As the festive season quickly approaches, the excitement of celebrating the end of matric can often overshadow the significant financial planning required for the first year of university.
January and February bring a host of unplanned costs for students embarking on their tertiary education journey such as registration fees, textbooks, accommodation deposits, and daily living expenses. To help parents and matriculants navigate this crucial period, Feenix’s CEO, Cara-Jean Petersen, shares practical financial tips to empower families and ensure a smoother transition into higher education.
“Matriculants and their parents are often caught off-guard by the costs associated with starting university. With some thoughtful planning during November and December, families can prevent financial strain in the new year and ensure a strong start for students in their academic journey,” says Petersen.
Here are Feenix’s top tips for financial preparedness:
Budget for January’s hidden costs
Many families focus on tuition fees but overlook initial costs like registration fees, textbooks, and transport. “Create a checklist of all potential expenses and allocate funds early to avoid scrambling in January,” Petersen advises.
Save, don’t splurge this festive season
The festive season often leads to overspending on gifts, entertainment, and travel. Petersen suggests setting clear spending limits and prioritising saving. “Think of it as an investment in your child’s future success,” she adds.
Research financial support early
Bursaries, sponsorships, and crowdfunding platforms like Feenix can 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,” Petersen notes.
Teach money management skills
For matriculants, starting university is often their first experience with managing money independently. Petersen reiterates the importance of financial literacy: “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.”
Don’t forget daily living costs
Beyond tuition, parents and students should factor in 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.
Empowering the Next Generation
“Education is one of the most powerful tools for shaping the future, but financial stress can often hinder even the most determined students,” said Petersen. She emphasises that with careful planning and proactive financial management, matriculants and their families can approach this next 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.
Petersen concludes, “The first year of university brings challenges, but it’s also an opportunity to empower the next generation with the skills and resilience needed to thrive in life. It all starts with a plan and the support of their community.”
Written by Alkemi Collective
Also see: Beyond intuition: How introception shapes your parenting
