Given the heavy spending on celebrations and festivities during December, it is widely believed that many people struggle financially through the long stretch of January. This situation has prompted an inquiry into whether OAU students can sustain themselves for a month on a ₦30,000 budget.
It is a quest that seems almost impossible
Part 4 Civil Engineering student, Babalola Gbolade, said, ‘This is a tight budget, especially with current prices, but the key to surviving on ₦30,000 a month is extreme discipline and eliminating convenience. For food, I will have to rely on stew with eggs, basically, to cut costs. Also buy rice spaghetti and some to last for the month. This might take a huge chunk of the budget.’
He stated further, ‘The second one is transport. I will have to switch to campus or squat to save transport costs; this also solves cooking gas costs, if you know, you know. Data is very important for comfort and to keep in touch with life. So it will take some part of the budget, let’s say 25%, also night plans and intecu will go a long way.’
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Babalola added that, ‘The remainder of this budget will be used for contingencies, maybe printings and stuff. To make this 30k feasible, buying on impulse, fast foods, a Spotify subscription, and soft drinks/bottled water will also be cut off to make sure the money lasts. With this plan, I think 30k should last a month.’
Afolabi Olajuwon, a part 4 Mass Communication student, also said, ‘Managing ₦30k for a whole month as a student, especially in a federal university, will not be easy at all. But if that’s the only option, I will just have to be very intentional with my spending. First thing, I will prioritise data and communication. I will set aside like ₦10,000 for that because, honestly, data is life in school for classes, assignments, updates, everything. Without data, you are basically stranded. Then I will cut down on transportation. Since I normally use bikes to move to class, I will start using my legxus and legedizbenz more and walk when I can and reduce unnecessary movement, so I am not spending money on transport every day.’
Olajuwon stated further ‘For feeding, I will plan properly by cooking simple meals at home instead of buying food outside. That way, the money can stretch, especially if there are foodstuffs in the house already. So overall, it is just about prioritising, cutting out unnecessary spending, and making sure every naira counts.’
Surviving would be easier if transport costs were eliminated
In the words of Atinuke Ojo, 500-level Medical Rehabilitation student, ‘This is like one of the most difficult calculations I have ever done. Anytime I go to the clinic, I spend ₦950 per day for 4 days, then 300 on the 5th day. That’s 4,100 in 4 weeks, making a total of 16,400. That is over half of the money gone already. Then I have 450 to spend on food per day for the remaining 30 days. Cannot work, I cannot imagine it.’
She added, ‘But then, if I do not go to the clinic, I will spend ₦9,000 in 30 days just to go to classes and come back, and still have ₦21,000. To go about the month, I will make sure I buy a good amount of garri(5k) and white beans (4k), those cheap ones. I will also buy some Maggi, salt, ground pepper (2k), red oil, 1 bottle (2k), and a Congo of rice (3k). Since this money cannot buy gas, I will just borrow an electric cooker from my neighbour to cook. As for the remaining 4k, I will keep it for unforeseen circumstances. For the food I bought, I only eat when I’m very hungry, so I guess it will sustain me well.’
Adedeji Abiola, part 3 Industrial Chemistry student, said, ‘Since I am off campus, ₦15,000 will go to transportation. I stay at Mayfair, and the transport fare to and from campus is ₦500 daily. The remaining ₦15,000 will be spent on snacks. I love eating “As e dey hot,” and I buy it from Monday to Saturday. That means I will eat it for 26 days, costing about ₦13,000. After that, I will have ₦2,000 left for the four Sundays, since “As e dey hot” does not open on Sundays. I will spend ₦500 on snacks each Sunday, and just like that, the thirty thousand is gone.’
Abiola added, ‘But if I am at home, I think I will spend only about ₦2,000 in thirty days. I usually go out only on Sundays for church, and I stay most of the time. Sometimes, I take a walk, which costs nothing. I do not buy data at home because we have a router, and if there’s no light, my brother gives me a hotspot. I also do not buy food at home, because there is always something to eat.’
According to Daramola Tomilola, part 3 Law student, ‘Spending 30k in 30 days does not seem realistic, but I will try to assume it was. Firstly, I will have to stay on campus. I cannot be based off-campus and now survive on 30k. It is not possible. Then let us assume I brought stuff from home, and I have basic things like oil, salt, rice and the like, even if I don’t have it entirely, and I also have gas, very important! I will use like 15k to buy the remaining foodstuffs needed, and now use the remaining 15k for data and other essentials necessary in the next few days, so I will not be stranded. I think data can always be sorted by connecting to the school intercu, and transportation too won’t require much since one can always trek anywhere on campus. Electricity, too, is handled by the school management already.’
Samson Akintokun from the Department of Sociology and Anthropology added, ‘It is kind of a dicey issue to be given 30k to survive for 30 days. But I think firstly for me, if there’s food in the house, then basically the 30k will go towards doing other things. But if not, I’ll first buy foodstuffs and gas for 15k, then I will have to ration my food intake. For example, if I cook two cups of rice, I will have to eat those two cups in the morning and at night. Then, all through the month, I won’t go out unless it’s really, really necessary.’
Dorcas Afolabi, a part 4 Demography and Social Statistics student, gave an overview of how she will spend hers by dividing the money into three parts. She said, ‘If I were given 30k to survive for a month, I would split it into three categories. For food, I will buy a Congo of garri, 5 cups of sugar, and a Congo of Rice. Few ingredients, seasons, vegetable oil, and other things. A lot of soup to last for a week. For data, I will do a monthly data plan. The cheapest. I will be strict with using it, too. For transportation and movement; If I have to go to some places, I will take the cheapest means of transport. Bus up and down.’
Salami Emmanuel from Broadcast Journalism highlighted the essence of prudence in his own response. According to him, ‘Spending 30k for thirty days might seem mathematically easy, but without a proper plan structured out on how to spend it, one is deemed to mismanage it. Hence, this depends on how prudent you can be! For me, the best way I can spend it and be sufficient with it is to outline things I feel I need the most and get them quickly, and preferably I will go with 1k each day for a balanced spending.’
Olusesi Segun and Mary Owolabi, Medicine and Linguistics students, respectively, adopted a breakdown for how they will spend the money, categorising it into different needs. Segun said, ‘I will just follow a budgeting way of spending money. I will budget 5k for data, 20k for feeding, and 5k for miscellaneous. I won’t have to spend anything on transportation cos I stay on campus.’
Mary said, ’15k goes to foodstuffs (rice, beans and garri), 3k goes to data subscriptions, and 4k goes for transport fare. Then I will fill my gas for 2k, toiletries for 3k, and budget 3k for my department emergencies.’