United States became the leading financial power after world war after it emerged stronger compared to its European counterparts.The dollar started to replace the pound sterling as the world’s reserve currency as a result, and the United States also started to receive a sizable amount of wartime gold inflows.

Currently, the United States dollar (USD) is the world’s dominant reserve currency, with approximately 60% of global foreign exchange reserves held in USD. Other major reserve currencies include the euro (EUR), Japanese yen (JPY), British pound sterling (GBP), and the Swiss franc (CHF).

A world reserve currency is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves. It is used for international trade and financial transactions, and it is generally considered to be a stable and reliable currency that is widely accepted around the world.

As developing nations like China and India step up to trade in their own currencies, the dominance of the US dollar in world trade is facing a serious challenge. Meanwhile, nations that the West views as neutral or aligned in relation to the ongoing Russian offensive in Ukraine are increasingly coming together to concentrate on shared global finance.

According to reports, the BRICS (Brazil, Russia, India, China, and South Africa) nations are looking into developing a single currency for intra-BRICS commerce. At the upcoming BRICS meeting in South Africa in August 2023, a new financial arrangement that has the potential to lead to a single BRICS currency may be unveiled. With plans underway to introduce the currency What would this mean to the US and the dollar.

Kenya’s currency has been losing its value over the past years and  that was mostly caused by the challenges the country was facing from covid 19 , drought due climatic change, 2022 general elections, among others In 2023, things have started going astray with the Kenyan shillings  depreciating way hard and now the Kenyan shilling is going from 136 to around 143 against the dollar.

The dollar is the most traded currency globally and bilateral exchange is quoted against the dollar, with the Kenyan shillings hitting this low you have to know that things are getting out of hands at the moment. Consumers are exposed to bilateral exchange rates when they travel abroad or when they order goods and services from other countries, and businesses are exposed to them when they enter into contracts to export their goods and services to other countries and buy production inputs from other countries.

The country is currently in an inflation phase and the economy is so bad for the common man who tries to make ends meet. Prices of goods have gone high and it is becoming unbearable for everyone not to mention thousands of Kenyans who are unemployed and starve to death in various parts of the country and can’t get access even to the most basic things .

Despite reports that the crucial trade currency is exceedingly scarce, the National Treasury says Kenya has enough dollars in its reserves.
“What I can say is we still have adequate reserves,” National  Treasury PS Dr. Chris Kiptoo said when he appeared before the National assembly public debt
and privatisation committee.

Students across various universities in the country depend on helb loans to raise fee for their education and upkeep during their four year period at the university. The majority of these students are coming from a humble background and are not able to raise the school fees needed. Thus, opt for Helb loan to help them raise some amount for their fee and other needs.

A student usually gets around 40,000 to 60,000 during their academic year to cater to their needs in that financial year, which about 8,000 goes to their academic fee. This year, the wait for the loan to be disbursed has taken them by shock  and those who were tired of the wait were forced to seek other alternatives to raise funds for their studies.

“When the government delayed to give us the Helb loan,as a student I felt like I’m gonna be left out because the portal wasn’t open, so it was hard for me to register my units and I had to do something alternative to gather funds. One thing I had to apply for the work study, that is a program from the dean’s office where I was able to earn at least a thousand in a week to sustain my meals. So, all the other funds I had for my meals, I had to put them to the fee so that at least I could be allowed to study. For me, that’s the alternative method I had to take as well as doing other graphics work.” George Kamau a fourth year student at the University of Nairobi, stated.

Things are really hard at the moment, and it has become unbearable for students who depend on their parents for their livelihood. ” We are really struggling as students since helb is the only source of income we have for some of us. With the cost of living being high, we have to skip meals to survive in school.” Omondi, a student of the University of Nairobi, said.

“Currently we have 140,000 students in Tvets and universities that we have not been able to fund to the tune of Sh5.7 billion because we have run out of the budget that we had presented to Treasury of Sh4.5 billion,”  chief executive of Helb Charles Ringera had to say this when he appeared before the education committee at National Assembly. The number of learners applying for the helb loan is increasing every year, and the budget needs to increase to cater to the rising number of students.

President William Ruto, speaking at Kisii National Polytechnic, announced that the government had in the last two weeks disbursed enough funds to Helb to lend students across the country.
Months after the remarks, students are still struggling to make ends meet and have been waiting for the disbursement of the loan, which never seems to happen any time soon. Students and student’s leaders have been raising their concern over the delayed Helb loan and clearly insisting on timely disbursement of the loans, but all seems to have fallen on deaf years.

Financial Inclusion fund, commonly known as Hustler fund, is not just a phrase used by many but loan given by the government of Kenya to its citizens. Hustler fund was launched on November 30th, 2023, by President William Ruto to help small-scale business owners, cooperatives and other Kenyans in boosting their hustle.

The loan has attracted a lot of Kenyans due to its low interest charged unlike loans charged by other lenders like the bank. One can borrow a minimum of 500 upto a maximum of 50,000 at 8% prorated basis, which one can acess easily through their mobile phones by clicking a code that is *254#.

The government of Kenya had started the program with a capital start up of ksh 50 billion and three months later 21.1 billion was borrowed by Kenyans according to a recent data given by President Ruto on the launch of second phase of Hustler fund. Although much has been borrowed, critics have it that the funds given to the hustlers are not enough to generate money since a lot of kenyans get to access an amount of about 500 or 1000.

Given the fact that one has to repay the money after 14 days, one’s limit is also expected to increase so that they can continue borrowing, but for some this has not been the case. According to the report given by the Cabinet Secretary of labour and Smes on Hustler Fund, more than 800,000 Kenyans have defaulted to repay Hustler funds. The launch of the new phase comes with the inclusion of women’s funds and increase in limit to Hustler funds now with more terms and conditions to ensure one is able to return the money.

Our decisions and way of life are heavily influenced by money, which plays a significant role in our lives. Whether we like it or not, learning how to handle our finances effectively is a necessary skill if we want to live comfortably. But, navigating the intricate world of finance can be intimidating given the abundance of financial products and investment possibilities accessible. This is where financial strategies come into play; they offer a methodical way to handle our money and accomplish our financial objectives. In this blog, we’ll go over some of the fundamental ideas around money and financial planning, as well as why they’re crucial for reaching financial independence and stability among university students.

• Have a budget and follow it
The creation of a budget that takes into consideration all of your income and expenses is one of the most crucial steps in managing your finances. Create a list of all the expenses you have each month, including your rent, utilities, food, travel, and entertainment. Then, to make sure you’re living within your means, compare your overall costs to your monthly income and make any necessary modifications. Although it can be difficult, adhering to a budget is essential for attaining your financial objectives.

• Reduce spending
Once you’ve made a budget, start looking for ways to reduce your spending. Use public transportation instead of buying a car, for instance, or think about preparing your meals at home rather than eating out. By renting or buying used books rather than brand-new ones, you can also save money on textbooks.

• Avoid or pay off debt
Paying off debt as early as you can is crucial if you have any. Make a note of every debt you have, including credit card debt, student loans, and any other loans you may have to get started. You’ll be able to pay off your debt more quickly and save money over time by doing this.

• Establish financial objectives
A wonderful method to maintain focus and motivation for your finances is by setting financial goals. You could, for instance, decide to save a certain amount of money each month or to pay off your student loans by a specific date. To maximize your chances of success, make sure your goals are  specific, measurable, achievable, relevant, and time-bound.

Do not be reluctant to seek financial guidance if you are having trouble managing your money. To assist students with budgeting, debt management, and future financial planning, several colleges provide financial counselling services. You might also ask a financial planner or advisor for aid in putting together a unique financial strategy. Managing finances can be difficult, especially for students, but if you decide to follow a certain financial strategy, I believe it can work. Students can successfully manage their finances and build their financial success. Remember, developing solid financial habits today will help you later on and lead you to a life of independence and security.