Learn how to save money as a student so that when you graduate you'll have more than enough money set aside to start life.
Being a student comes with its own challenges. But one thing about starting your saving journey while you’re in school is you’re able to take advantage of kickstarting your bitcoin savings journey early.
I was part of the 2009/2010 set when I started University. I did a 5-year course and graduated in 2015. If I had been saving $10 in bitcoin every month for 5 years, I would have had $100,597.46 by now as you can see below. (I used Bitnob’s dollar cost average calculator. You can check it out here.)
In my local currency that would be almost 70 million naira. That kind of money would be more than enough for me to keep me settled or even help me start a business and be more self-sufficient.
Even if I saved $1 every month for the 5 years I spent at the University, I would have had $10,059.75 (which is almost 7 million naira) by the time I graduated. That would have gone a long way for me as a young graduate.
In this article, I want to walk you through how to set up your own bitcoin savings plan to help you start saving while you’re at school so that when you graduate, you would have had more than enough money set aside to start life.
Download the Bitnob app and set up your account on the app
Of course, everything starts with downloading the app where you can start your bitcoin savings plan. If you’ve not downloaded the Bitnob app before, click here to download it.
After downloading the app, register, confirm your email and phone number, and complete your KYC. It only takes a couple of minutes.
Voila! You have an account with Bitnob.
Fund Your USD Wallet
Now that you’ve created your Bitnob account, the next thing you need to do is to fund your USD wallet. This is where you'll be funding your bitcoin plan.
Step #1: Tap on “Deposit”
Step #2: Tap on “Fund with Local Currency”
Step #3: Write how much you want to fund your wallet with
So far, the Bitnob app supports naira, ghana cedis and Kenyan shillings. You can easily toggle to your local currency using the “Change Currency” button on the top right section.
Once you’ve typed out how much you want to fund your wallet with, tap on “Continue”.
Step #4: Fill out the security questions
You’ll be presented with 3 security questions to help guide you on the proper way to fund your USD wallet.
Make sure you answer the questions correctly.
Step #5: Make payment
Create A Bitcoin Savings Plan
Now that you've funded your USD wallet the next stage is to create your bitcoin savings plan.
The beauty of Bitnob’s bitcoin savings plan is that it automatically saves in bitcoin for you. This is great because, let’s be honest, if you’re left to remember to manually save, you’d either forget or give up on saving. Am I lying?
With a savings plan, the saving is done automatically and in accordance with how much you want to save and the frequency you want to save.
For example, with a saving plan set up to save $1 bitcoin every day for the next 12 months, you’ll be able to save $1 daily without missing the next saving date. You can also create a plan to save weekly or monthly. This is how the Dollar Cost Average (DCA) investment strategy works.
So long as you have enough dollars in your USD wallet, your plan will be automatically funded. This means you need to make sure that you always keep your USD wallet funded.
Step #1: Tap on "Savings" in the quick links section of your home screen
Step #2: Tap on “Bitcoin Savings”
Step #3: Type the name of your plan, then tap on “Next”
Step #4: Type how much you’d like to save in bitcoin on a regular basis. You can save as low as $1.
Step #5: Set the frequency for your plan
On Bitnob you’re given 3 frequencies:
- Every day
- Once a week
- Once a month
Step #6: Set a lock period
On Bitnob you’re given 3 lock periods:
- 3 months,
- 6 months, and
- 12 months.
Since you’re going to be saving through the duration of your time at school, then you can go with the 12-month lock period.
And there you have it! You have a bitcoin savings plan.
Would you start your saving in bitcoin?
Now you know the secret to saving in bitcoin as a student and positioning yourself in such a way that you can make at least $10,000 by the end of your university program. If I could turn the hands of time, I’d save in bitcoin even if it’s just $1 a month. At least, I know I would have had an easier start at life as a new graduate.
Now here’s your chance to give yourself that opportunity. Click here to download Bitnob and get started today.