support, and income opportunities. But his experience highlights something many young people learn as they start managing money for themselves: sometimes the challenge isn’t simply earning more. It’s learning how to make the money you have work for you.