Graduate Population Benefits from Appropriate Management of Money


November 27 , 2018 . By Cassie Steele (cassie.steele@hickorymail.net)


Ethiopia’s graduate population is expanding thanks to massive investment by the government. It is then up to graduates to find ways to save, invest and grow their wealth by managing money effectively, writes Cassie Steele (cassie.steele@hickorymail.net).


Few governments in Africa spend as much of their budget on education as Ethiopia. Ethiopia has consistently been ranked close to the top of the list for the past decade in a continent that directs 18.4pc of government expenditure toward education. In fact, between 2000 and 2013, Ethiopia doubled its education spending from 15pc in that period.

Ethiopia has invested in its growing population, and now it is time for the graduates to invest back into themselves. As a new professional, one can invest in oneself by learning how to effectively manage money to thrive in a growing economy.

One of the biggest hurdles in teaching the growing graduate population how to manage their money will be getting past the lack of knowledge of mobile money services and using technology to increase awareness of saving strategies.

Following the groundwork laid by other countries such as Kenya, Ethiopia has been working to increase financial inclusion. Whereas the nation has previously been very cash-focused, more and more tech companies are investing to revolutionise the way that Ethiopians access and manage their money.

All recent graduates should open a bank account to effectively manage their money as they grow into their professional career. Familiarising oneself with technology is another great tool to take advantage of. Aside from providing tools that allow people to learn how to budget, these types of apps can help Ethiopians automate their finances, monitor spending, save coupons, invest and even strategise their spending categories to optimise their savings.

The first step in managing one’s money is to set a goal. Most recent graduates are looking for jobs or are beginning their career in entry-level positions that provide them with enough money to get by. This is an excellent time in one’s life to start budgeting, as it teaches how money can be managed.

One should start by setting a financial goal, and then figure out how much is needed to reach that goal. With those numbers in mind, we can set specific amounts to spend on necessary items.

Here, it is crucial to begin utilising technology to make sense of where one’s money is going and how to manage it. There are many apps on the market that allow us to track, manage and even invest our savings in smart ways. These are low-risk tools that are available to recent graduates.

Not only can one connect cards and bank accounts to efficiently assess where one’s money is going, but it is possible to take a concise look at where money is being spent to manage it more effectively.

Once we have learned how to create a budget, smart ways to save and also how to use integrative technology that helps us manage our finances, we can begin to think about how savings can be invested to grow wealth. In fact, the world’s top billionaires note that the smartest way to increase savings is to grow it over time by investing it in creative ways.

One of the biggest financial tips for recent graduates in Ethiopia is to focus on the long term. It is okay if one does not feel like it is possible to manage an investment portfolio as a recent graduate. Not many people can.

Looking at one’s financial health is a process that can be taken step-by-step. If it helps, we can begin by planning longterm financial goals by first taking a look at where we want to be in life in five, 10 or 15 years. According to the goals one wishes to accomplish, such as paying back any debt owed to the government, buying a house or even moving to another country for a great job opportunity, it is possible to understand what is necessary to save and how finances can be organised.

By using budgeting techniques, smart technologies and investing, we can manage and grow our wealth by diversifying it in a way that will allow us to continue to thrive long after we have left university.

Saving money sometimes seems like a difficult task, especially if we are just getting started in our career. By being smart about the financial goals we set for ourselves, we can have a clear idea of what we need to do to achieve that goal.

Then all we have to do is stay committed to following a strict budget and avoid costly recurring purchases, and we will be on our way to investing in ourselves in a way that helps us and our bank accounts.



PUBLISHED ON Nov 27,2018 [ VOL 19 , NO 970]









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