Campus Tips — June 2, 2017 at 9:26 am

Tips to Help You Save in Campus

ZU Students relaxing on campus

A student’s financial picture is definitely different from someone who is employed. He or she has not yet started making real money and the student’s focus is primarily on studies and enjoying life. However, the fun should be moderated, and this is dependent on the budget available.

Alfred Kilonzo understands that while in campus students’ face a lot of temptation of reckless spending and saving up extra coins is a tall order. He put together a number of helpful tips on exciting changes a student can make in life, to save up in campus:

i. Do a Budget: A student should make a weekly food budget and stick to it. The cost of eating out or ordering food piles up quickly and cooking your own simple and exciting meals will reduce spending on meals. It will also teach you a valuable skill and create opportunities for connection with your friends by cooking and eating together. In addition, it is advisable to a hostel meal plan, like what is offered at the Zetech University hostels, if you have paid for one.

ii. Establish a saving culture: Avoid buying items on credit and use credit cards only during emergencies. Try and save 10% every month or week from your allowance and save this in a bank account or in a unit trust fund; this will help you curb unnecessary expenditure.

iii. Avoid impulse buying: Be careful not to buy items you didn’t plan to purchase; you will interfere with your budget (refer to point one).

iv. Learn about investments: Google on how to do investments, why you should invest and put into action the knowledge you get. There are many websites and books with lessons on handling money effectively.

v. Go out only on occasions: As a young person you want to enjoy your life, movies, concerts, parties and other paid events to have fun. While these experiences may be enticing, they can drain on your wallet. Instead, spend your free time indoors or with friends and save money. Go for inexpensive plans e.g. practicing your hobbies, attending open mic, going for a walk/hike/bike ride or volunteer.

vi. Talk to a mentor: A mentor will teach you how to set yourself up for a lifetime of financial success by establishing good financial habits while in campus. You’ll take what you learn from him/her and apply it.

vii. Come up with a business plan: You can join the Zetech Entrepreneurship club so that you can sharpen your business skills as you get to interact with the other members. This will help you come up with a business which can generate an income.

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