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Recent Student newsHow to budget for the study year – the real costs behind education11 Feb 2010Each year countless matriculants set their sights on pursuing various pathways of tertiary study with very little knowledge of the ‘real' costs involved. Having a good understanding of the incidental costs of your study career would give you a better idea of how to budget for these, and to ensure that - should you be applying for any financial aid - you are covered sufficiently to see the year through.
This is the amount that your actual course of study is going to cost you. This excludes anything else and is worked out per annum, depending on how many modules the course consists of. When you get a bursary, the study fees are usually covered in full. Below is an example of what you can expect for study fees per module if you plan to study through UNISA in 2010:
*For more information, visit www.unisa.ac.za
This includes private rentals, hostels, residential houses, communes and student houses. Deciding on the right accommodation for you will depend on your personal needs and preferences, and should be discussed and arranged prior to your study year commencing. It is also imperative that you keep your budget in mind when looking for accommodation - bearing in mind that it would be more cost effective to stay near the institution. Student houses or communes are often a very popular option, as the cost of the accommodation is divided amongst a couple of people - or join forces with a housemate and split the costs equally. A conservative monthly amount of R1500-R2500 should be allocated within a budget for accommodation.
When you stay in a hostel, there are often mess halls or cafeterias where you can eat two or three meals a day. Payment is often arranged via your student card, or alternative payment methods established. This proves to be extremely expensive (and hard to manage) and it is definitely more affordable to buy and prepare your own food. In terms of convenience, mess halls and cafeterias are the best, but they do not cater for everyone's dietary needs. It is vital that you budget sufficiently for food to ensure that your body receives adequate nutrition to handle the stresses of studying. A monthly amount of R1500-R2000 should be allocated within a budget for groceries.
No student can go without having the correct and required textbooks and study aids (as stipulated by your relevant institution). The study aids are often included into the Study Fees, but it is important that you clarify this with your institution. Textbooks and prescribed books often have to be bought, and this can be a huge expense. Get a list of the books you need to buy before your study year starts, and start looking for these books in secondhand bookshops and on the internet. Often you can find copies that are in mint condition, but for a fraction of the price. You can also make use of your institution's library, but this should be a short-term option while you save up for or source your own copies. Ask around, shop around and find out what is the best and the most affordable option for you. Visit http://www.eduloan.co.za/about_eduloan/partnerships/#shops to find a book supplier in your area. Also, set money aside for buying notes, as some lecturers like to leave hard copies of notes for purchase. In addition to that, set enough money aside for stationary like files, examination pads, pens and pencils, dividers, markers etc. Often, the big stores run great specials at the commencement of the year - it's best to stock up then.
If you plan to stay in a hostel, you do not need too much furniture, because all the key pieces of furniture will be available for your usage (like a bed, desk, cupboards and a chair). If you plan to stay in a commune or student house, you might need to buy your own furniture. Once again, it is very wise and pocket-friendly to shop at second-hand furniture stores, or you can even ask your friends or family members if they have any furniture or appliances that you can use. Visit www.gumtree.co.za to find affordable second hand goods in your area. A big expense in this category is a private desktop computer or laptop - a necessity in tertiary education today as most lecturers use the internet as a tool for publishing notes and course information. A computer can cost anywhere between R4000, 00 to R8000, 00 - an expense which can be added to your study loan should you apply through Eduloan.
If you stay close to the institution of your choice, having your own car is not essential as everything you need will be within walking distance. If you choose to study far from home, you need to consider travel costs, as this can amount to a substantial sum of money. Not including vehicle installment amounts, you should budget approximately R1000 per month for petrol and wear-and-tear on your personal vehicle, or between R700-R900 if you are using public transportation.
Students are renowned for having very active social lives, but it is important to stay levelheaded when it comes to spending your money. Allocating a budget of approximately R500 - R800 per month should cover your entertainment and clothing needs - but save this from month to month and you could afford to splash out every once in a while. These budgeted amounts are merely suggestions and should be tailored to suit your individual circumstances. You should sit with your parent and/or sponsor and formulate a clear budget for the year ahead, including any additional expenses (gifts, medical etc) that are not included here. If you are concerned with not being able to stick to your budget and are worried about overspending in any areas, you should investigate the Eduloan Eduxtra's offering and have your incidental expenses categorised into separate pockets within your card, linked to your Eduloan funding. This ensures that you don't overspend in one category and enjoy the additional benefit of a savings account for unforeseen expenses. |
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