ENABLING
FUTURE LEADERS
"If I want to encourage young
people back home to get to where I am,
I have to be an example."
“Now my son will have the opportunities
to make his dreams come true.”
“Today I work in a male dominated work force.
My father would be so proud of me.”

Managing your money as a student

Money Management for Students

Even though you may not have much money as a student, learning to manage your money now is an investment for your future. The key is working well with what you have. We have put together a few tips to help you.

1. Budget
“A budget is telling your money where to go, instead of wondering where it went” was said by Dave Ramsey and he could not have said it better. Having a plan for your money is the best way of managing what you spend your money on and how to save it. We found helpful student budget templates for South African students on https://educonnect.co.za/sample-student-budgets/.

2. Prioritise
Look at what you need most and then prioritise your spending. Write down your expenses in order of what is most important and what you cannot get out of spending on, then look at what is left and decide what is most important to you. Remember to include saving money in your plan.

3. Take advantage of student deals
There are lots of student deals out there and why not take advantage of them. From food and clothing stores to events and university services there are many discounts and deals available. Many universities offer students health, gym, library and tutoring services which are free of charge or even at a largely reduced price, make sure you become familiar with these offerings at your university.

4. Keep your expenses low
Try and keep your expenses low, every little bit you can save could make a big difference. Take note of small items that don’t look like big expenses e.g. cold drinks/coffee from the store, these things add up. “Beware of little expenses; a small leak will sink a great ship”. – Benjamin Franklin

5. Work hard at your academics
Universities often reward students with high grades. Students with distinctions in grade 12 are awarded merit bursaries which means you get a reduction in your university fees. Some universities even offer rewards to university students with high grades. Remember you can keep applying for bursaries if your grades are great and if you have a bursary it’s the best way of making sure you keep it.

6. Do not take out loans or buy things on credit
As Nathan W. Morris said, “every time you borrow money, you are robbing your future self”. If you cannot afford something rather try to go without it and save until you can. Also never take out loans you cannot afford to pay back. If you do have to loan money make sure it’s from a reputable financial institution and stay away from loan sharks. If financial institutions won’t lend you money its because they know you cannot pay it back.

7. Monitor your cell phone usage
Make sure you are using free wi-fi when you are at university, shopping malls, restaurants, etc. Remember to make calls off WhatsApp when you are logged on to these networks instead of using your airtime. Look out for specials from the various cellular network providers.

8. Buy used textbooks or look for free downloads
Once on campus look out for second-hand textbooks or go to the library and make photocopies the book, it often works out a lot cheaper than buying brand new books. Also, speak to other students and find out if the book is available online for download.