The December holidays have arrived! For South African students, December is a time to unwind, spend time with family, and enjoy the summer vibes. However, with all the celebrations, it’s easy to overspend and start the new year strapped for cash. If you’re a college or university student looking to save money this festive season, we’ve got you covered with practical tips to keep your finances in check without missing out on the fun.
Table of Contents
1. Set a Festive Budget
The key to saving money these December holidays is setting a budget and sticking to it. Start by outlining your income (allowance, part-time job earnings, or savings) and listing all your expected expenses for the month. Break these expenses into categories: gifts, travel, entertainment, food, and other essentials. Once you have a clear picture, allocate a set amount for each category.
Practical steps for budgeting:
- Use budgeting tools: Apps like 22seven, Wallet, or YNAB (You Need a Budget) can help you track your spending.
- Categorise your spending: Assign percentages to each category (e.g., 30% for gifts, 20% for travel, etc.).
- Plan for emergencies: Set aside at least 10% of your funds for unexpected expenses.
Example: If you have R2,000 for the month, allocate R600 for gifts, R400 for travel, R500 for food and entertainment, and R200 for savings.
Pro Tip: Carry cash for daily expenses to avoid overspending with your debit card.
2. Get Creative with Gifts
Buying gifts these December holidays doesn’t have to break the bank. Thoughtful, budget-friendly options can make a big impact without leaving your wallet empty.
DIY gift ideas:
- Handmade crafts: Create personalized bookmarks, knitted scarves, or photo collages.
- Baked goodies: Bake cookies, brownies, or mini cakes and package them in affordable gift boxes.
- Personalised coupons: Make a coupon book offering services like babysitting, dog walking, or a free car wash.
Budget-Friendly Stores:
- Pep Home: Great for affordable homeware like mugs, candles, and photo frames.
- China Mall: Find unique and inexpensive items like trinkets, phone accessories, and stationery.
Pro Tip: Use recyclable materials like glass jars or fabric scraps for eco-friendly and budget-conscious gift wrapping.
3. Leverage Student Discounts
Many retailers, restaurants, and entertainment venues offer student discounts during the December holidays. Always carry your student card and ask about special deals when shopping or going out.
Restaurants Offering Student Discounts
There are plenty of restaurants that offer student discounts thoughout the year. Here are a few restaurants to look out for during the December holidays:
- Nando’s
- Spur
- Krispy Kreme
- Tiger’s Milk
- Del Forno
Entertainment Student Discounts
Looking for something entertaining but affordable to do during the December holidays? Then you’ll be happy to know that there are several activities you could do on a student discount:
Tip: Sign up for discount platforms like Varsity Vibe to access even more student deals.
4. Plan Low-Cost Activities
The December holidays are about making memories, not draining your bank account. Explore affordable activities that bring joy without the price tag.
- Beach days or picnics: Enjoy the summer sun with friends at public beaches or parks.
- Home gatherings: Host game nights or potluck dinners at home instead of expensive outings.
- Festive Freebies: Attend free local events like carol services, Christmas markets, or community festivals.
5. Share Travel Costs
Traveling home or to holiday destinations during the December holidays can be costly, but there are ways to make it more affordable. Carpooling, early bookings, and using public transport can help you save.
Travel Tips:
- Carpooling apps: Use BlaBlaCar or arrange lifts with friends heading in the same direction.
- Public transport: Buses like Greyhound or Intercape offer affordable travel if booked early.
- Flights: For longer distances, check for student discounts on platforms like FlySafair or Kulula.
Example: If you’re heading from Johannesburg to Durban, splitting fuel costs with three friends can save each person up to R300 compared to traveling alone.
6. Cut Down on Eating Out
The December holidays often mean eating out more than usual, which can quickly add up. Save money by cooking at home and exploring budget-friendly recipes.
Affordable recipes to try:
- Pap and wors: A South African staple that’s filling and easy to make.
- Bunny chow: A half-loaf of bread filled with curry, perfect for sharing.
- Pasta bake: Use simple ingredients like pasta, cheese, and leftover veggies.
7. Earn Extra Income
The festive season is a great time to pick up part-time work or monetise your skills.
Job ideas:
- Retail jobs: Many stores have temporary retail jobs available for students in December.
- Tutoring: Help school students with subjects like math or science.
- Babysitting: Parents often need extra help during the holidays.
Monetise your hobbies:
- If you’re good at photography, offer to take family portraits.
- Sell handmade crafts on platforms like Etsy or at local markets.
- Offer services like car washing or lawn mowing in your neighborhood.
Pro tip: Use social media to promote your services to friends and family.
8. Avoid Impulse Buying
Holiday sales can tempt even the savviest shopper. Before making a purchase, take a moment to think critically about whether you really need the item.
Questions to ask yourself:
- Can I afford this without dipping into savings?
- Will I use this beyond December?
- Is this the best price, or can I find it cheaper elsewhere?
Pro tip: Use price comparison apps like PriceCheck or ShopSavvy to find the best deals.
9. Track Your Expenses
Keeping an eye on your spending is crucial during the December holidays. Regularly reviewing your finances helps you stay on track and avoid surprises in January.
Expense-tracking methods:
- Manual tracking: Use a notebook to jot down daily expenses.
- Apps: Free tools like Goodbudget, PocketSmith, or Splitwise simplify tracking and managing expenses.
- Spreadsheets: Create a basic Excel sheet to categorise and total your spending.
Pro tip: Review your expenses every week to identify areas where you can cut back.
10. Plan for January
The start of the new year often brings additional costs like textbooks, registration fees, and supplies. Saving in December can ease the financial burden in January.
Preparation tips:
- Second-hand textbooks: Check platforms like Gumtree, Textbook Trader, or university bulletin boards.
- Stationery sales: Buy notebooks, pens, and calculators during December sales.
- Set aside savings: Put aside at least 20% of your December earnings for January expenses.
Pro tip: Open a savings account with no monthly fees, such as TymeBank, to grow your funds.
Fund Your Studies in the New Year with Fundi
The holiday season is the perfect time to reflect on the year gone by and plan for the year ahead—especially when it comes to your education. Whether you’re gearing up for university, continuing your studies, or pursuing a new qualification, financial planning is key to achieving your academic dreams.
That’s where Fundi comes in! As South Africa’s leading education finance and fund management specialist, Fundi is here to help you unlock your potential by providing tailored financial solutions to support your studies.
Wondering if you qualify for a Fundi study loan? Then be sure to try our Fundi Loan Calculator and start your academic journey today!
