How to Save Money as a Student: 15 Practical Tips

How to Save Money as a Student: 15 Practical Tips to Manage Your Money Better

Being a student is an exciting stage of life, but it can also be financially challenging. Between tuition fees, accommodation, transport, food, textbooks, internet access and personal expenses, managing money can become difficult.

Many students find themselves running out of money before the end of the month, especially when they do not have a regular source of income.

Whether you receive financial assistance, a bursary, a student loan, money from your parents or income from a part-time job, learning how to manage your finances is an important life skill.

The good news is that you do not need to earn a lot of money to start saving. With proper planning, discipline and a few lifestyle adjustments, you can reduce unnecessary expenses and build healthy financial habits.

In this article, we explore 15 practical ways to save money as a student in South Africa, including budgeting tips, affordable shopping strategies and ways to earn extra income while studying.

1. Create a Monthly Student Budget

One of the most effective ways to save money is by creating a monthly budget.

A budget helps you understand how much money you receive, how much you spend and how much you can afford to save.

Many students spend money without keeping track of their purchases. Small expenses such as snacks, takeaway meals, airtime and entertainment can quickly add up.

Start by listing all your monthly income sources. These may include:

Money received from parents or guardians.
NSFAS allowances.
Bursary payments.
Part-time employment income.
Freelancing or online business income.
Other financial support.

Next, list your essential monthly expenses, including accommodation, transport, groceries, electricity, study materials and internet access.

Example of a Monthly Student Budget








Expense	Amount
Accommodation and transport	R1,000
Food and groceries	R900
Study materials and internet	R300
Personal expenses	R400
Savings	R200
Emergency money	R200
Total	R3,000

These figures are only an example. Your actual budget should reflect your personal circumstances.

The most important thing is to ensure that your essential expenses are covered before spending money on entertainment or unnecessary purchases.

2. Prepare Your Own Meals Instead of Buying Takeaways

Food is one of the biggest expenses for many students.

Buying takeaway meals regularly may seem convenient, but it can consume a significant portion of your monthly allowance.

Preparing your own meals is generally cheaper and allows you to control how much you spend on food.

Instead of purchasing food every day, consider buying groceries once a week and preparing meals in advance.

Affordable student meals include:

Rice and chicken.
Pap and vegetables.
Beans and rice.
Eggs and bread.
Pasta with vegetables.
Potatoes and chicken.
Samp and beans.

You can also prepare meals in larger quantities and store portions for later.

For example, spending R250 on groceries that provide several meals may be more affordable than spending R50 on takeaway food every day.

Another useful tip is to prepare lunch at home before leaving for campus. This reduces the temptation to purchase expensive meals during the day.

3. Take Advantage of Student Discounts

Being a student comes with certain financial benefits.

Many businesses offer discounts to students who present valid student identification.

Before purchasing products or services, find out whether student discounts are available.

Some places where you may find student discounts include:

Clothing stores.
Restaurants.
Movie theatres.
Software companies.
Technology retailers.
Public transport services.
Online learning platforms.

You can ask businesses whether they provide student pricing before making a purchase.

Although individual discounts may appear small, saving R20 or R50 on different purchases throughout the month can make a difference.

Always compare prices before buying. A student discount is not automatically a good deal if another retailer offers a lower price.

4. Buy Second-Hand Textbooks and Study Materials

Textbooks and academic materials can be expensive, especially when your course requires several books.

However, buying brand-new textbooks is not always necessary.

Consider purchasing second-hand textbooks from students who have completed the same modules or courses.

You can also explore:

University notice boards.
Student WhatsApp groups.
Facebook student communities.
Second-hand bookshops.
Online marketplaces.
University libraries.

Before purchasing a second-hand textbook, confirm that it is the correct edition required by your lecturer.

You should also check whether your university library provides free access to recommended books and academic resources.

Another option is to share textbooks with classmates when your study schedules allow it.

This can help reduce the amount of money you spend on educational materials.

5. Avoid Unnecessary Impulse Buying

Impulse buying happens when you purchase something without planning or considering whether you actually need it.

For example, you might visit a shopping centre to buy one item but end up spending money on clothes, snacks, accessories and other unnecessary products.

These purchases can affect your ability to save.

Before buying something, ask yourself three questions:

Do I really need this item?
Can I afford it without affecting my essential expenses?
Can I find a cheaper alternative?

You can also introduce a 24-hour rule.

Whenever you want to purchase something that is not essential, wait 24 hours before making the final decision.

This gives you time to consider whether the purchase is necessary.

Avoid shopping when you are bored or emotionally stressed because this can encourage unnecessary spending.

6. Use Public Transport or Share Transport Costs

Transport can consume a considerable amount of a student’s monthly budget.

If you live far from campus, travelling every day may become expensive.

One way to reduce these costs is by exploring more affordable transport arrangements.

Depending on your location, consider:

Using public transport.
Sharing transport with classmates.
Walking when the distance is safe and manageable.
Using student transport services where available.
Combining errands into one trip.

If you have classmates who live nearby, you may be able to arrange shared transport and divide fuel expenses.

However, always consider safety, reliability and travelling time when choosing your transport arrangements.

Reducing unnecessary trips can also help you save money.

7. Open a Savings Account

Saving money becomes easier when you separate your savings from your everyday spending money.

Consider opening a savings account with a reputable financial institution.

A savings account can help you keep money aside for emergencies, future expenses or personal goals.

Before opening an account, compare:

Monthly account fees.
Minimum balance requirements.
Interest rates.
Withdrawal restrictions.
Additional transaction charges.

Choose an account that suits your financial situation.

You do not need to save large amounts immediately.

How Much Can You Save in 12 Months?








Monthly Savings	Total After 12 Months
R50	R600
R100	R1,200
R200	R2,400
R300	R3,600
R500	R6,000

These figures exclude any interest earned.

The important thing is to develop a consistent saving habit.

8. Find Affordable Student Accommodation

Accommodation is another major expense for students, particularly those studying away from home.

Renting an expensive apartment can leave you with very little money for food, transport and educational materials.

If possible, consider more affordable accommodation options.

These may include:

University residences.
NSFAS-accredited accommodation.
Shared student apartments.
Renting a room instead of an entire apartment.
Staying with trusted relatives.
Accommodation closer to campus.

Sharing accommodation with other students can reduce rental expenses because costs such as electricity, water and internet can be divided.

However, always ensure that the accommodation is safe, suitable for studying and reasonably close to your institution.

Do not choose accommodation based on price alone. Consider transport costs and the overall monthly expenses.

9. Reduce Your Airtime and Data Expenses

Internet access is important for students because many learning activities take place online.

However, spending too much money on mobile data and airtime can affect your monthly budget.

There are several ways to reduce these expenses.

First, take advantage of free Wi-Fi provided by your university or college.

Second, download study materials while connected to a reliable Wi-Fi network so that you can access them later without using mobile data.

You can also:

Compare data bundle prices.
Avoid unnecessary video streaming.
Disable automatic app updates using mobile data.
Download educational videos when connected to Wi-Fi.
Use messaging applications responsibly.
Monitor your monthly data usage.

Some universities provide students with internet access through campus networks and online learning platforms.

Make use of these services whenever possible.

10. Find a Part-Time Job While Studying

If your academic schedule allows it, finding a part-time job can help you earn additional income.

You do not necessarily need a full-time job to improve your financial situation.

Many businesses offer flexible opportunities suitable for students.

Examples include:

Retail assistant positions.
Restaurant and fast-food workers.
Cashier positions.
Customer service representatives.
Promotional staff.
Tutoring opportunities.
Weekend administrative work.
Event assistants.

You can search for opportunities through reputable recruitment websites, company career pages and university notice boards.

Useful starting points include:

Before accepting employment, consider whether the working hours will interfere with your studies.

Your education should remain a priority.

Even earning an additional R500 or R1,000 per month can help cover transport, groceries and other essential expenses.

11. Start a Small Side Business

Another way to improve your finances is by starting a small business while studying.

You do not always need a large amount of capital to start.

Think about products or services that students regularly need.

Some student-friendly business ideas include:

Selling snacks: Purchase affordable snacks in bulk and resell them to students.

Tutoring: Help other students understand subjects or modules in which you perform well.

Graphic design: Create posters, business cards, invitations and social media advertisements.

Hair and beauty services: If you have the necessary skills, offer affordable services to fellow students.

Clothing resale: Purchase affordable second-hand clothing and resell it at a reasonable profit.

Printing services: If you have access to a printer, you can offer printing and document services.

Digital services: Offer CV writing, typing, proofreading or basic administrative services.

Start small and avoid using money meant for essential expenses to finance a business.

A small business can provide additional income while helping you develop valuable entrepreneurial skills.

12. Avoid Unnecessary Debt

Many students make the mistake of borrowing money to maintain a lifestyle they cannot afford.

Although credit facilities can provide temporary financial assistance, they may create long-term financial problems.

Examples of borrowing include:

Personal loans.
Credit cards.
Store accounts.
Buy-now-pay-later services.
Borrowing money from friends.

Before borrowing money, consider whether the expense is necessary and whether you can afford to repay the amount.

Always understand the interest rates, repayment conditions and additional charges.

For information about credit and responsible borrowing in South Africa, visit the National Credit Regulator (NCR).

Avoid borrowing money to purchase expensive clothing, electronics or entertainment products.

If you already have debt, create a repayment plan and prioritise outstanding balances.

Learning to live within your means is one of the most important financial skills you can develop as a student.

13. Take Advantage of Free Learning Resources

Education does not always have to be expensive.

There are many free online resources that students can use to improve their knowledge and academic performance.

Instead of immediately paying for additional courses, explore free educational platforms.

Examples include:

YouTube educational channels.
Free online courses.
University libraries.
Open educational resources.
Free academic journals.
Public library services.

Some platforms worth exploring include:

Some platforms provide free learning materials but charge for certificates or additional services. Check the conditions before enrolling.

You can also use free online resources to develop additional skills such as communication, computer literacy, digital marketing and business management.

These skills may improve your employment opportunities after graduation.

14. Set Clear Financial Goals

Saving becomes easier when you have a specific reason for putting money aside.

Instead of simply saying that you want to save money, establish clear financial goals.

For example, you may want to:

Save R1,000 for emergencies.
Purchase a laptop for your studies.
Pay for additional learning materials.
Save money for transport.
Start a small business.
Avoid borrowing money at the end of the month.

Write down your goals and determine how much you need to save every month.

For example, if you want to save R2,400 within 12 months, you need to put aside R200 every month.

Break large financial goals into smaller and more manageable targets.

Celebrate your progress, but avoid spending your savings unnecessarily.

15. Track Your Spending Every Week

Creating a budget is important, but tracking your spending is equally important.

Sometimes students create budgets but fail to follow them.

Tracking your expenses helps you identify areas where you spend too much money.

You can use a notebook, spreadsheet or budgeting application to record your purchases.

Example of Weekly Student Expenses








Expense	Amount
Transport	R100
Groceries	R250
Airtime and data	R50
Snacks	R40
Entertainment	R100
Total	R540

At the end of every week, review your spending.

Ask yourself whether your purchases were necessary and whether you stayed within your budget.

If you discover that you are spending too much on entertainment or takeaway food, make adjustments for the following week.

Small changes can produce meaningful savings over time.

Bonus: How to Save Money When You Receive NSFAS or Bursary Allowances

For many students in South Africa, financial assistance from NSFAS and other bursary providers plays an important role in covering educational expenses.

However, receiving an allowance does not mean that you should spend all the money immediately.

The best approach is to understand which expenses your funding is intended to cover and follow the applicable funding conditions.

Consider the following tips:

Prioritise essential expenses: Make sure that important costs such as food, transport and study-related expenses are covered first.

Avoid unnecessary purchases: Do not use money intended for essential expenses to purchase expensive personal items.

Plan for the entire month: Divide your available allowance into weekly spending amounts.

Keep emergency savings: If your funding conditions and financial circumstances allow it, put aside a small amount for unexpected expenses.

Check your statements: Monitor your transactions to understand where your money is going.

For official funding information, visit the National Student Financial Aid Scheme (NSFAS).

Remember that bursary and NSFAS funding may have specific conditions. Always follow the relevant funding rules and avoid using restricted funds for unrelated expenses.

Common Money-Saving Mistakes Students Should Avoid

Even students who understand the importance of saving can make financial mistakes.

Here are some common mistakes to avoid.

1. Spending Money Immediately After Receiving It

Receiving an allowance or salary can create the temptation to spend money on things you have been wanting.

Plan your expenses before making purchases.

2. Ignoring Small Expenses

Buying snacks, cold drinks and takeaway meals regularly may seem inexpensive, but these purchases can add up.

3. Comparing Your Lifestyle With Other Students

Not every student has the same financial circumstances.

Avoid spending money simply because your friends are purchasing expensive products.

4. Failing to Prepare for Emergencies

Unexpected expenses can happen at any time.

Even a small emergency fund can provide financial relief.

5. Not Checking Bank Charges

Some bank accounts have monthly fees and transaction charges.

Review your bank statements and understand the fees associated with your account.

6. Depending Entirely on Borrowed Money

Regularly borrowing money can create financial pressure.

Try to reduce unnecessary expenses and develop alternative income sources.

Frequently Asked Questions About Saving Money as a Student

1. How can I save money as a student in South Africa?

You can save money by creating a monthly budget, preparing meals at home, buying second-hand textbooks, using student discounts, reducing transport expenses and avoiding unnecessary purchases.

2. How much money should a student save every month?

There is no fixed amount that every student should save. It depends on your income and essential expenses. You can start with R20, R50 or R100 per month and increase your savings when your financial situation improves.

3. How can NSFAS students save money?

NSFAS students can manage their allowances by prioritising essential expenses, preparing meals at home, tracking purchases and avoiding unnecessary spending. Students should also follow their applicable funding conditions.

4. What are the cheapest meals for students?

Affordable meals may include rice and beans, pap and vegetables, eggs and bread, pasta, potatoes and samp and beans. Buying groceries in bulk where practical can also reduce food expenses.

5. Can I start a business while studying?

Yes. Students can consider small businesses such as tutoring, selling snacks, graphic design, printing services and clothing resale. Start with manageable expenses and ensure that your business does not interfere with your studies.

6. How can I earn extra money while studying?

You can look for part-time employment, weekend work, tutoring opportunities, freelance projects or small business opportunities that fit around your academic schedule.

Final Thoughts: Start Saving Money Today

Learning how to save money as a student is not about avoiding every enjoyable activity or living an uncomfortable lifestyle. It is about making better financial decisions and understanding the difference between your needs and wants.

You can start by creating a monthly budget, preparing meals at home, using student discounts, purchasing second-hand textbooks and avoiding unnecessary purchases.

If possible, consider finding a part-time job or starting a small business to increase your income.

Remember that saving money is a habit that develops over time. You do not need to save R1,000 every month to make progress. Even putting aside R20, R50 or R100 consistently can help you develop financial discipline.

The financial habits you build while studying can benefit you long after graduation.

Start small, remain consistent and make every rand count.