Prioritise money for essentials, otherwise…

Azikile MaVthule and Katherine Weber

It all starts with “Congratulations, it is with great pleasure that we inform you that you have been admitted to your preferred qualification!”. A statement that leaves many with excitement, their thoughts rushing ahead to the journey that awaits them. For many first-year students, this is an opportunity to break out of their shell; for some, the start of independence and adulthood. Either way, the most important skill university teaches you whether you want to learn or not is how to manage your finances.

It is very easy for one to fall into the trap of just spending a R30 here for coffee, or a R40 for a sandwich because there was nothing in the fridge, but eventually all those little splurges add up. A lesson that will be learnt come hell or high water.

Nolutando Buthelezi, a student at the university, says that halfway through any given month, she was struggling financially and had to ask her parents for money because of reckless spending. Drafting a monthly budget is one tool that Kabelo Maswanganyi, a third-year, believes would have helped him spend more on essentials and less on non-priority items. “Prioritise money for essentials, otherwise you will find yourself not being able to afford bread,” he warns. Basically, the best weapon a student has is a good budget. Budgeting is one of the fundamental tools that students should use to stimulate a healthier relationship with money. “I wish someone had told me about how to manage money before I had any . . . instead of leaving me to learn through trial and error,” says Joey Dlamini, an author and social worker who works closely with young people. She identifies the ability to manage your money well as a foundational life skill, essential to a successful journey into adulthood. :You are never too young”, she writes, “to start developing healthy financial habits.” classmates before the more indepth topics begin.

It seems to be the norm to let chance manage your finances at the beginning of university, but often, chance can lead to a less-than-desirable place. Will that be your experience?

On the other hand, Ramashidzha pointed out that when it comes to academic pressure, time management is the prime factor. He noted that students must be prepared and read over lecture notes because the moment lecturers begin an unfamiliar topic, students become disengaged and find a distraction, usually in the form of phones or friends. Additionally, he advised that students should not waste the time between lectures but rather use this time wisely by working in the library.

At university, many students are thrown in at the deep end with little or no support. Ramashidzha claimed that each student at UP has something in them that qualifies them to be here, and he indicated that they should identify that something and use it as motivation to put in the necessary work. Throughout the year, it is important to consistently work hard and not give up. Do not be afraid to talk to anyone or ask questions.

Tips some students wish they had utilised:

1. Don’t live beyond your needs

2. Save for “rainy days”

3. Stick to your budget