University life is a time of newfound independence, late-night study sessions, a buzzing social life, and the ever-present challenge of managing finances. But where do South African students really spend their money?
The Varsity Vibe 2024 Student Spend Survey, based on 18,819 responses, sheds light on student spending habits, revealing the financial pressures young adults face.
The reality of student expenses
Many students underestimate the true cost of living in South Africa, according to Varsity Vibe.
Moving out of home for the first time and handling their own shopping presents a steep financial learning curve.
Survey respondents expressed surprise at how frequently they needed to spend money and the sheer scale of their expenses.
The biggest budget drainers
Groceries and household items top the list of student expenses, with an average monthly spend of R1,701. Nearly half (49.58%) of respondents identified this category as their largest financial burden, highlighting the challenge of affording basic necessities.
Takeout culture is another major spending area. 38.36% of students admit to spending a significant portion of their budget on fast food. While home-cooked meals are the more economical choice, the demands of university life, long class hours, assignments, and social activities, make convenience a priority.
Social and entertainment expenses follow closely behind, averaging R796 per month.
Beyond food, students also prioritize fashion and beauty. Clothing and accessories account for an average of R992 per month, while 30.82% of students dedicate a notable portion of their budget to cosmetics, including skincare and makeup.
Saving where it matters
Varsity Vibe recognizes the financial challenges students face. “We know that financial independence isn’t always easy, but that’s where we come in,” says Varsity Vibe.
Through partnerships with retailers like Dis-Chem, Superbalist, H&M, and Nando’s, Varsity Vibe offers students discounts on essential purchases, from groceries and self-care products to fashion and food. These cost-saving deals help students make smarter spending choices without sacrificing the things they love.
The takeaway
Managing personal finances is a major adjustment for students navigating independence. As the cost of living continues to rise, Varsity Vibe remains committed to helping students live better for less—because smart spending means never paying full price.
Life after graduation
Only 4% of respondents feels they have a low chance of finding work after graduation. Of this 4%, mostly believe that there are little to no jobs in their field of study (41%) and/or slow economic growth (21%).
Respondents expect to earn an average salary of R14 481 after graduation.
