Budgeting 101

-Jolokeni Hamalwa

Jolokeni Hamalwa is the Student Representative Council (SRC) for Finance at UNAM Ogongo Campus and the Congress Finance for all 12 UNAM campuses. You can find her on Instagram @Ndilimevava_13

Budgeting is very important, especially when you are away from home for the first time, because you become fully responsible for your own money. There is no one constantly checking how you spend, so without a budget, it’s easy to misuse money and end up struggling before the month ends. Budgeting helps you plan ahead, cover your basic needs, and avoid unnecessary stress.

Budgeting Effectively

Firstly, students should know exactly how much money they receive per month, whether it’s from parents, sponsors, or allowances. Then they should list all their important expenses like rent, food, transport, and school needs. After that, they can allocate money to each category and try to stick to it. It also helps to track your spending daily, even if it’s small amounts, so you know where your money goes.

Mistakes Students Make

One of the biggest mistakes is spending money impulsively, especially on things that are not necessary. Another mistake is not prioritizing needs over wants. Many students also don’t keep track of their spending. To avoid this, students need to discipline themselves, plan their spending, and always think twice before buying something. 

Balancing Essential Needs

The key is prioritizing. Import needs must always come first before anything else. Once those are covered, then you can set aside a small amount for social activities. It’s about finding balance and not overspending just to keep up with others. Sometimes you have to say no and choose what is more important.

I would advise them to first look at how they are spending their money and see where they might be overspending. Sometimes it’s the small things that use up money without us noticing. They can also try to save more by cooking instead of always buying food. If possible, they can look for small side hustles. Most importantly, students should learn to be grateful for the little they get, because our parents are really trying their best to support us. They should also avoid being influenced by other students, because we all come from different backgrounds and you don’t know how others get their money. Stay focused on your own situation and manage what you have the best way you can.