For most people, especially students, money can appear as a never-ending thing of anxiety and stress. Managing your money effectively in university will not only make you feel less overwhelmed, stressed or anxious, but also declutter your mind as you wont ever have to panic over when your next meal will be.

Setting a budget

Ideas for categorising your budget could be as follows:

Rent, food, transport, sundries for education, recreation, clothes, wifi, miscellaneous .

My monthly budget categories look like this:

• Groceries
• Petrol
• Going out
• Miscellaneous
• Electricity
• Water
• Rent
• Wifi
• Medicine
• Toiletries
• Emergency
• Stationary

Sticking to a budget

Sticking to a budget prevents you from spending more than your allowance.  This good habit will set the foundation for managing your finances for the rest of your life.  It will also demonstrate to you how to effectively save in the future when you earn your own money……buying that plane ticket, wearing your new sports gear, purchasing a new wardrobe, saving for a deposit to buy a property and generally assisting you in becoming financially independent.

Make use of student discounts

Find out what retail outlets offer student discounts and make use of those shops.  You will be surprised how many offer discounts.  All the small savings on various purchases potentially add up to a substantial amount. The Varsity Vibe App is an essential. This app has been so beneficial for Uber rides, take-outs, clothes shopping, Takealot text books, Varsity cup Rigby events, sorbet treatments, drinks and entrance prices at bars and nightclubs, Tutoring sessions, Virgin Active memberships, Laundromats, Optometrists and even car washes. IT LITERALLY HAS EVERYTHING! This app is so worth it, trust me it has saved my ass my times when the pocket was very empty. 

Also a very, very, VERY important benefit of being a student, is having a student card! Take your student card with you everywhere you go. This is vital. The amount of discounts you can receive when having your student card is never ending, especially at clothes shops and markets! Your student card is your baby, treat it like a 24 carrot golden key when you’re on the hunt for student discounts.

Second hand stores

Seek out second hand stores, you can pick up huge bargains for perfectly good items.  Often is will be something different to what everyone else has. The UCT second hand book store is a GOD!  I bought my sociology text book there in first year for only R200! Then during the course of the year I found out that the book is actually worth R800 in book stores. R800 GUYS! I saved R600! So, in the beginning of second year, as a I didn’t need the text book anymore, I sold it to a first year sociology student for R600. I used the money for a once in a student’s lifetime woollies shop. I only managed to get like four items but my gosh they were worth it and well eaten with much happiness.

Priorities

Prioritise basic and essential living costs and cut back on extras or luxuries when necessary.  If you are wanting to buy that ticket for the festival, budgeting ahead of time will allow time to put money aside to save for this extra item.

Using that last bit of Uber money for your last drink at Tin Roof will definitely get yourself in a bit of a pickle sweetie. Trust me, I’ve been there.

Learn to say no

When cash flow is tight in any particular month, learn to say no to going out with friends or purchasing non essential items.  There are one of two questions you need to ask yourself here, “Will I have enough money to get me by until the end of the month or how badly do I really need those Night Show ticket right now?” This is a discipline that will serve you well in your adult life going forward.