How to save money as a student

Putting money away for an upcoming holiday, your first car or just life in general might seem impossible when you’re a student. It’s not as if you’re earning an actual salary.

how to save money as a student

If you do have a job, the wages are probably not fit for a down payment on a Ferrari just yet. But there are ways and means to squirrel away funds for that nest egg. Some are super obvious, and some may surprise you.

Budget. Obviously. It’s only once you see the comings and goings of your Rands and cents in a visual way that you become more aware of how you spend your money. It can be quite an eye-opening experience. For example, if you’re buying a R30 coffee each morning, you are spending around R1 000 each month. Seems a bit unnecessary, doesn’t it?

Make your own coffee. Seriously, you’ll live. And you’ll be able to bank a substantial bag towards that holiday.

Pay yourself first. That means, the moment your pocket money/salary/bursary pay-out hits your bank account and you start paying your bills, you should set aside some money for savings. Make it a set percentage of your income every month.

Save money on food. It’s the one area where many of us lose focus when spending. Especially when you go shopping when you’re hungry.

Save. Uhm, yes? What that means is, if there’s money left over at the end of your month, save it. Don’t splash it on a round of drinks for everyone. Rather just squirrel it away in a safe place. Every little bit helps. Twelve months of R100 adds up to R1 200 and then some for interest.

Put off buying a car. You’d be amazed how far you can get by walking, cycling or bumming rides. Leave Uber for emergencies.

Buy second-hand textbooks, and sell your used ones as soon as the semester ends. And if there are books that you only need for a specific paper or project don’t buy them. Go to the library. That’s why they were invented.

Get a side hustle. On or offline. There are loads of options.

Club together with friends when getting Netflix or Apple TV. Most of these streaming services allow 4 or 5 profiles. That can mean a 75 to 80% saving.

Take advantage of student discounts. Loads of special offers are available to those with a student card. Use it while you still can.

Go all out on social distancing. In fact, self-isolate. It’s the right thing to do and is way cheaper than being out there in the COVID-19 world.


Save more money, move to Capitec 

Saving money is a no-brainer and it can be super easy to do. Move to Capitec and open a Global One solution. You’ll get 4 free savings plans and earn interest on your transactional account

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