A very close friend of mine was recently begging for money from me and others because she was broke.

The most surprising thing is that she asked for this money only after two days of receiving allowance. Now this girl desperately asked for help from me because she has noticed that it’s a monthly problem. I then noticed that she is amongst a whole lot of others who actually have the same problem.

I then sat down with her to establish the root cause of her problems in order for me to help her.

How did you manage to clear all your allowance within 2 days?
I went to the shops with the intention of just window shopping but I ended up buying and spending all the money that I had. The sad thing is that I did this before getting my necessities like toiletry and I am now depressed.

Do you keep a budget list?
Now that you are asking, it’s actually embarrassing that I know I have to budget and keep a record of my expenses but I don’t. I think that’s where I go wrong, however, I doubt that I’ll stick to the budget even if I had one. It’s being a girl, your hair needs to be done, nails, eyebrows, gosh it’s never ending!

After this talk I then realized that my friend has a serious problem and thus decided to give her and other young people out there with a similar problem tips on how to handle their cash. These are not expert tips, they are mine and are likely to work because they are real life experience.

  •  The most important aspect of budgeting is discipline, if you are not disciplined with money then you’ll definitely have problems. Don’t just spend money because money is meant to be spent.
  •  Write down your expenses for the month and stick to them. This includes your food, transport, entertainment and of course for the ladies, clothing and accessories not forgetting at least P100 for savings.
  •  You need to prioritize, if your budget exceeds your student allowance and does not allow you to save a thing then you need to exclude luxuries e.g. alcohol and unnecessary clothing, remember there’s still next month to get other things.
  •  If you are a big spender and you just can’t discipline yourself, you may give your ATM Card to a trusted friend to keep it for you.
  •  Pay attention to the bargains, whereby you have a 2 for 1. Now take advantage of this and buy in bulk and associate yourself with stores that allow you to eventually get stuff for free depending on your expenditure.
  •  If you are an on camp student don’t be embarrassed to buy in bulk and stock in your room, things like milk, canned stuff and toiletries. Instead of you buying things that will only last you a month which is costly, buying stuff that’ll last you at least two months or so will save you a whole lot.
  •  Avoid borrowing money because this leads to debt then expenses which eventually lead to a disrupted budget at the end of the month.
  • Remember guys, let’s not spend too much money in trying to impress the people around us because at the end of the end of the day we suffer.

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