Managing my finances
Managing your finances
Time to start adulting
It is no secret that students are notoriously broke. It is a favourite topic of conversation among social groups to talk about how we can’t afford things. Two-minute noodles and tuna become your best friends, you can’t remember the last time you bought yourself a decent pair of shoes, and what’s that? An event where all your friends will be attending? But it has entrance fee. So maybe not.
We are limited by the depth of our pockets, as lucky as we may be to be attending this university through one means or the other. We are dependent on our bursaries, our parents, our guardians, and for many international students, we are dependent on how banks and finance agencies relate to one another.
As international students we need to plan ahead, because we a) can’t always receive money the same day it gets sent, and b) can’t always go home or receive care packages when we’re short on clothes or food. With these factors comes a sense of responsibility that every student should have. We need learn to manage our finances.
Managing your finances
Tips for managing your cash
Make a budget
It can be as simple as a note on your phone at the beginning of the year, or month, or week, depending on how you plan your life and when income is expected. Setting out what you need and how much money you need for it not only keeps you organized but helps to ensure you don’t mismanage your money.
Prioritize (or compromise)
So you really, really want to go to watch that DJ at 37 on New. The whole squad is rolling up. But you’ve been living in digs [off-campus accommodation] and you’ve got to pitch in for electricity. Prioritizing means you’ve got to let go of the things you want to do to handle the things you should do, or there will be consequences if you don’t. Be honest with yourself about whether you can compromise, and go to the party any way, or whether you’ve got to say, ‘sorry guys, I’ll see you next week’
Manage your finances by managing your time
You’ll find that the two are inter-linked. Using a calendar or task list to stay on top of what needs to be done and what you’ve accomplished. It will help you stay productive. Using a budget for your money and calendar for your time will help you successfully manage both. In the beginning, you may not be used to planning ahead and putting off purchases until you can afford them. The more you make these habits part of your daily life, the easier it is to manage your money, and the better off your finances will be.
Find out if it’s worth it to open a bank account
Some South African banks have partnerships with banks from home, and that usually means transferring money between set banks is a lot easier. Find out which banks work better for you and open a student account. The rates are low, and the time waiting for your money to come through its less.
Do fun things that don’t require a lot or any money
If you are not in a financial position to go with your friends to Kenton this week, then fine, don’t feel pressured to. There are things to do in and around Grahamstown that don’t require any money or are very cheap. The museums are [mostly] free, the Botanical Gardens and Grey Dam are always open, you can attend rugby and soccer matches for free in the evenings and hockey in the morning and all kinds of events around campus that don’t require a lot.
Managing your finances
Tips for buying
Save!
The obvious way to manage your finances. I don’t know about you, but I grew up being told to save! Save! Save! That’s hard enough to do when you barely have enough money to get you through the month, now you want me to save R10.00? When you’re a student every penny counts, right? That’s exactly why you should be saving that R10.00 a month because that’s going come in handy for a rainy day. If you’re like me that knows you’re going to use it if its lying around your res room, put in a piggy bank, or if its larger amounts, put it in a savings account in your bank.
Buy course books second-hand
Course textbooks can be expensive, but luckily there’s no need to purchase every item on your reading list. You can usually borrow set texts from the library (on short-loan sometimes) whenever you need them. Your course outline will tell you. A lot of your readings as you get higher up in your degree are usually online. Only buy the most important books, and even then you’ll be able to find cheap second-hand copies on Facebook pages, at the second hand book store in High street, or from people in your department. Sell them on when you’re finished with them to recoup some of the costs.
Shop at second-hand stores
Second-hand stores are great places to supply yourself while maintaining a bit of frugality. Thrift stores in Grahamstown are well-stocked. They sell ladies’, men’s and children’s clothing, books, toys, ornaments, kitchenware, videos, music, computer games, furnishings and other assorted goods at a far discounted rate. Some also sell furniture and electrical appliances. Look them up on google or Facebook and see what they have to offer.
Look out for specials
This includes food, clothes, and events (not just two-for-one specials). Grahamstown is ultimately a student town, and businesses in town love to cater for their students, knowing that we are limited by how much we are willing to pay for something. For that reason, businesses are always putting out promotions. Stay up to date with who’s having a sale by signing up to mailing lists, or checking their Facebook pages.
Managing your finances
Some more tips for you
Always keep track of exchange rates
As an international student, you know you’re dealing with different currencies. Keep track of exchange rates through an app, such as XE Currency, so you always know the value of your currency against the SA Rand.
Be a part of a Society
Being part of a society means you pay for events once off at the beginning of the year and can attend any event thereafter for free. That usually means free food, free drinks and lots of fun. When you need it the most, your society will have an event and you won’t have to worry about spending money to enjoy time with your friends.
Call home on Campus
Making long phone calls to home can become expensive, so try and arrange for calls to home to occur on the campus wifi, so you save on data. If you live in res it might be a little easier, but if you live off campus, make a plan to call between classes.