“Hi , I’m Safiyyah, a first year Economics student at the LSE from Malaysia. I wanted to share some top ways the Kestrl app has helped me achieve my financial goals in a way that doesn’t compromise on my beliefs…”
1. Easy & Efficient Budgeting
As a first-year university student, moving halfway across the world taught me many lessons, with one of the biggest being the importance of a good budget. Admittedly, I wasn’t very good at budgeting but Kestrl made it incredibly easy and almost effortless for me to do so. At the end of each month, I found myself anxious to open my bank account knowing that I had spent more than I planned out in my head. Using Kestrl, it automatically identified my spending patterns and enabled me to set goals, teaching me self-discipline and to take control of my spending. Initially, I was shocked by the amount I spent on transportation each month and it motivated me to find alternative modes of travel that were less costly. Since then, I have applied for a student oyster card to reduce my costs. Moreover, I was sent daily balance alerts, weekly and monthly summaries to ensure I was kept on my toes and meeting my budgeting goals! However, more importantly, budgeting taught me to place a greater importance on my future. It taught me to keep a level head and make educated financial decisions that will benefit my long-term goals.
2. Keep Track of Spending
One of my favourite features would be the detailed insights Kestrl offers. A personal balance sheet tailored for you showcasing how much money you spend on each industry sector whilst categorising it into ‘Essential’ and ‘Non-Essential’ spending. This enables me to distinguish transactions and aptly identify any areas of improvement to achieve my financial goals. Kestrl also calculates how much I can safely spend, taking into account any bills and subscriptions I have committed to. Money is put into a reserve to ensure that I have enough in my bank account to pay my upcoming bills and subscriptions. Kestrl has never failed to keep track of my overall spending, forgotten bills and subscriptions, as well as keeps me alerted of any significant expenditures.
3. Making Charitable Donations
In line with the effective budgeting tool, I have gained confidence in my spending decisions and have been able to allocate my income effectively. Therefore, I am grateful to be in a position where I am able to increase my ability to donate to charity. Back in Malaysia, we would often donate to charity as a family. Now, having moved to London, I am looking forward to being able to donate a proportion of my own income, independently. Without having to spend time researching and calculating the Zakat I owe myself, Kestrl efficiently calculates the amount owed and transfers it to the National Zakat foundation. I also have the freedom to allocate my Zakat within causes of my choosing such as education, housing and healthcare. The ease with which this process is conducted is a huge incentive to increase charitable donations.
A Screenshot of the Zakat Donation Process in Kestrl
4. Making Ethical Investments
In recent times, there has been a surge in the popularity of investing especially amongst millennials with the rise of Reddit threads and Twitter Memes. However, I felt that I was unable to partake in the spontaneity of investing as I favoured a long term investment over a short term gain. In addition, it was extremely important that the company I invested in was inline with my values as it had to be socially responsible and yield benefit to society. Therefore, when Kestrl announced that they were launching the ‘Marketplace’, I was extremely excited. With the launch, everyday investors will be able to explore the first 4 investment providers that Kestrl have partnered with — Minted, Simply Ethical, Yielders and Qardus. All of which have been screened by Kestrl to ensure that they are ethical and Sharia compliant. Not only is the Marketplace aesthetically pleasing, it is very simple to analyse potential returns and invest confidently in trustworthy companies. Kestrl provides easily accessible information that enables users to effectively gain a deeper understanding of the various investment platforms that offer a plethora of products that range from gold to properties in the UK.
In conclusion, Kestrl has been an amazing tool to help navigate my expenditures during my first year in uni, especially being exposed to a completely new environment. It is a fantastic app for students, as the guidance Kestrl has provided me is unparalleled. As previously mentioned, I am looking forward to the new features and for what Kestrl has in store for the future.
Download Kestrl today to achieve your goals without compromise!