Breaking financial barriers: money tips for first-generation varsity students

Walking onto campus for the first time isn’t just about lectures, independent life away from home, or late-night library sessions. For many students, it’s a historic milestone, being the first in their family to make it to university. It’s something to be proud of, but it also comes with real pressure, especially when it comes to money.

From navigating the National Student Financial Aid Scheme (NSFAS) to stretching a meal allowance and, in some cases, supporting family back home, the financial juggling act can quickly become overwhelming. Research shows that financial stress is one of the key reasons first-generation students struggle to attend classes consistently or drop out altogether.

In a country where financial literacy is still developing, students from disadvantaged backgrounds, particularly those who are pioneers in their families, need practical, realistic tools to navigate money with confidence. Having worked his way up from handing out flyers to leading financial strategy, Gopichand is passionate about the importance of financial education and the responsibility that comes with being first, something he is experiencing with young people in his family.

According to a study by Meyer and Schreiber (2024), nearly one in five first-generation students at South African universities face financial challenges that significantly impact their ability to attend classes, highlighting the importance of seeking financial aid and support programs to alleviate these burdens.

Here are some practical money lessons to help ease the financial pressure and help new students navigate finances and make the rand stretch.

Treat NSFAS like a plan, not a payout

NSFAS is a critical lifeline for many students whose families cannot afford fees, but it isn’t a blank cheque. Each allowance is meant for a specific purpose, from accommodation, food, learning materials, and transport.

From the onset, ensure you understand what is covered, what isn’t, and how long it needs to last to prevent panic later on. Even a simple breakdown on your phone can help you keep an eye on where and how you are spending your money, reducing the risk of running out halfway through the term. Budgeting is not punishment but a necessary tool to help you stay in control.

Use your student status to your advantage

Your student card is one of the most underrated money-saving tools you have. From discounted data bundles and transport to cheaper software, entertainment, and retail deals, student discounts can free up money for essentials.

On campus, many services are already paid for through your fees. Libraries, computer labs, Wi-Fi, academic support programmes, and tutoring services can save you from unnecessary off-campus spending.

Those small savings add up. What you don’t spend on full-price data or printing could be the money that gets you through the last week of the month.

Make food a shared strategy

Takeaways may be convenient, but they are one of the fastest ways to burn through a tight budget. Cooking, especially when shared, stretches money much further.

Pooling resources with friends to buy groceries in bulk and rotating cooking duties can significantly reduce costs. It also means more balanced meals and fewer days running on energy drinks and snacks.

Be cautious of ‘easy money’

When funds run low, quick-cash loans and loan sharks can seem like a solution. In reality, they often create deeper financial trouble through high interest rates and aggressive repayment demands. Ensure that if you are accessing credit, it is with a registered financial services provider.

Universities usually have support systems many students aren’t aware of, including emergency funding, food parcels, counselling, and financial advice. Reaching out early can make a real difference.

Also, learn to save for a rainy day. R50 here and there adds up.

Understand that money stress is emotional too

For first-generation students, money carries more than just numbers. There is often pressure to succeed, guilt about spending, and the feeling that failure isn’t an option because so much is riding on this opportunity.

Ignoring that emotional weight can lead to poor decisions and burnout. Talking openly, whether through campus counselling services, peer groups, or trusted friends, helps put things into perspective.

Money management is as much about mindset as it is about maths. Learning to ask for guidance and building financial discipline are skills that stay with you beyond varsity and help shape the rest of your life.

* Gopichand is the risk director at Atlas Finance.

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