#studentsaving

It’s that time again. Do-gooders and high-achievers bombarding our insta feeds with their resolutions, helped along with their paid promos for that pyramid scheme or fat-reducing pond water.  Yes, you say you’re going to get a more abs in 2019, but you’re a fitness model Gary, it’s literally your job.

Us mere mortals then find ourselves falling into the trap of proclaiming to the world our goals – which, as we haven’t thought them through, puts us in the position of public humiliation when we bail a few days in.  Veganuary anyone?

However, the start of a new year can be a perfect time for self-reflection.  What things in your control affected you negatively in 2018? How can you change them for 2019? Did you leave assignments late and unplanned?  Or did you succumb so much to your studies that you neglected your self-care?  Did you budget to within an inch of your life, living like a reclusive spider?   Or did you spend all your first loan payment during the first few weeks so you spent the last two months playing catch up?

If you nodded vigorously at the final question, you are not alone.  The 2018 survey from savethestudent.org reported that 78% of students worry about making ends meet, with 61% stating their loan did not stretch far enough.  The good news is, making small changes to your budgeting plan can only produce positive results, leaving you with more money in your pocket without drastically changing your life.

For example, cannot function without your daily takeaway coffee?  Then consider this, £3 a day on coffee equates to £1095 over the year.  That’s a lot of cash on hot milk and ground beans. This could be even more if your order contains far too many words; “a grande decaff soy sugar-free caramel macc with an extra shot please”.  Yup, that was me.  And my coffee was costing me £4.35 a day.  I made the decision to buy myself a bamboo takeaway cup (£6.95), a coffee frother (£1) and syrups (£8.50) saving myself up to £1571.30 over the year!  My homemade coffee is far tastier and I am now doing an extra bit to reduce waste. I am saving the planet and my purse.

Another thing to you can try is a weekly “no spend” day.  This seems fairly straightforward, but with contactless, you will be surprised at how easily these small amounts add up significantly over the year. Based on figures from savethestudent.org, students spend on average £770 a month, which is £25.32 a day.  So reducing your spending by just one day a week can put £1316.64 back in your pocket.  It also does wonders psychologically, allowing you the space to practice taking a step back and think “do I really need this?”  

There are so many more small changes you can try:

-the 1p Savings Challenge. On day one you save 1p, day two you save 2p and so on until you get to day 365 and find you have saved £650!

-walk or cycle when you can. You will be reducing your carbon footprint, reducing your transport and gym costs and reducing your waistline! Result!  You can get good quality bikes from Re-Cycle Swansea www.re-cyclesouthwales.wordpress.com, they also offer a volunteer scheme where you can learn how to fix a bike for free.

-Flatmate Food Rota. I know the word “rota” makes you want to throw up a little, especially given a student’s life is so heavily governed by dates, but hear me out.  If you live in a house with five people for example, you each have to cook the household a meal once a weekday.  Club together for the weekly shop to cover this and boom, you have a chef for four days out of the working week and you all will have saved money by not succumbing to daily food shopping.

Despite having managed to avoid tertiary fee increases with the #feesmustfall campaign, there are still plenty of financial challenges facing South African students.

Here are 7 tips for all you students out there who are struggling to make ends meet. 

Find ways to earn a little extra income after class. Babysitting, tutoring and waitering can be a great source of income but only if you have the time.  It’s also worth considering starting a small business (e.g. selling handmade jewellery online).

Every cent counts so make sure you collect all your change and use it at the laundry, to pay car guards or tip the petrol attendant. Don’t be fooled into thinking you don’t need the change.

To get the most out of your supermarket shop, stick mostly to value and in-store brands. There are so many recipe ideas using basic food items – check out www.supercook.com – enter ingredients that you have and you’ll get suggestions of what to cook and how to cook it

Staying active and healthy is important for your brain and your body, but if you’re tight on cash, its best to avoid expensive gym fees. Get moving for free at home by using some great online resources (YouTube has some great motivation tutorials) or in the great outdoors (if weather permits).

Make your money work harder by taking advantage of sites and apps that offer coupons. There are actually more coupons available now than ever before. Besides, why pay R10 for something when you can actually get it for R6?

Got things you can sell, or need to buy something for your apartment? Classified apps can help you easily get cash for things you don’t need. You can also buy used goods and save yourself some big bucks.