Bank Better, Live Better

Money lessons

You’ve recovered from O-week but your bank account hasn’t. That’s when you realise that while you prepare to learn new theories, you’ll also need to hone your money skills to navigate life as a student on a tight budget.

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These tips will have you financially savvy in no time (and help you stretch your cash all the way to month end).

Learn to budget

List your expenses in order of priority. Rent, food, transport, entertainment. Then allocate the money you have every month accordingly and see where you can cut costs. Getting a roommate, cooking simple meals, car-pooling and finding free events are all ways to pinch pennies when you need to.

Keep track of your spending

What’s the use of a budget if you don’t know whether you’re sticking to it? Tap into free detailed statements on your Capitec banking app – they’ll keep you up to date with your daily balance and show you where you’re spending.

Don’t fly the nest too soon

Digs can be the biggest expense for students, so consider staying with the parentals for as long as possible. Don’t be a freeloader – contribute to the household by taking on some of the chores or paying for your share of the groceries.

Plan your grocery shopping

Every Sunday, plan your meals for the week. Draw up a list of ingredients and stick to your shopping list. Choose meals that use similar ingredients so nothing goes to waste. Look out for specials and buy fresh fruit and vegetables that are in season – they’re not only cheaper, they’re also yummier.

Party in the house

Instead of eating out, invite friends over at the weekend. Hanging at home is way cheaper, especially if everyone brings something to the mix. Plus you’ll save on Uber fares, cut costs on drinks and be way more comfortable than you would be in a smoky, sticky club. Win, win, win.

Don’t shop, do a swap

Rather than buying new clothes on account, swap with friends. That skirt your friend never wears? Yeah, it looks pretty good on you.

Rack up those loyalty points

You’re a student, right? Don’t be shy to ask for a discount, you’ve earned it. Also sign up for customer loyalty programmes at the shops you frequent. You’ll earn points on purchases that could translate into extra cash in the future. Capitec offers additional benefits helping clients live better. These Live Better benefits are free to all clients and are available as soon as the Global One facility is opened.

Reduce your bank charges

Do your research and choose a bank account with the lowest charges. While student accounts often have very low fees, as soon as you start working you’ll start paying a lot more. Also make sure you’re earning as much interest as you can on your savings. With Capitec’s Global One, you earn interest on a positive balance in your transaction account. It’s one of the few banks in the country tackling ‘lazy money’, money sitting in non-interest bearing accounts.

Save, save and save

Every rand counts. That R25 coffee you buy on the way to lectures adds up to R125 a week. That’s R500 per month. Yes, you read that right. Put the same sum into a savings plan and you could afford a plane ticket by June. And remember, with a Capitec account, you earn interest, which will help you reach your savings goal that much faster. You can even name the savings plan after the goal you're working towards.

Work hard, earn big (pretty soon)

Your degree or diploma is the first step towards reaching your career goals. Don’t waste this opportunity. Whether you have a student loan, a bursary or your family has paid your fees, give it your all. Your success will reward you in many different ways.

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