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Money And Personal Finance

Strathmore Mental Health Club held a talk on Money and Personal Finance at the Microsoft Auditorium, Sir Thomas More Building on 26th August from 5:15 pm. The talk was part of the 3rd Annual Strathmore Mental Health Awareness week themed “adulting successfully” to equip students with appropriate skills and knowledge as they transition to adulthood, running from 26th to 30th August culminating on Friday with a Holi Run at the Sports Complex.

The talk aimed to equip students with the basics of money management: budgeting, saving, debt, investing, and giving. The knowledge lays a foundation for students to build strong money habits early on and avoid many of the mistakes that lead to lifelong money struggles.

The panellists included Anjeline Ndinya Alpher Founder, Wangu Ngari, Digital Marketer Patascore, Micheal Thotho, Programs Manager, Centonomy and Sadia Rajput, Lead Patascore.

With many students in attendance gearing to join the job market, the question in everyone’s mind was “how do I negotiate for a salary?” The panellists responded to the question by advising the students to change their mindset from what you want to earn, and shift it to what you want to achieve in a certain period.

Companies want workers who are excited about the job, not just the pay check. Being coy about salary is one way they test candidates’ interest in the position. Their thinking, right or wrong, is that people who apply without knowing the compensation must be passionate about the work

Finding a job that pays well is awesome, but you have to consider some other issues before negotiating a salary.

How does one stay away from Credit apps, with the rise and ease of such apps available to the public? asked the moderator.

“First you need to understand how credit apps operate and take debt for purposeful use strictly and not for miscellaneous spending.” was Wangu Ngari’s reply.

The crowd then raised questions revolving around relationships and money.

Programs Manager, Centonomy, Micheal Thotho urged students that the banks are the only ones in the business of lending money and they should refrain from lending to other people. Even though you want to be a good person, and you want your friend or family member to love you, don’t lend him or her money if you can help it. Gently refuse the loan, and determine the best way to help your loved ones, instead of enabling them.

Regarding relationships, the panellists advised on the confidence and financial independence of both partners when dating. When you get serious, money becomes everything. Money determines what you do for fun, what you eat, where you live, and how you live. Money is the deciding factor in every decision that you make as a couple.

“Your relationship is not a bank account,” said Sadia Rajput

When going out, decide beforehand how much money you want to spend and be sure to remember to budget for getting home, whether by taxi or night bus. Sharing a taxi with friends is a good way of keeping costs low for everybody. If you think you can’t be trusted to stick to your budget, bring only the amount of money you want to spend and leave your card in a safe place at home.

Trying to watch your money can be difficult, but planning your spending will help keep you out of tight spots.

 

The article was written by Tuzo Jonathan.

If you have a story, kindly email: communications@strathmore.edu

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