Today, our universities in the country are releasing thousands of graduates who are competing in a very competitive environment to secure themselves jobs or even struggling to set up businesses. It has been difficult for us because we believe that to get a job in this country depends on whom you know and who knows somebody somewhere. This is just a fallacy. The environment today is just looking for someone who has unique qualifications, attitude, and character beyond your academic qualifications which everybody has attained.

This has made many of us to go for internships, volunteer or even start up our own ventures with the hope of earning something little or keeping ourselves busy. This is commendable, but my question is, why is it that you are still the same person, in the same position, lamenting that the “situation is bad, I don’t have money, I earn very little to save leave alone to capitalize… etc.?’

It is the desire for every youth to be financially stable and independent, yet you operate from hand to mouth having nothing for spending tomorrow. I want you to know that being cautious about your finances is a very chirpy habit for anyone who wants to develop financially.

As young people, we are inclined to be very youthful and brimming with vim and vigor such that we cannot keep ourselves together, that we go with fashion, and move with the world which I am not saying it is bad, but it cost us a lot of money rashly. Far from the mentioned excuses and more of the sort that you always give, you can actually save notwithstanding the amount that you get either per day, per week, per month or per year! It works, while in campus, we formed a group of seven people of like-minded saving Sh. 10 per day. We have engaged in activities that earned us some cash and today, we have money in our account. One by one makes a bundle.

Today, I want to ask you to track your expenses. It may appear to be something simple but it is very important. Keeping track of expenses, while sometimes tedious, is the best way to find out exactly where your money is going.  Anne Tergesen, in “Seven Resolutions to Get Your Nest Egg in Shape,” Wall Street Journal, January 14, 2013  said that without knowing how much you spend, it’s virtually impossible to figure out how much you’ll need to save for retirement.

Have a diary or you can download an application from Google Store where every day you will be recording each expense you have incurred in cash, Mpesa, or bank. Categorize your expenses like traveling, vegetables, clothes, charity, lunch, etc. Tracking your expenses for a whole month will help you know where you spend unnecessarily and also to do a budget for your income. Always make sure you sort for an alternative before spending. After your analysis, seal the loopholes and channel your “unnecessary expenses” to a saving scheme.

Below are some of the things that as a youth you can curb to minimize spending to allow you to save, invest and grow financially.

• Hanging out in new locales

Today, we have mushrooming of joints and ranches in town and its outskirts. Most of the youth want to show the social media fraternity that they know of the new arena just by taking their so-called boys to the place and taking some selfie moments and snaps of what they will be served with and posting them on Instagram, Facebook among other platforms with status like “At the Mall…” Yea, we will know where you spent your weekend, then? What you are not aware is that you paid for taking the photos which will hardly get 30 likes and yet you will wake up in the morning asking for a friend to help you with a thousand to sort your fare to the job for the week yet you “met your boys” at New Java in Juja Mall.

• Bashes and Events

With social media; being the in thing, every young person does not want to be left behind in showcasing the number and kind of events or bashes attended in a month. There are people who will hold parties at their houses every single weekend! Last week it was a home warming, this week barbecue, etc.  Attending or holding them every once in a long while is not bad, it is not a crime either, just do your math to see how much you spend on them.

• Traveling

With each holiday, there comes a lot of advertisements such as Chaka Ranch, Diani Beach, and flight offers, which make everyone not to be left behind in such an experience. It is not bad, but how often do you do it. Do you know that traveling every now and then without a concrete reason can cost you, traveling is expensive unless you are going for a business meeting that is forthright.

Reduce your traveling and invest the money so that at the end of the year you can have your holiday knowing that, there is still something left at the bank.

• Impulse buying

Both men and ladies are victims of impulse buying especially to those who are dating. They have a habit of impressing their partners, which it is not an offense but as you struggle to make ends meet, you need to make your picks shrewdly. Before you spend on anything, just give at a second thought, is it necessary, can you do without at the moment, is there an alternative…if you can do without, then take an about turn before you get reasons to justify your buying.

Let us remember a shilling saved today, will earn you a shilling tomorrow.

Be wise my friend and stop this appalling spending of hard-earned income: save for tomorrow.

Fednarnd Chikira

Accountant/Marketing-Intern

Ubunifu Sacco Society Ltd