6 Ways to Save Money as a Student

By Dave Nyam •  Updated: 08/03/24 •  5 min read

Managing cash as a student is tough. This is true in a country like South Africa, where the cost of living is increasing. Therefore, students should develop money-saving strategies to see them through their studies and lives. With sound financial habits, students can avoid pointless debt and concentrate more on their studies. This paper will outline some tips that will help students in South Africa save their cash to the best of their abilities and manage it effectively.

- ADVERTISEMENT -

How to Save More Money as a Student

Make a Monthly Budget

Preparing this would be the first step to managing your finances effectively. Let’s start with your income. List all your sources of revenue. They can be allowances, earnings from your part-time job, or any other monetary support. Then, outline your expenses. These can vary from school fees, rent, food, transport, and entertainment. Just be realistic and indispensable for the first expenses.

When you already have a clear view of your income and outgoing/bills, set in and live within your boundaries: line up the monthly limit for each category of expenses. Keep track of each rupee with budgeting. It indicates the cash trail out of your hands and points precisely where you can pull back. Remember, there are different apps used in budgeting that can help one manage money prudently.

Buy Second-Hand Textbooks

By all means, the purchase of textbooks burdens students economically. Buying second-hand textbooks is among the best ways to save your money. Few bookstores and lots of online websites further offer used books at a fraction of the price – if one would pay for a new textbook.

Also, you can get engaged in creating or joining a book exchange group with other classmates, where books are traded or borrowed among the students. This brings the cost down and incorporates a sharing and collaboration culture amongst pupils. Remember to check if your university library has the textbooks needed. Many libraries offer students multiple copies of required texts, so borrowing from the library is cheaper than buying books.

Don’t Make Impulsive Purchases

Impulse buys can make your bank account remarkably low, leaving you with buyer’s remorse. To prevent this catastrophe, you should always have a list before you enter that store and remain steadfast in sticking to it. This will enable you to purchase strategically and not waste your earnings on such impulsive objects. It is better that you do not aimlessly flip through shopping websites while browsing online. If anything seems desirable to purchase, at least wait for 24 hours before the acquisition of that object. The temptation of buying that would pass, and you would be able to realize your actual need. This discipline can help you save a significant amount of money over time.

- ADVERTISEMENT -

Be a Netflix Tenant

When entertainment becomes razor expensive, consider some ways to enjoy easy favorite movies and series without denting your pocket. For instance, you can become a Netflix tenant instead of visiting these cinema halls or multi-subscribing to various streaming companies. You can subscribe to one Netflix account and share it with your friends or family to share the total cost. This is a way in which everyone gets access to a wide variety of content at a lower cost individually. Finally, consider free or low-cost entertainment—student film screenings, campus events, and public libraries offering free movie rentals.

Look into the Campus Gym

It is necessary to stay in good physical condition and healthy. However, gym memberships are costly. Luckily, most universities offer free gym access. Others provide a significantly discounted rate for their students. Check and see whether the campus offers a gym you could take advantage of. Not only does this keep more money in your pocket, but it also provides added convenience for those looking to become active at only a moment’s notice.

Further to becoming part of campus sports clubs, taking part in some fitness classes at college could also be an excellent way to keep fit, predominantly meet new people, and use the resources at the university level. If your campus does not have a gym, look for community centers or local gyms that allow student discounts.

Know Your Discounts

Being a student comes with lots of discounts offered, thus cutting your bills drastically. It must become a general habit to carry your student ID card and inquire about getting student discounts when purchasing anything. Many general retailers, eating points, and service providers present lower rates to students possessing valid ID cards. Another great way to save money on various products and services is to help yourself with various student discount programs and apps. On the other hand, student accounts in some banks are much better off, charging a lower interest rate and a reduced fee for opening an account.

Final Thoughts

As a student, create a monthly budget, purchase second-hand textbooks, avoid impulse buys, share a Netflix account, use the campus gym, and use student discounts. These all add up to boosting your savings. They are the habits through which your financial management gets better along with your studies, and ultimately, this habit gets ongoing for the future ways of fiscal life with financial control.

- ADVERTISEMENT -

Keep Reading

What Are the Best South African Shares to Buy Now?

What Are the Best South African Shares to Buy Now?

We look at how you can identify top-performing shares, how to make money from them, and possible returns from such stock investments.

How to Invest in South Africa

How to Invest in South Africa

Following these guidelines will increase your possibilities of a better investment strategy and be well on your way toward real financial growth.

Is Now a Good Time to Purchase a Property in SA?

Is Now a Good Time to Purchase a Property in SA?

This article analyzes the SA property market and, in great detail, discusses what to consider when deciding.

Why Invest?

Why Invest?

This article examines why South Africans should invest, what they should invest, and what constitutes a good investment.

The Benefits of ETFs

The Benefits of ETFs

The primary advantage of an ETF lies in the diversification at low cost. Unlike the situation in the case of equities,

How to Buy Shares on NYSE from South Africa

How to Buy Shares on NYSE from South Africa

This article will be a how-to on the necessary steps South Africans should take towards buying shares on the NYSE and crucial considerations.

How Much Investment Bankers Get Paid in South Africa

How Much Investment Bankers Get Paid in South Africa

This article will detail how much the bankers can make in SA and the pathway to becoming a professional, and it will provide an overview of this environment.

South Africa Investment Opportunities

South Africa Investment Opportunities

Understanding the local investment landscape becomes critical to informed decision-making on financial growth.

How to Buy Offshore Shares in South Africa

How to Buy Offshore Shares in South Africa

The following tutorial goes in-depth on how to invest offshore, the steps, and legalities, with issues particular to South Africa.

How to Buy Facebook Shares in South Africa

How to Buy Facebook Shares in South Africa

Through Internet trading networks and brokers, South Africans can quickly secure stocks in global corporations, diversifying their portfolios and exposing themselves to international markets.

How to Buy Index Funds in South Africa

How to Buy Index Funds in South Africa

Below is an eventual step-by-step guide on how one should go about buying index funds in South Africa

What Are the Best Types of Investments in South Africa?

What Are the Best Types of Investments in South Africa?

Thus, first-time and established investors must use several investment opportunities to obtain maximum returns with the lowest possible risk. This article looks at six vital types of investment

How to Buy Dollars in South Africa

How to Buy Dollars in South Africa

Buying US currency in South Africa is a normal necessity among travelers, investors, and individuals who desire to hedge wealth from currency fluctuations.

Which Mutual Funds Should One Choose at Different Life Stages?

Which Mutual Funds Should One Choose at Different Life Stages?

Knowing what type of mutual funds to choose at what stage of life can make a much more informed and priceless investment decision.

Benefits of Living Annuity in South Africa

Benefits of Living Annuity in South Africa

This article considers whether a living annuity is a good idea, its benefits, probable disadvantages, and other essential considerations specific to South Africa.