"Do not save what is left after spending, but spend what is left after saving.”
— Warren Buffett

That timeless piece of advice from investing legend Warren Buffett may sound simple. But for many university students—juggling the rising cost of living, limited income, and the daily temptations of campus life—it’s anything but.

According to Capitec Bank, minor lifestyle tweaks can help students shift their financial habits.

Whether cutting down on unnecessary takeaways, cancelling unused subscriptions, or setting up automated transfers into a savings account, building a financial cushion—even one as modest as R500 a month—can make a big difference.

At the University of the Western Cape (UWC), financial literacy is seen not as a luxury but a life skill. “Financial literacy is important so youngsters understand there are four ways to deal with money—spend, donate, invest, and save,” said Professor Derek Yu, Acting Dean of Economic and Management Sciences at UWC.

“They also need to learn about different types of bank accounts and various investment options. While investment usually happens later when they enter the labour market, understanding that investing money can generate new income early on is crucial.”

Professor Derek Yu, Acting Dean of Economic and Management Sciences at UWC

Financial literacy is understanding how money works—budgeting, saving, spending, investing, and even managing debt. It empowers people to make informed financial decisions and plan for the future.

“Saving is hard, especially when you feel like you don’t have much to begin with,” Prof Yu adds.

“But it’s exactly in those moments—when your financial resources are limited—that forming the right habits becomes crucial,” said Prof Yu.

He explains that UWC students typically fall into three broad categories: students with no income surviving on family support or bursaries; those with part-time income or stipends where earnings cover essentials like food and transport—and sometimes help support family members; and those who do have income but weak saving culture, where spending dominates and the future takes a back seat.

Ivyn Sambo, a UWC alumnus and financial education content creator, says the key to saving lies not in the amount, but in the consistency of the habit. “Start with an amount that feels manageable. Even R500 a month is enough to start a habit. What matters more than the amount is consistency. Make it part of your routine.”

Image taken from Instagram

He encourages students to treat saving like a recurring monthly payment, like rent or airtime. “Once you start seeing your savings grow, it builds momentum and motivates you to continue. And yes, you can still treat yourself—it’s about balance.”

One UWC master’s student and tutor, who asked to remain anonymous, has found a rhythm that works.

“I earn about R84 an hour through tutoring. I use a portion of that to cover regular monthly expenses—essentials like toiletries and a few personal treats, my nails are non-negotiable. I save the rest in an account earning around 5% annually, which helps my savings grow steadily over time.” 

For others, the journey is ongoing. A first-year Biotechnology student admitted, “I’m terrible at saving—even my eight-year-old niece is better than I am! I just love buying things. I’ll plan to skip spending, but if I walk past that croissant shop, I will buy one. I think I believe in retail therapy a little too much.”

Her fellow first-year BA student friend is trying to build better habits. “I know I can save, but I lack discipline. I’ve started planning, but it’s hard. It’s only recently that I’ve tried to save at all.”

The message from Prof Yu and voices like Ivyn Sambo is clear: start small, start now, and stay consistent. Saving doesn’t begin with wealth—it starts with mindset. And at UWC, that mindset is slowly taking root, one student at a time.