Seven Ways to Save Money as a Student in South Africa

Seven Ways to Save Money as a Student in South Africa

Being a student is an exciting stage of life, but it can also be financially challenging. Between paying for accommodation, buying food, travelling to campus, purchasing textbooks, and covering other daily expenses, money can disappear quickly.

Whether you receive financial assistance, a monthly allowance from your parents, money from a part-time job, or funding through the National Student Financial Aid Scheme (NSFAS), learning how to manage your money is an important life skill.

Many students in South Africa face the challenge of making limited money last throughout the month. Sometimes, even when you receive your allowance, unexpected expenses can leave you struggling before the next payment arrives.

The good news is that saving money does not necessarily mean giving up everything you enjoy. It means making smarter financial decisions and developing habits that help you use your money wisely.

You do not need to earn a large salary to start saving. Small changes, such as preparing meals at home, using public transport, comparing prices, and avoiding unnecessary purchases, can make a significant difference over time.

In this article, we explore seven practical ways to save money as a student, with examples that you can start applying today.

1. Create a Monthly Budget and Stick to It

One of the most effective ways to save money as a student is to create a budget. A budget helps you understand how much money you receive, how much you spend, and how much you can afford to save.

Without a budget, it is easy to spend money without realising how quickly your balance is decreasing.

Start by calculating your total monthly income. This could include:

• Your student allowance.
• Bursary funding available for personal expenses.
• Financial support from family.
• Part-time employment income.
• Money earned through a small business.

Next, list your essential expenses. These may include:

• Accommodation or rent.
• Food and groceries.
• Transport to campus.
• Electricity and water, where applicable.
• Mobile data and airtime.
• Toiletries and personal care products.
• Study materials and printing costs.

After listing your expenses, calculate how much money remains. Decide how much you can save without neglecting essential needs.

For example, if you receive R2,500 per month for personal expenses, you could plan to spend R800 on groceries, R500 on transport, R200 on data and airtime, R300 on toiletries and study supplies, and R400 on other necessary expenses.

This leaves R300 available for savings.

These figures are only an illustration. Your actual budget will depend on your living arrangements, available funding, transport costs, and other responsibilities.

You can manage your budget using a notebook, a spreadsheet, or a budgeting application.

Practical tip: Review your budget at the end of every week. If you spend more than expected in one category, look for a way to reduce spending elsewhere without compromising your basic needs.

2. Prepare Your Own Meals Instead of Buying Takeaways

Food is one of the biggest expenses for many students. Buying takeaway meals, snacks, and drinks regularly may seem affordable at first, but these small purchases can become expensive over a month.

Preparing your own meals is a simple way to reduce food expenses while making better use of your available money.

For example, purchasing groceries to prepare rice, vegetables, eggs, beans, potatoes, or chicken can provide several meals. In comparison, buying individual meals every day may cost considerably more.

You do not need to be an experienced cook to prepare affordable food.

Some affordable meal ideas include:

• Rice with beans and vegetables.
• Pap with chicken or a vegetable stew.
• Eggs with bread or potatoes.
• Homemade sandwiches.
• Oats for breakfast.
• Pasta with vegetables and a simple sauce.
• Homemade soup using affordable seasonal vegetables.

Planning your meals before shopping can also help you avoid buying unnecessary items.

Before going to the supermarket, check what you already have in your cupboard. Make a shopping list and purchase only what you need.

Compare prices between different brands and consider buying products that offer good value for money.

Buying certain non-perishable items in larger quantities may also save money, provided the price per unit is lower and you can afford the initial cost.

If you share accommodation with other students, you could consider buying selected groceries together. For example, sharing the cost of cooking oil, rice, or cleaning products may be cheaper than purchasing everything separately.

Another useful habit is carrying a reusable water bottle and preparing snacks before leaving home. This reduces the temptation to purchase drinks and snacks during the day.

Practical tip: Choose one day each week to plan your meals and prepare food for the next few days. Store cooked food safely and refrigerate it promptly to reduce waste.

3. Use Public Transport and Plan Your Trips

Transport can consume a significant portion of a student’s monthly budget, especially if you travel to campus every day.

Depending on where you live, you may use taxis, buses, trains, a private vehicle, or a combination of transport options.

Although you cannot always avoid transport costs, planning your journeys can help you spend less.

Start by calculating how much you spend travelling to and from campus each week. Include additional journeys to shopping centres, social activities, libraries, and other places.

Once you understand your transport expenses, look for ways to reduce them.

If a reliable and safe public transport option is available, compare its cost with other alternatives.

Students who live close to campus may be able to walk for some journeys, provided the route and conditions are safe.

If you travel with friends who attend the same campus, you could arrange shared transport where practical. Agree on how fuel or other expenses will be divided before travelling.

Planning your schedule is another effective way to save.

Instead of making several separate trips to purchase groceries, visit friends, and complete errands, try to combine activities into one journey.

For students who use taxis, understanding the cost of regular routes can help with budgeting.

Never choose an unsafe transport option simply because it is cheaper. Your personal safety should always come first.

Practical tip: Record your transport expenses for one month. Then identify whether changing your routine, combining trips, or using a suitable alternative could reduce your costs.

4. Buy Second-Hand Textbooks and Study Materials

Textbooks, stationery, printing, and other learning materials can be expensive. Fortunately, students do not always need to purchase everything brand-new.

Before buying a textbook, check the reading list provided by your lecturer. Confirm which books are compulsory and which are recommended for additional reading.

You may be able to access some materials through your institution’s library, online learning platform, or lecturer-provided resources.

If you need a physical textbook, consider purchasing a second-hand copy from another student.

Books that are still in good condition can often be used for the same academic purpose as new copies.

You can also ask students in higher years whether they are selling books for modules you are taking.

However, make sure the edition is suitable for your course. Some subjects use updated editions with different information, exercises, or page numbers.

For digital materials, use legitimate sources and follow your institution’s copyright policies. Do not assume that every textbook available online can legally be downloaded for free.

You can save money on stationery by purchasing only the items you actually need.

Printing is another area where small savings can add up. Whenever your lecturer permits it, consider submitting work digitally or printing multiple pages on a sheet.

Use your institution’s printing facilities if they offer a more affordable option.

Practical tip: Before every semester begins, prepare a list of required textbooks and supplies. Check the library, compare prices, and explore second-hand options before spending your money.

5. Take Advantage of Student Discounts and Free Resources

Many students spend money on services and activities without checking whether cheaper alternatives are available.

Some businesses offer student discounts on selected products, transport services, software, entertainment, food, or other purchases.

The availability of these discounts varies, so it is worth asking before paying.

Carry your student card or keep proof of enrolment accessible when appropriate.

However, do not purchase something you do not need simply because it is discounted. Saving 20% on an unnecessary item still means spending money that could have been used for something important.

Students can also benefit from free resources available through educational institutions and public services.

Your campus library may provide:

• Books and academic resources.
• Internet access.
• Study spaces.
• Computers.
• Academic databases.

Some institutions also offer academic support, career guidance, computer laboratories, and workshops at no additional cost to eligible students.

For online learning, look for reputable free educational resources, tutorials, and open educational materials that cover your subjects.

If you use software for assignments, check whether your institution provides free or discounted access before purchasing a licence.

Entertainment does not have to be expensive either. You can spend time with friends by attending free campus events, visiting public parks in safe areas, participating in student societies, or organising activities at home.

Practical tip: At the beginning of each semester, ask your institution about free student services, library facilities, software access, and available discounts.

6. Find Affordable Ways to Earn Extra Money

Saving money becomes easier when you control your spending and, where possible, increase your income.

If your timetable allows it, consider finding a part-time job or starting a small business that fits around your studies.

The most suitable option depends on your skills, available time, access to equipment, and local opportunities.

Here are several possibilities to consider.

Tutoring

If you perform well in a particular subject, you could tutor school learners or fellow students. You may offer individual lessons or small group sessions at an agreed rate.

Freelance services

Students with skills in writing, graphic design, video editing, photography, or website development may find clients who need these services.

Build a small portfolio and agree on payment terms before starting a project.

Selling products

Depending on campus rules, you could sell affordable snacks, stationery, accessories, or other permitted products.

Calculate your costs carefully before deciding on your prices.

Weekend or holiday work

Retail stores, restaurants, events, and other businesses sometimes offer temporary or part-time opportunities.

Look for legitimate vacancies and ensure that the working hours do not interfere with your academic responsibilities.

Online opportunities

Some students earn money by offering virtual assistance, designing promotional materials, or providing other digital services.

Be cautious of online opportunities that promise unusually high earnings for little work.

Never pay a recruiter a fee simply because they promise to give you a job. Verify opportunities carefully and avoid sharing banking passwords, PINs, or one-time passwords with anyone.

It is also important to protect your study time. Working excessive hours may affect your attendance, assignments, examination preparation, and academic performance.

When you earn extra money, decide in advance how it will be used.

For example, if you earn R500 from weekend work, you could save R150, use R250 for necessary expenses, and keep R100 available for another planned expense.

Practical tip: Start with one realistic income-generating activity. Focus on providing a useful service, building your skills, and managing your time responsibly.

7. Build an Emergency Fund and Avoid Unnecessary Debt

An emergency fund is money set aside for unexpected expenses.

For a student, these expenses could include urgent transport, essential medication, replacement of a broken charger, or an unexpected academic cost.

Without savings, an unexpected expense can force you to borrow money or sacrifice another important expense.

You do not need a large amount to start building an emergency fund.

Begin with an affordable target, such as R100, R200, or R500, depending on your circumstances.

If your budget allows, transfer a small amount into savings whenever you receive your allowance or income.

Even saving R20 or R50 regularly can help you develop a consistent habit.

For example, saving R50 per week would give you R2,600 over 52 weeks, before any interest.

Keep emergency savings separate from the money you use for everyday spending.

Compare account fees and withdrawal conditions before choosing a savings account. You should understand how to access your money if an emergency occurs.

At the same time, avoid taking on unnecessary debt.

Borrowing money for non-essential clothing, entertainment, or the latest smartphone can leave you with repayments that reduce your future spending power.

Be especially careful with short-term loans and credit products that charge high interest or fees.

Before borrowing, understand the total repayment amount, payment dates, penalties, and consequences of missing a payment.

If you already have debt, list the balances, interest rates, and minimum repayments.

Practical tip: Set a small savings target for the next three months. Track your progress and increase your contributions when your budget allows.

Bonus Advice: Learn to Separate Needs from Wants

Although the seven strategies above can help you save money, one habit connects them all: learning to distinguish between needs and wants.

Needs are expenses required for your health, education, safety, and basic living. These may include food, essential transport, accommodation, and compulsory study materials.

Wants are things that may improve your comfort or enjoyment but are not always necessary.

Examples might include frequent takeaway meals, expensive clothing, unnecessary subscriptions, or upgrading a working phone.

This does not mean you should never spend money on entertainment or personal interests.

A realistic budget should leave room for enjoyment when your essential needs are covered.

Before making a purchase, ask yourself three questions:

1. Do I need this item right now?
2. Can I afford it without affecting essential expenses?
3. Is there a cheaper alternative that meets the same need?

If you are unsure, wait 24 hours before buying a non-essential item.

This simple pause can help you avoid impulse purchases.

You can also review your bank statements or transaction history regularly to identify subscriptions, bank charges, and repeated small expenses that you may have overlooked.

Frequently Asked Questions

How can a student save money in South Africa?

Students can save money by creating a monthly budget, preparing meals at home, using affordable transport, buying second-hand textbooks, taking advantage of student discounts, earning extra income, and building an emergency fund.

How much money should a student save each month?

There is no fixed amount that every student should save. It depends on available income and essential expenses.

Start with an amount you can afford, even if it is only R20 or R50 per week.

Can NSFAS students save money from their allowances?

Students receiving NSFAS funding should first budget for their essential expenses and follow the applicable funding and allowance conditions.

If money remains after essential expenses, they can consider setting aside a small amount for savings.

For official information, visit the NSFAS website.

What is the easiest way for a student to reduce food expenses?

Preparing meals at home, planning weekly groceries, comparing prices, buying affordable ingredients, and avoiding frequent takeaway purchases can help reduce food expenses.

How can students earn extra money while studying?

Students can consider tutoring, freelance services, weekend work, holiday employment, or selling permitted products.

Choose an activity that does not interfere with academic responsibilities.

Why is an emergency fund important for students?

An emergency fund provides money for unexpected expenses and can reduce the need to borrow money when something goes wrong.

Even small contributions can help students build financial security over time.

Conclusion

Saving money as a student does not require you to have a large income. It requires planning, discipline, and a willingness to make better financial decisions.

By creating a monthly budget, preparing your own meals, planning transport, buying second-hand textbooks, using student discounts, earning extra income, and building an emergency fund, you can gradually improve your financial situation.

Remember that every student’s circumstances are different. A student living at home may have different expenses from someone paying rent, while students receiving different forms of financial assistance may have different spending priorities.

Start with the strategy that will make the biggest difference to your current situation. You do not have to change everything at once.

Most importantly, avoid comparing your financial situation with that of other students. Focus on your own goals, spend according to your means, and celebrate small improvements.

The habits you develop while studying can benefit you long after graduation. Learning to budget, save, avoid unnecessary debt, and plan for unexpected expenses can help you manage your money more confidently as you move into employment and independent living.

Start today: Write down how much money you have available, identify your three biggest expenses, and choose one practical way to reduce your spending this week.

Small changes made consistently can lead to meaningful financial progress over time.

Official Student Funding Resource

For information about student financial assistance, application processes, and funding announcements, visit the official National Student Financial Aid Scheme (NSFAS) website.