Most of the time, university students misuse their finances mostly on things that are not worth it. They lack money management discipline. It is high time you put a stop to it. Here are some tips that could help you get wiser with your money:
This is a very important discipline that goes for everyone out there. Work out a financial plan on what to spend your money on. This enables one to save some coins, as well as prevent you from overspending.
2. Get rid of the ‘sponsor’ title
This is a good example of friends misusing one another. The sponsor of the group is the one who pays for meals, fare, shopping, you name it. Literally, as your pockets get empty, theirs either remain the same or increase.
3. Open a savings account
This will ensure your sunshine in your rainy days. Most people in university worry about shopping in high end places and wining and dining in the best restaurants and clubs in towns. Unfortunately, with a student’s budget, the hurrah is short lived. Why not save up some of that daddy or mummy cash and treat yourself once in a while and still have some cash left for when you really need it?
4. Get involved in money-generating activities
There are a lot you can do to earn you some ‘doe’ in school. Examples include braiding, selling cosmetics, food, etc. Discover your talent and let it make you money. Remember to save.
5. Avoid debts
Kukopa ni harusi, kulipa ni matanga. This is a common Swahili proverb that simply means it is easy to borrow than to return. First of all, you need to ask yourself if taking that debt will alleviate you or reduce you. Common debts in campus include airtime and mobile banking loans. Then there are those who take loans from their colleagues with a promise that they will pay back when funds become available. It is a bad habit that should go away.
Don’ts when dealing with money:
- Do not borrow
- Do not accumulate debt
- Do not pay one debt with another
- Do not just save, invest
- Do not show people you have money