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Dear student, can you believe that the first quarter of 2025 is wrapping up? It is almost incredible but it is true. You may have noticed that, for the past 6 months or so, I have decided to dedicate my articles in this magazine to showing students practical ways to thrive before and during their ‘induction’ into the larger society. This is a continuation.
In recent times, several countries have experienced unprecedented rises in living costs. These realities are scary, especially for teenagers and young adults. However, it is best to be informed and prepared. You need to understand that money has attributes and operates by principles. Only then will you be able to relate with it appropriately. For instance, money flows from one hand (or bank account) to another. It reflects the character of its owner and has the ability to reproduce itself, if well utilised. Do you see?
I said all that to say that you are capable of managing money well. It is sad to see students who received allowances graduate without ANYTHING saved. You don’t have to be in that number. You will interact with money, the older you get, so it is important you start your financial literacy journey early. I am not a finance coach but I believe many students will find these tips useful. Let’s get started:
- Keep in mind that there are different types of wealth; money is just ONE of them.
- Read books about money so you can get rid of every unhealthy belief you have about it. This may involve a lot of reflecting and mental detox.
- Have money conversations with your family and friends, so you can educate one another.
- Develop an investor’s mindset. In every amount lies potential for preservation and multiplication.
- See money as a tool for making life easier and full of options, rather than an instrument to impress or oppress anyone.
- Create (and stick to) a budget for each amount that comes to you, even if it is allowances from family. Money not planned for is money soon gone.
- As much as it is great to earn more money, sit with yourself and decide your MOST NECESSARY expenses. Cut out what is not important.
- No matter how much or how little you earn, ALWAYS set some aside. It may hurt to delay gratification, yet endeavour to save.
- Don’t save with the intention to spend (all the time). Save, so you have funds to invest. Save, so you can access certain opportunities later.
- NEVER dabble into a business that you do not understand. Don’t invest in anything without doing your research about the company, sector, risk involved and type of investment instrument.
- Join communities of young people who are deliberate about their financial health. You will find these online.
Closing thoughts
Thinking about the bills that come with adulthood can be scary. However, getting armed with information, following principles that work and learning from mistakes will help you tremendously. Don’t forget to keep your character intact and keep growing your skills because money flows in the direction of, and in exchange for, value.
I will see you in the next article.
__________________ Gbemisola Oluwasina is also known as the Elegant Inker. She is a content solution provider—everything from strategy, writing, editing, to audit! She has helped 10+ brands, authors and writers to accelerate their visibility, influence and profit. Also, her poems and articles have been published. Gbemisola is blessed with a voice that enriches what she says. She has honoured 20+ virtual speaking invitations since 2020. These engagements covered topics like: writing, content marketing, social media positioning, public speaking, (self) leadership, the Christian faith and albinism. She looks forward to more of these, as well as to features in the media and TED(x). Gbemisola is a recent graduate of International Relations at Covenant University who has occupied different leadership offices. She has received numerous certificates and awards. She is an ardent believer that individuals are responsible for the achievement of organisational and national goals. She loves Abba. She likes to learn other languages and make beaded articles. Email: gbemisolaoluwasina@gmail.com YouTube, Facebook and LinkedIn: Gbemisola Oluwasina Telegram channel, Instagram and Facebook pages: Elegant Inker.
EduTimes Africa, a product of Education Times Africa, is a magazine publication that aims to lend its support to close the yawning gap in Africa's educational development.