Finance tips for campus freshers

Joining the university can be very exciting, it’s a new environment and one has the chance of meeting and making new friends. It is also a phase of growth because having left your parents’ home, you are solely in charge of your own well being. Unlike life in the previous levels of education, items like food, shelter and how you spend your time are often entirely up to you. As a result, one of the hard lessons one learns at university is that it is no place for child’s play. There are no bells or teachers to remind you where to be or when to be there and most certainly no one to tell you how to spend your money. Truthfully speaking, most of us don’t think much of this money issue until later on in life and only realize much later how important it was to start earlier. Personally I feel learning how to manage money should be mastered while at university. Why? You may ask, well I find this time convenient because it is when one is exposed enough to see the realities of the world but still has room to learn and adjust in preparation for the real world. This then helps avoid situations like “having more month at the end of your money”. This issue regarding finances doesn’t isolate, it happens to anyone that fails to manage their money well irrespective of how much you receive as upkeep or salary. Nonetheless, there are those individuals that seem to have this skill down to the dot. So after talking to some, I noted that mostly came down to a few basics. September often marks the beginning of the academic year for many universities therefore sharing a few basics on how to manage money would be ideal for the many Rwandan youth joining college for the very first time. This however doesn’t exclude those who find this helpful to them in one way or the other. Prioritise your spending The last thing you want is getting kicked out of your campus hostel or apartment because you went for a shopping spree and forgot to pay your rent in hopes the landlord will understand. However exaggerated this may sound, it may become reality when one fails to know what to prioritise when it comes to your expenses. Having an understanding of what to spend on first can save you a great deal of frustration especially when in a new environment. It’s not rocket science, all you have to do is find out those expenses that when not taken care of could hinder your well being for some it could be food and accommodation or even health. It should also be noted that these are often things you ‘need’ to spend on and not just ‘want’ to spend on. Monitor your expenses Technology has more than simplified this for us. Mobile applications like Finance PM and many others help you monitor how much money you spend per day and eventually per month in accordance to your income. Being able to account for every penny you spend during the day can be very eye opening. Once you monitor how much you spend per day, you are able to see the expenses that consume most of your money and hence choose to make amendments from then on wards. The catch here is that this is a habit so it requires diligence and discipline in order to give valid results. Don’t spend out of pocket For as long as you can help it, don’t spend all your money to the extent that you have nothing to your name. Even if you know you will get more the very next day, what happens when the source you so dearly hoped would send the money fails to deliver? It is wise to remain with a few francs to your name just to be on the safer side. Of course there are certain exceptions to this but most times cases of mismanagement lead one into debt. One then ponders on how you will be able to manage somebody else’s money after failing to manage your own– just saying. A little saving never hurt nobody In an era where the gospel of “YOLO” (you only live once) is preached everyday it’s hard to think about why one should save. Whether its money you’re given or it money you’ve earned, saving just a small amount every month can be quite helpful. You could save up for a new phone, laptop or even a simple rainy day fund either way there is a great deal one can gain from saving. One of the lessons saving teaches is the value of delayed gratification. When all this is said and done there is still a lot to learn when it comes to finances and their management. For that reason, just like any other aspect of personal management, money also requires one to be disciplined in order to make the best use of it. The author is a student at University of Rwanda, College of Science and Technology

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Finance tips for campus freshers