While some students are fortunate enough to have financial support during their studies, others have the responsibility of paying their own way. Unfortunately, too many fall into the debt trap by spending money on all the things their parents would not allow them to buy before. Whatever the situation, it’s never too early to start learning about managing your finances and exercising self-discipline.

Some tips for the money savvy student:

Draw up a budget and set goals

By identifying all your necessary expenses you will know whether you have enough money to survive each month. To get started, record all purchases and save all receipts to compare them with your bank statements at the end of the month. A budget will also help show you how much you can afford to save towards, for example, that pair of winter boots or a gap year after you graduate.

Choosing a bank

Use an online comparison tool to find a bank that offers the lowest bank fees. Also keep in mind that many banks have discounted rates for students. When it comes to student loans, ensure that you make your repayments on time to avoid further debt.

Tuition — bursaries

Approach study institutions and companies within your chosen field to find out whether they offer bursaries. If you meet the criteria, apply for as many as you can.

Avoid non-academic debt

No matter how tempting it may be, it is not a good idea to pay for that iPod or leather jacket out of your student loan. On that note, do not get a credit card unless you absolutely have to.

Living at home

More and more students and even young professionals are choosing to stay at home for longer. In addition to saving money, the benefits include creature comforts that are not necessarily part of a typical student life such as hi-tech appliances, ready-made meals and having their washing done. If you are living at home and earning any money, you should offer to pay something towards your board and lodging though.

Eating on campus

Bringing your own packed lunches to campus could save you up to R30 per day and help you avoid the infamous 'first year spread' which happens when first year students put on weight by eating take-aways and non-nutritious meals. Get up a little earlier to make yourself a sandwich.

If you are living in residence at your university or college, then you will usually take meals in the residence dining halls. To avoid wasting money on missed breakfasts (these will be the last years when you can sleep in) and dinners (most dining halls close by 6.30pm) make sure you only book for the meals that you will be attending. Consider using the communal fridge and keeping non-perishable items in your room for snacking while burning the midnight oil.

Get money-savvy

Now’s a good time to learn all you can. If you’re not a business science or BComm student then enrol for a basic finance course, start reading the business pages of the newspaper (many of them are free online) or watch the news. To get ahead in life you need a basic understanding of financial concepts and now’s the time to learn.

Earn cash

Consider getting a part-time job or offering a service to earn extra money. Look for something that complements your studies. For example, you could take a holiday job at a magazine if you’re studying journalism. Or think what talents you already have — can you install a computer hard-drive, design wedding invitations or bake biscuits to sell on campus? Not only will you learn money-management and business skills, but good work habits could lead to recommendations and contacts for your future career.

Practical tips to save money:

• Car-pool: Besides saving costs on petrol, vehicle maintenance and parking; you’ll be doing your bit for the environment. Find other students that can share lifts with so you’re not always using your own car.

• Buy second-hand: Whether you’re buying textbooks or furnishing your new digs, buying items from people who are graduating will save you cash. Look out for 'For Sale' signs on notice boards and sites such as Facebook, Gumtree or E-bay.

• Share textbooks: Form a group with others in your course and ask each person to buy a particular text book. Draw up a roster and share as you would in a book club. The concept would be most successful if you all lived close by and attended lectures on a regular basis.

• Clothes swop: To keep up with the fashionistas on campus, host a clothes swop with your friends before the start of each season. Get rid of those items that no longer fit and get a new wardrobe at the fraction of the cost of a real shopping spree.

• Arrange a pot-luck dinner: Eating out is expensive. Invite a group of friends to your digs and ask everyone to bring one dish and a bottle of wine.

• Weekends and holidays: Having fun does not need to cost much. Take advantage of campus activities such as sporting events or join a social club. Spend the day at the beach, have a picnic or go to half-priced movies. Explore our beautiful country by staying with a university friend in another town, go to restaurants that offer winter specials or happy hours. While entry at some museums and art galleries is free, most offer student discounts — you just need to remember to ask.

Do you have any advice for students on a tight budget? Leave a comment below...

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