Managing your NSFAS (National Student Financial Aid Scheme) allowance effectively is key to making it last throughout the academic year. Many students struggle with budgeting, leading to financial stress before the next disbursement.
Student Budget Hacks: How to Make Your NSFAS Money Last
Here’s a guide on practical ways to stretch your NSFAS money while covering all essential expenses.
1. Create a Monthly Budget
The first step in managing your NSFAS money is to create a clear budget. List your income (NSFAS allowance) and all expenses, such as:
- Rent and utilities
- Transport
- Food and groceries
- Study materials and printing
- Airtime and data
- Emergency savings
Use budgeting apps like 22seven, GoodBudget, or a simple spreadsheet to track your spending.
2. Prioritize Essential Expenses
Your primary focus should be covering your basic needs first. Pay your rent and utilities as soon as you receive your NSFAS disbursement. Then, allocate money for food and transport before considering non-essential expenses.
3. Find Affordable Student Accommodation
- Stay in NSFAS-accredited residences, which are often cheaper than private accommodation.
- If staying off-campus, share a room or flat to split rent and utilities.
- Consider staying at home if feasible to save on accommodation costs.
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4. Save on Transport Costs
- Use student discounts for public transport such as buses and taxis.
- Walk or cycle to campus if it’s close enough.
- If using e-hailing services, use discounts and ride-share with friends to cut costs.
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5. Shop Smart for Groceries
- Buy in bulk to save money in the long run.
- Stick to a grocery list to avoid impulse purchases.
- Take advantage of student discounts at stores like Checkers, Pick n Pay, and Shoprite.
- Cook at home instead of buying takeaways; meal prepping can help stretch your food allowance.
6. Cut Down on Data and Airtime Costs
- Use free Wi-Fi on campus and at public libraries.
- Get affordable student data bundles from providers like MTN, Vodacom, or Telkom.
- Use WhatsApp, Telegram, or other free communication apps instead of traditional calls and SMS.
7. Use Free or Affordable Study Resources
- Borrow books from the campus library instead of buying them.
- Check for free PDFs and online learning materials.
- Print only necessary documents and use online submission options to save on printing costs.
8. Avoid Unnecessary Debt
- Do not take loans or credit cards unless absolutely necessary.
- Avoid expensive clothing accounts and store credit facilities.
- Say no to peer pressure that leads to unnecessary spending.
9. Find Extra Sources of Income
- Take on a part-time job or freelance work.
- Sell handmade crafts, baked goods, or second-hand clothes.
- Tutor other students in subjects you excel in.
- Participate in paid surveys and campus research programs.
10. Plan for Emergencies
Set aside a small amount each month for emergencies to avoid financial stress when unexpected expenses arise. Even saving R50-R100 per month can make a difference in tough situations.
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Being smart with your NSFAS money ensures you have enough to cover essential expenses throughout the year. By budgeting wisely, cutting unnecessary costs, and exploring ways to earn extra income, you can reduce financial stress and focus on your studies. Good money management today will also help you develop financial discipline for the future.
Learning to handle finances responsibly will benefit you beyond your student years, setting you up for financial independence and stability in adulthood. Developing these habits now can help you avoid debt, build savings, and make informed financial decisions as you progress in your career and personal life.
