Most Kenyan universities admit first year students in August. The admission of first years into universities marks a new beginning both in their academic and financial lives. This is the time they get the opportunity to shape up their academic lives to pursue a given course in an effort to build their careers. The new students become acclimated to the new environment on campus and find ways to balance their social and academic lives in order to build towards their careers.
With a student loan from the Higher Education Loans Board and maybe some pocket money from ever-supportive parents, the student is all set for the semester. However, unlike high school where pocket money was entrusted to either the class teacher or the matron to dish out to the student in small amounts, this money is placed in the student’s hands, via their bank accounts. While interactions with the outside world were reserved for visiting days, mid-term breaks and holidays back in high school, university students have the freedom to walk in and out of campus anytime without anyone watching them.
Such freedom and financial capabilities call for sobriety. The temptation to spend money within the first month of the semester is very real. Many students have found themselves camping at the guiding and counseling offices throughout the semester in search for professional help after squandering their money.
After our July post on why you need a savings plan, we received several comments from concerned freshmen who were asking about how they can effectively use their money while on campus. We appreciate the feedback and the enthusiasm displayed by the students looking forward to taking charge of their finances while on campus. Here, we discuss three things that can help you manage your spending on campus.