SMART MONEY MOVES WITH NELFUND

President Bola Tinubu has started the distribution of the first batch of cheques to beneficiaries of the student loan scheme, launching the Nigerian Education Loan Fund, NELFUND. The loan scheme funds students for both their tuition and upkeep allowance. The loans are to be disbursed directly to the institutions while the stipends are paid directly to the students. NELFUND has stipulated that the repayment process for the loans begins two years after a recipient completes youth service.

The program aims to remove financial barriers to education and make it more accessible to all students, regardless of their economic background. the launch of NELFUND represents hope – hope for countless Nigerian students who saw university education as a distant dream, hope for parents struggling to fund their children’s education, and hope for a nation betting on knowledge as its path to prosperity.

However, with this newfound financial support comes the responsibility of managing it wisely. In order to navigate the everyday demands of life in the university. If you are among the beneficiaries to receive their first batch of cheques, it is important that you make wise financial decisions to maximize the benefits of this scheme.

To this effect, it is important to cultivate healthy budgeting and saving habits. Making smart financial decisions is what keeps you ahead of your peers and enables you live comfortably on campus. The goal is not just to survive financially through university but to thrive and build a solid foundation for your post-graduate life.Here are practical tips and strategies on how to effectively budget in Nigerian universities, manage expenses, save, and make smart financial decisions.

• 1. Create a Realistic Budget: Start by listing your sources of income, including your NELFUND loan, stipends, and any part-time job earnings. Next, itemize your expenses. These typically include:
  • Tuition Fees which are paid directly to your institution, this is a fixed cost.
  • Accommodation: Rent or hostel fees.
  • Books and Supplies: Textbooks, notebooks, and other academic materials.
  • Food and Groceries: Daily meals and snacks.
  • Transportation: Costs for commuting to and from campus
  • Personal Expenses: Clothing, hygiene products, and entertainment.
• 2. Track Your Spending: Use apps or spreadsheets to monitor your spending. Regular tracking helps you stay within your budget and identify areas where you can cut costs.
• 3. Prioritize Your Needs Over Wants: Focus on essential expenses first. Don’t make the mistake of spending all your money on things that are non-essential. The most important things should be your tuition, accommodation, and basic living expenses. All of these should be covered before spending on non-essentials like outings or hangouts and entertainment.
• 4. Save Regularly: It is no secret that there are a lot of unforeseen expenses for students on campus. This makes it essential to save. Even with a tight budget, aim to save a portion of your allowance no matter how small. These savings can serve as an emergency fund that will come to your rescue with future expenses. You can make use of popular saving apps like Piggyvest or Cowrywise to ensure you maintain a healthy saving habit.
• 5. Cook at Home: The fastest way to drain all your finances is constantly eating out. Learn to cook simple meals at home. Buy some ingredients to prepare small meals and stock up on provisions that you can easily access. This will help reduce your expenses tremendously.

These are just a few tips on how to live on campus in a way that gives you ease and financial freedom. By following these smart money moves, you can effectively manage your finances, reduce stress, and focus on your studies. The NELFUND loan scheme is a stepping stone towards a brighter future. It should not make you start living frivolously. That mistake will lead you to a lifetime of indebtedness. Remember that the most important thing is for you touse the money you have wisely to achieve your academic and financial goals.