Spend, but don’t get Broke!

It’s back to school week and I bet our pockets, wallets and bank accounts are popping, whether it’s popping with school fees oryour personal money for school, probably half or more than half of the money has already been spent in your mind. We students are likely getting ourselves into a cycle of debt/and broke-ness.But maybe, or maybe not you plan living on a budget to “alleviate poverty” in the nearest future and dry wallets/accounts. Although it’s not fun, easy and does not look possible, keep in mind that the key to financial breakthrough is being self-conscious on how you spend your money. Also note that there’s a gap between being cheap and spending savvy. There’s no crime in living within your means and not beyond. 

Spend your money wisely and avoid to the minimum, being broke with the following tips;

For every project you intend to spend money on, you should have a budget set out and plans to execute the budget successful with little or no going above the budget. Oh and STICK to your budget.

Don’t make impulse purchases

It’s necessary to pay bills on time, because when you hold on to the money, you will be tempted to spend it and when you do, you’ll have to make-up for the money and you might result into borrowing. There another preventable expense incurred.

Cooking is not limited to girls only, as a student bachelor you should rather invest on purchasing a stove, gas or whichever you prefer to be cooking. It’s more cost-effective than eating out or buying food on a regular.

Any distance you can walk, you should walk and not take public transport if you do not have a car. You can further take out small change to buy water, rehydrate and move on.  After all a good walking exercise is necessary. Except you’re in a rush, I would encourage the walk, money for transport fare can hence be used for important things.

You want to be chairman or chairlady and suffer being broke? True that there’s nothing wrong in spending on your friends or sponsoring y’all once in a while but there’s also no shame in splitting the bill, besides you lot might be surviving on allowance and not earning so flex with sense. But whereas you have a friend who’s always sponsoring, please try to take up the bill often as well and don’t end up being a leech.

Sell what you no longer need nor use. There are websites such as OLX, jiji and Gidimarket where you can sell off your unwanted or used clothing’s, tech items, furniture’s etc.

If you can’t afford the school handout or it’s way beyond your budget then why do we have smartphones? Take pictures from those who can afford it and be happy with life. You can arrange each of the photos taken in one folder to distinguish courses. If you’re worried with having to read from your phone then simply transfer them to your pc. Simple!

Attend classes! You’re paying for them and skipping them is like throwing money out the window. (wink)

A piggy bank comes in handy. You won’t feel the impact or importance of a piggy bank until you’re in an emergency need of impromptu money. Start a piggy bank and fill it up with coins and the tiniest of money or even more.

Don’t buy music! Use free websites to download your songs. You can support the artist by buying their music when you start earning.

Shop with friends. You can buy things and supplies in bulk (which is usually imperatively cheaper) and then you can split the items.

No shame in shopping from “okirika”, atleast even “okirika” has grade. So do you need a dress so urgently or just want to add to your wardrobe? Check the thrift store. You’d be surprised at how much you can slay with those clothes and how many of your slay queens patronize the thrift store known in my father’s land as “okirika”.

Pay with cash. There’s a high tendency to over-spend while using credit cards. You might not be able to know the gravity of cash you are dishing out when using credit card, but releasing money out in cash can knock some sense into your spending spirit.

Most importantly! NEVER buy what you don’t need before what you need. Prioritize your options and needs, more like a scale of preference to set your spending priorities straight.