University students are notorious for their incredible lack of funds – and financial savvy. Here are a few tips from one university student on how to make the most of your resources during this time of your life.

For all their antics, students are probably the best known for their notorious lack of funds. A simple search on Google offers up a wealth of resources for the underprivileged student, containing tips and lessons for managing and saving the little they have.

Living at home has had an adverse effect on the financial consciousnesses of most students. Their meals, tuition, clothing, stationery, toiletries, boarding and other needs (and wants) are usually taken care of to some extent by their parents. Upon arriving at university, many students simply enjoyed this luxury in an extended version – tuition, meals and boarding are paid for, and an exorbitant amount of pocket money will take care of the rest.

I was incredibly shocked to hear that some students received pocket money that amounted to over R3, 000 per month and for which they were not doing anything. This money will then be spent on clothes, outings, extra food, toiletries and, of course, alcohol.

For students who were not this fortunate upon their departure from their parental homes, money became a problem that needed immediate attention. My mother believes that, since I am eighteen years old now and demand the rights of an adult, I should be able to shoulder the responsibilities of one as well. She has taken out student loans to pay for my tuition at Rhodes and my residence fees – which include meals – and which are to be paid off by me in due course. I did, however, manage to secure an academic merit award at Rhodes and was given a discount on my tuition fees for my first year.

A first lesson in money management in university would be to stay in the know about bursaries, financial aid and merit awards from various locations. Most companies offer bursaries for students studying in their area of interest, and to apply for as many bursaries as possible is a wise decision. Financial aid is offered to families who do not have the means to send their children to university, and merit awards can be offered by the university of your choice for outstanding academic, sport, or cultural achievements.

The next lesson, which I have learnt extensively in my short time at university so far, is to secure a source of income independent from your family. Tim Abel, an Economics student who plays the viola, supplements his pocket money by performing in concerts over the weekends. “I don’t receive much pocket money from my parents,” he says. “So I make my own money.” Other students have taken on part-time jobs, such as waiting tables, freelancing for online or print publications, or working in shops as shop attendants.

Keeping a budget is the next important lesson I recommend to any student, independent of income. Knowing beforehand how much you would like to spend on certain facets of your life and therefore managing and curbing your expenditure per month is a key factor in money management. Decide what is important to you and plan your monthly expenditure accordingly. Keep meticulous tabs on what you spend your money on, where, why, when, and how much – this will alert you to any dangerous trends or areas of difficulty, such as shopping for clothing or during a night out on the town.

An important aspect of any budget should be a savings plan. If you do not have a long-term savings account yet, it is imperative that you start one that is kept separate from your debit account and that you top up with an allocated amount of your income each month. In this way, you will be saving your money – from yourself – and earning interest on it. You could end up saving enough for an amazing holiday abroad, or a deposit on a car!

Small lifestyle changes can make a world of difference to the pocket of the average student – and to the earth. Buying local produce at your local farmers’ market, planning meals in advance, saving paper where possible and refraining from buying bottled water are but a few small adjustments that can yield great results. Free software is also a benefit that should be made use of – programs such as Open Office, which is a free substitute for the often-pricy Windows equivalent, and other products – are available for download from the internet.

As a student at university, keeping your financial cool – and learning a few useful tips and tools – is essential. Life lessons learnt here – such as efficient budgeting and effective saving – will stand you in good stead wherever your life might take you next.

About the author: Kayla is currently a first-year Journalism and Media Studies student at Rhodes University in Grahamstown, South Africa. She is the editor of the Comment & Analysis section of student newspaper Activate and she a writer for the Politics, Business, and Features sections, as well as a sub-editor for the paper. Her other subjects are Economics, English, History and Sociology. She devours books and sees herself as one of the blessed few who actually enjoy working. She is involved with student society SHARC (Student HIV/AIDS Resistance Campaign) at Rhodes and has recently graduated as a certified Peer Educator. She is also a Media Representative for SHARC. She is the community engagement representative for the African Drum Society and is currently working with up-and-coming student society Common Ground in the same capacity. She loves watching art films and her guilty pleasure is shopping.

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