Money and You

by jw

Imagine opening your wallet one evening to find 90% of the money you had in the morning missing. The panic. The questions. Did I just get robbed or has someone decided to pull a prank on me? Then you decide to retrace your spending. Then you decide to retrace your spending. Alas, you spent it all without even realizing. Well, that was my life almost every day in campus. I always had money but at the same time, I was always broke. When I got tired of living like this I decided to make a plan of how I’d be spending my money. A couple of semesters later, I’m never broke. Ok, not as much as before.

Here are a few tips that worked for me.

1. Make a budget

This should be number one on your finance management list. We often tend to overspend when we don’t plan our spending beforehand. Take into account how much money you have at your disposal in a month. You can now plan your spending which includes shopping, food and parties with relative ease.

2. Track your spending

After every month, go back to your books and see which expenses crept up on you. These are often in form of impulsive purchases. Now you can weed out the unnecessary expenses and this will help you prevent such expenses in the future.

3. Don’t buy things on credit

Had I known this earlier, I’d have been a rich girl. I used to ‘book’ dresses, skirts and shoes because I didn’t have enough money. I’d rock them that month and pay for them at the end of the month when my dad sent me money. This made sure I was always broke and living on a shoestring budget. Learn from my mistakes. Unless it is totally necessary, don’t buy anything you have no money for.

4. Don’t hang out with big spenders

We all know those people in campus who always seem to have money. You’d be forgiven to think they have an oil well in their backyard. One time, I went raving with the big spenders. I put aside 100 bob for transport back to school. After a night of ‘mad’ fun, it was time to head home. And that is when lanes emerged. To cut the long story short, I walked from the scene of the party to downtown Nairobi alone to catch a matatu as they each comfortably boarded a taxi just outside the club. The lesson I learnt is to go partying with at least one person who’ll walk with me to the bus station. Just in case you were wondering, the answer is yes; I ended up broke that month too.

5. Look for discounts and offers

When it comes to events, movies and other social events, many of them have student offers. I also find the best time to shop is when primary school and high school kids are going back to school because of the back to school discounts. Always look out for offers in clothing and shoe stores. For instance, Bata has mini-price stores that sell shoes at a cheaper price than the normal ones.

6. Cut on food costs

One of the areas we spend most on is food, especially if you eat out a lot. The best way to cut down on the food costs is to cook. If you commute, consider packing your lunch. At the end of the day, a home cooked meal is the best.

7. Guard your vital stats

Don’t reveal your ATM card PIN to anyone. Not even in the name of love. Your finances are your own. You are the only one who should have the discretion on whether to spend it or not. So, if she asks for your PIN as a gift for her birthday, it definitely means that you should move on.

Now that you’ve got your money management on lock, see this post http://wp.me/p5Kc7d-2o for more about how to get more money.