The 5 best money tips for University Students

Let’s face it. For many of you, college is the first time in your lives when you have to manage your own finances, away from the watchful eyes of your parents. You now have to pay bills, handle budgets, find a bank, and be faced with choices around credit cards and insurance.

It’s important that you prepare yourself for these money choices, just like you would when contemplating other life decisions.

Below are five of the most important decisions, and some great tips to go with them.

1. Find a Bank that caters to University students or the youth

Being in college gives you the perfect opportunity to evaluate your banking options and determine the best fit for your new situation.

The type of bank account and bank that was great for your younger days may no longer provide any value as a college student.

University students should spend time doing research to ensure that they find the banking products and services that meet their new needs and will ultimately help them save money.

For instance, some banks in Kenya offer accounts with reimbursement for out-of-network ATM fees and a low minimum daily balance requirement, which could especially benefit college students. Other banking features that could be particularly convenient for students include MPESA payments, online banking, and mobile banking.

For most University students in Kenya, Equity Bank provides the best options for bank accounts.

2. Go Mobile It’s important for college students to be smart when it comes to money and know how to properly invest, save up, and pay off their debts. In our modern times, Kenyan youth have 0 excuse for not opening up a savings account. Using your phone makes saving and budgeting very easy.

3. Give yourself some Credit Our best financial advice for University students is to be careful with your first credit card. During your first months in college, you will likely be bombarded with credit card offers. Don’t be tempted to open a credit card just because they give you free airtime. Building credit is important, and so is opening your first credit card. Ask them to explain the fine print to you and look for a card with no annual fee, good rewards, and of course-a reasonable interest rate. If they tell you that the offer is only good for that day, just do yourself a favor and walk away.

4. Don’t Assume More Student Loans Than Needed University students in Kenya should research all the possible loans and scholarships available to them, and seize the opportunity to call the shots in their own financial lives as much as possible. Government-sponsored student loans with low interest rates are great, but high-interest private loans are a very different story.

There are various sources of free money out there in the form of grants and scholarships, and it can be yours if you research and apply for them. Do some research and see if you are eligible for any of these awards.

5. Get A Part time Job, one that fits your schedule

Getting a job in college is important because you can earn “spending money” and even save some to put toward books, supplies, and your student loans. But your job can have an even bigger impact if it’s one that allows you to do your homework. A Work-study assignment will allow you to sit down and have limited interactions/responsibilities.

These types of work arrangements allow you to make money while also being productive. The end result is a much more efficient use of your time, and it keeps your job from becoming a burden to your schoolwork, which could potentially force you to quit the job and then not have the money you need. Be sure to budget responsibly with your earnings, and try to get in as many hours as you can.