Let’s face it, saving money is not that simple especially when you want to make the most of your days as a university student, but this doesn’t mean it’s impossible. It’s important to save for those unexpected rainy days when you’re faced with a problem that may require your immediate attention or for when you realize that you’re halfway through the month and the only food item left is a bulk packet of Durban curry flavored noodles. Apart from that you can also choose to save for what your heart desires.
Below are some of the easiest ways that you can save money as a student in South Africa.
1. Have a reason to save money
If you decide to save your money without having a reason why you’re saving or what you’re saving for, you may not be as motivated to let go of some spending habits, but on the contrary, if you decide that you want to save for example, to buy a graduation gown so that you don’t have to ask your parents for money, you’ll have an idea of how much you may need to save and your reason will encourage you to look forward to putting away some cash. This will make the process of saving much more simpler.
2. Set a savings goal
Your savings goal is the amount of money you want to save. It must be SMART. In other words, your goal must be clear, you must have a way to measure your progress, you need to have actions that you will take to achieve that goal, it must be realistic so that you dont get discouraged and you must have a deadline for when you want to achieve your goal.
An example of a smart savings goal would be, I want to save R150 every month for 3 years to buy my graduation gown. By having a savings goal you’ll be able to determine how much money you need to put away each month.
3. Create a Budget
Start by calculating how much money you receive in total each month. Then write down your monthly expenses, these may include: groceries, toiletries, gym membership, phone subscriptions, takeouts, transportation, clothes and entertainment. After you’ve done this calculate the total for each expense and then try to identify which expenses you can’t avoid paying and which ones you can compromise for example, you can reduce the number of times you buy takeout each month but you may not be able to reduce your transport costs. Once you’ve identified your flexible expenses determine how much money you can save from each expense and contribute that amount towards your savings goal.
4. Keep your spending habits in check
Write down what you are spending your money on each month and identify why you made some purchases, was it because you felt like the pressure was getting worser and you wanted to keep up? Think about it. This will give you an overall view of where your money is going and where you could possibly reduce the amount of money you are spending. You may also download a finance app such as 22Seven that can automatically track your spending after you’ve linked your bank account to it and it will notifiy you when you are going over budget.
5. Use Loyalty cards
Many supermarkets in South Africa offer loyalty cards which allow you to earn cash back and discounts that you can use to buy from them again in future. Examples include the checkers extra savings card, the pick n pay smart shoppers card, and the Dischem loyalty benefit card etc. Its best to have multiple loyalty cards so that you can buy from either supermarket whenever they have specials for the things you need or on your shopping list. The nice thing about these cards is that you get deals like buy two for the price of one, and you don’t have to pay for any of these loyalty cards.
6. Be a smart shopper and have a Shopping list
Before you walk out that door, make sure you’ve eaten so that you dont get hungry out there and have a shopping list that you know you’ll certainly stick to. Check out the websites of the stores you plan on visiting and write down what you need to buy and what you want to buy. Also make sure that your shopping list corresponds with your budget so that you avoid overspending.
7. Plan your meals and cook for yourself
After you’ve bought all the groceries you need, sit down and plan your meals for the week. This will make it easier for you to avoid ordering takeouts because all you’ll have to do is look at your meal plan and avoid asking yourself what you’re going to eat that day, this way you can try to make sure your groceries last you till the end of the month. Take some time out and google simple and delicious student recipes to make meal prepping fun.
8. Use Student discounts
Many retailers and resturants in South Africa offer student discounts that can save you a lot of coins. So whenever you’re going out with friends or doing your grocery shopping be sure to take your student card and Identity document with you for them to verify that you are indeed a student at any of the South African Academic institutions. You can also register on the varsity vibes app for a great deal of student discounts that you can redeem in stores or online.
9. Buy second hand Textbooks or use e-books
Brand new textbooks are mad expensive these days so I recommend that you ask your friends, classmates or lecturers if they have the textbooks, you need available as e-books that you can download for free rather than spending close to R2800 for a textbook that you may only use for one semester. However, if it is a must for you have the hard copy of the books then consider buying them second hand from other students or on a platform like bid or buy this is so much more affordable and will spare you some cash.
10. Start small and start now
Don’t give yourself the pressure of saving large amounts of money immediately, this will only demotivate you in the long run. Make saving a fun thing to do rather than seeing it as a draining task that completely stops you from doing the things you love. If you start saving bit by bit you’ll come to realize that its not as hard as we initially think it is. Start making a change in the way you handle your money today and see the difference in your wallet.
Conclusion
Just a reminder, it is important for all of us to save, and even if you are not receiving a lot of money you can still try to save as little as R25 every week, which is R100 every month. Also keep in mind that saving does not mean you have restrict yourself from living. There are a number of fun things that you can do to romanticize your experience as a University student without spending a lot of money. Start using the above tips to save and eventually it’ll become very easy for you to stack some cash away for unexpected problems or even to buy yourself a lovely gift at the end of each semester.
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