It has been said that being a student is one of the most exciting endeavours there is. A popular opinion that has circulated over the years is that students have nothing to worry about other than school. However, with the growing economic crisis which affects the inflation rate, being a student is now an expense that causes worry and distress. Student life is an expense that many cannot afford to keep up with, from academic fees, accommodation, and basic needs to social activities, entertainment, and fun. Everything is an expense!
Research shows that one of the many reasons why students drop out is because of insufficient funding. Other factors include stressors such as accommodation costs and other financial limitations that deprive a student of an enjoyable university experience. An anonymous second-year student expressed her financial distress: “I was [on] the verge of dropping out. It was no longer about school anymore, and I couldn’t take it. Food is expensive, so is accommodation. Not to mention there is so much pressure from school mates. My academics were starting to reflect my distress.” She continued, “There is a connection between finances and everything [else]. Once [your] finances are good, then everything else can fall into place. But to be honest, everything needs money, even when you’re just a student trying to get an education. That on its own is an expense. I saved myself from the distress I was going through by taking [out] a student loan. Life has been better ever since, so I can confidently say that being a student is an expense you cannot ignore.”
PDBY discovered that due to financial problems, students encounter various issues such as the inability to cope with the high standards of studying, as well as difficulty in paying fees and accessing basic needs. It is unfortunate that the expenses of student life cost students one of the most priceless things: their mental health. Third-year education student Nomcebo Mkhwanazi said, “Financial struggles [have] caused me many insecurities. I was no longer comfortable around my friends, and every time they would suggest an activity that involved money, I would feel so embarrassed and sad that I was missing out. This became such an issue for me that it started to affect my mental health. I became isolated to avoid feeling left out, and I could feel myself drifting away from everyone, including myself. The biggest thing my financial struggles cost me was my mental health. I learned after therapy that asking for help is not wrong – sometimes we cannot carry the expenses alone and it’s okay to reach out for help. After I reached out for help, my friends helped me apply for a bursary, which is what I study with now. All I had to do was speak [up and] seek help. It helped both me and my single parent to break free from financial stress.”
While there are some who are financially limited, there are others who lack financial management. Sometimes the cost of being a student is that you fear missing out. Many students starve themselves just to attend an event or buy some expensive sneakers. Financial advisor and accountant Lebogang Masuku advised, “While it is important to have fun and spoil yourself, [and] have a healthy and happy life, one needs to know how [to] balance finances well. You need to identify your needs and wants. Do not chase wants before needs because they are called ‘needs’ for a reason. No pressure should talk you out of having healthy meals, having toiletries, and paying rent, because you need that. Students must learn to save up for the things they want and be patient. In that way, they can manage their needs while they plan for their wants. Do not starve yourself just to look cool. Cool people do not starve themselves.”
Remember that the expenses of being a student do not have to be yours alone. If you are in need of financial assistance, reach out to your SRC, Academic Success Coaches, and other financial assistance, for example, bursaries or scholarships.
Learn to prioritise what you can control. It is likely that you will not be able to change everything that is causing you financial stress, at least not in the short term. Implement some responsible tactics to help you navigate your finances; for example, make financial plans and budgets to manage your expenses effectively, explore potential on-campus jobs, and seek mental health support if financial stress becomes overwhelming.
Mpho Mahlangu
Originally published on the PDBY website: The Expense of Being a Student
