The beginning of the year for university students comes with costs that are needed urgently, such as registration fees, textbooks, accommodation deposits, and daily living expenses.
Parents usually go all out for their children in matric, celebrating the last year of high school by taking them on vacations and buying expensive clothes for their matric dance.
However, they forget to plan for the first year of university.
The beginning of the year for university students comes with costs that are needed urgently, such as registration fees, textbooks, accommodation deposits, and daily living expenses.
Cara-Jean Petersen, Feenix’s CEO says there are different financial tips that families can use to ensure a smoother transition into higher education.
She adds that it is usually parents whose firstborn will be attending university who are caught off-guard by the costs of starting this new journey.
Tips on how to save for your child’s first year of University
Budget for January’s hidden costs
Petersen says many families focus on tuition fees but overlook the initial costs like registration fees, textbooks, accommodation deposit, and transport.
She advises parents to create a checklist of all potential expenses and allocate funds early to avoid scrambling in January.
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Save, do not splurge this festive season
Petersen suggests parents must set a clear spending limit, instead of splurging on gifts, entertainment, and travelling.
“Think of it as an investment in your child’s future success.”
Research financial support early
She advises parents and children to do proper research on bursaries, sponsorships, and crowdfunding platforms to help ease the burden of tertiary education costs.
“Start exploring funding opportunities now. Many organisations have already opened applications, and some are opening them in December, so it’s crucial to stay ahead.”
Teach money management skills
Petersen adds that it would come in handy if parents start to teach their children money management skills because starting university is often their first experience of managing money on their own.
“Encourage your child to track their spending and differentiate between needs and wants. This habit will serve them well throughout their academic and professional life.”
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Do not forget daily living costs
There are other costs that parents and students need to remember aside from tuition. Costs for groceries, data, toiletries, and other day-to-day expenses.
“A small contingency fund can make a big difference in avoiding stress when unexpected costs arise,” Petersen advises.
Financial stress
She adds that education is one of the most powerful tools for shaping the future, but financial stress often hinders even the most determined students.
It is important to approach the beginning of university with careful planning and proactive financial management for a first-year student to approach the chapter with confidence and peace of mind.
“As South Africa’s matriculants celebrate their achievements and prepare for the transition to tertiary education, it’s vital for families to focus on financial readiness.
“By planning wisely, saving strategically, and equipping students with basic money management skills, parents and students can create a solid foundation for academic and personal success.”
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