Post-Study Financial Freedom – Why Is It So Important?

Whether you are thinking about applying for a study loan, in the process of your loan application or whether you have already committed to a study loan, the monthly repayments would most definitely play a role in your budgeting and planning. At Eduloan we ensure that your study loan is paid off by the time you complete your studies, but why is this so important?

Lowering Your Debt To Income Ratio (making sure your debt is as small as possible in relation to your income and does not have a large effect on your budget)

When you start working, it is important to plan your budget according to your income (how much you earn). When your study loan is paid off, you have one less debt to worry about when you allocate money to your living costs.

Having some extra money available at the end of the month

It is always a good idea to save for emergencies. If your study loan is paid off by the time you complete your studies, you can start saving money for those emergencies, a new car, a house and other expenses.

Planning for the future

It is very important to set yourself financial goals. A study loan is often the first financial commitment that many young people make. After your studies, you might want to buy a car, a house, take out annuities, set money aside for retirement and preparing for your own children’s futures could be some of the goals that you might have to set yourself.

By paying off your study loan by the time you complete your studies, you free yourself from that financial commitment. You can calculate your budget with our budget calculator and then view our quick-reference table to see what your installments will be. Visit www.eduloan.co.za today and contact us to find out how you can benefit from our study loan options.

5 Reasons Work Experience Can Give You A Head Start

Whether you are in school or still busy with your full-time studies, work experience is a term that might cross your path at some stage. Many schools, colleges and universities encourage students to commit to work experience… but what is all the fuss about? It might be cutting into your holidays or keeping you from going on a trip with friends, but the truth is that work experience can be exactly what you need to give yourself a head start. This week, we look at 5 reasons why you should sign up for work experience:

Reason #1 - Getting direction

Not too sure what industry you would like to work in? Work experience can give you the opportunity to sample different occupations and different industries. By committing to different kinds of work experience opportunities, you can sample the different working environments, assessing which one you enjoy most and which environments unlocks most of your potential!

Reason #2 – Get in touch with the real world

So you’ve already decided which industry you want to work in and perhaps even what job you would like to have… but are you ready for the daily demands? Every job has its challenges, and work experience allows you to get a feel for the environment you will be working in. Whether you have to stand all day, work in an open plan office or whether you have to do all or most of that dreaded administration, there are a host of hidden daily activities that might not be include in your college or university curriculum. Take time to do a couple of days’ work to experience and get a feel for the day-to-day activities to make sure you know exactly what you are in for!

Reason #3 –Identify your key strengths

By working at a company, in your chosen field, you will quickly learn where you core strengths are. Perhaps you are really good with people, or your creative eye can help you add a little more value to your temporary job-description. By identifying you key strengths, you can focus on these to ensure that you position yourself so that you can perform to the best of your abilities!

Reason #4 – Getting a foot in the door

More often than not, who you know is almost as important and what you know. If you can prove to a company that you have the potential, they might keep you in mind when they look to hire juniors at the company. Get to know and understand your industry – it is as important as studying for that degree or diploma!

Reason #5 –You’ve got the power!

When an employer takes a look at your CV, they often look beyond your education and qualifications. Extramural activities, community service and work experience are small things you can list on your CV that will have a great effect. Work experience proves that you took initiative, that you are willing to put in the hours and that you have a better understanding of the working-environment. Make sure that the work experience is related to the industry that you are applying to!

These are just a couple of reasons we think you should pick up the phone or send that email to make contact with a company in your chosen industry. Tell us about your work experience? Comment below and let us hear your story.Whether you are in school or still busy with your full-time studies, work experience is a term that might cross your path at some stage. Many schools, colleges and universities encourage students to commit to work experience… but what is all the fuss about? It might be cutting into your holidays or keeping you from going on a trip with friends, but the truth is that work experience can be exactly what you need to give yourself a head start. This week, we look at 5 reasons why you should sign up for work experience:

Reason #1 - Getting direction

Not too sure what industry you would like to work in? Work experience can give you the opportunity to sample different occupations and different industries. By committing to different kinds of work experience opportunities, you can sample the different working environments, assessing which one you enjoy most and which environments unlocks most of your potential!

Reason #2 – Get in touch with the real world

So you’ve already decided which industry you want to work in and perhaps even what job you would like to have… but are you ready for the daily demands? Every job has its challenges, and work experience allows you to get a feel for the environment you will be working in. Whether you have to stand all day, work in an open plan office or whether you have to do all or most of that dreaded administration, there are a host of hidden daily activities that might not be include in your college or university curriculum. Take time to do a couple of days’ work to experience and get a feel for the day-to-day activities to make sure you know exactly what you are in for!

Reason #3 –Identify your key strengths

By working at a company, in your chosen field, you will quickly learn where you core strengths are. Perhaps you are really good with people, or your creative eye can help you add a little more value to your temporary job-description. By identifying you key strengths, you can focus on these to ensure that you position yourself so that you can perform to the best of your abilities!

Reason #4 – Getting a foot in the door

More often than not, who you know is almost as important and what you know. If you can prove to a company that you have the potential, they might keep you in mind when they look to hire juniors at the company. Get to know and understand your industry – it is as important as studying for that degree or diploma!

Reason #5 –You’ve got the power!

When an employer takes a look at your CV, they often look beyond your education and qualifications. Extramural activities, community service and work experience are small things you can list on your CV that will have a great effect. Work experience proves that you took initiative, that you are willing to put in the hours and that you have a better understanding of the working-environment. Make sure that the work experience is related to the industry that you are applying to!

These are just a couple of reasons we think you should pick up the phone or send that email to make contact with a company in your chosen industry. Tell us about your work experience? Comment below and let us hear your story. 

Wanting More

Lerato is the winner of our April Not just a Student number competition. See her winning blog below on our April theme: Wanting more.

I'm a first year student at University of South Africa, studying towards a bachelor’s degree in intermediate and senior phase Education.

The reality of life began after matric in 2012. I wanted more for the future, I began to see life with the naked eye, where I made decisions that will determine my future, where my social-life was nowhere to be found. In the words of my former Mathematics teacher, Ms Mabudu, "focus less on friends, after matric all will take their own path".

As a part-time student it’s never really an easy task, its takes someone with discipline and who knows how to manage their time, but after all I wanted something more challenging. At first, attending workshops with students old enough to be my parents and even grandparents, I felt like "Oh do I really belong here?” But gradually all turned out good, socialising with them helped me to develop mentally.

I always wanted to be in a field dealing with children, but didn't know what career to choose, until grade 12, my former English teacher Mr. N.A Mapodile, asked me to assist him in teaching. That was a life time opportunity! I feel so unique, because most people my age run away from this career and I'm chasing it.

I am not qualified to be a teaher yet, but that doesn't stop me because I want more. I recently joined the Gogo reading project in Daveyton Intermediate School. We offer our time to read books to learners every Friday. The people I'm working with are all qualified teachers, some even retired and that makes me so unique! I'm the youngest of all of them, studying and looking for experience.

I use every opportunity I get because I always want more. I do whatever it takes to be where I want to be and enjoy exploring things that will help me in future.

Student life prepares me for the future, I learn to be independent, how to approach challenges and problems and to take responsibility for my actions.

Regards

Lerato P Selepe

The entrepreneurial student – ten ways to supplement your income while studying

Now has never been a better time for tertiary students to start a business.  Much more than the graduates of the past couple of decades, current students need to be prepared to find ways to supplement their incomes. Let’s face it; the cost of living continues to increase every year and the job market is a tough place to break into, making it harder for students to make ends meet while they are studying and to find a job after they’ve finished. 

Launching a business while you’re studying sets you up for success.  Here are ten business ideas you can start while you’re studying that shouldn’t cost you an arm and a leg to set up.  You can use one of these ideas or come up with your own.  Some of them may work better than others, or may not work at all, depending on your personal circumstances.   So choose wisely, and remember to adjust quickly if the business you start isn’t growing.

Before we start, let’s look at some quick tips for creating a successful student business:

* Innovation is good but it can also be overrated.  Don’t feel like you have to come up with the next big idea. The main idea is to start a simple business that generates a profit.  And that’s the main idea.

* Pick an idea that has an immediate and obvious customer base that needs or strongly wants what you plan to sell. Ask yourself if there is a demand for your product or service.

* After your initial investment, don’t put any more outside money into the business.  That’s your test for whether you’re succeeding.  The business needs to pay for itself and pay you.  Once you start, the business should generate enough for you to reinvest into the business and then begin to pay yourself.  If you see things dwindling, figure out whether you need to adjust prices, offerings, or do more marketing and selling.  Pay attention to customer inquiries and demands. They will lead you in the right direction.

* Remember the business is a great experience but it’s not the main reason you are on campus.  You are there to get a great education.  So develop discipline and time management skills that will allow you to go to class, get good results and still operate your business in your free time.

Our 10 student business ideas:

1. Tutoring service – if you’re attending university or college on a scholarship or bursary and know a required subject very well, consider start a tutoring service for local elementary or high school students who want to get into a good university or college like you.

2. Staffing service specializing in internships – start an on-campus staffing service where you help local or national businesses connect with the best students for internships and help students who want to do internships find the best opportunity.

3. Personal training service – are you athletic and into sports?  Think about starting a personal training service for students wanting to get fit and active.

4. Graphic arts and design services for presentations and papers – if you enjoy graphic arts and presentation design and you’re good at it, think about offering these services to students (and perhaps lecturers too) who want to jazz up their research and reports.

5. CV writing service – are you good at finding the best angles to present information? Start a CV writing service helping students put their experience in the best possible format and phrasing to attract interview and career opportunities.

6. Hair styling and grooming services – provide hair cuts or hair styling as a mobile hairdresser or stylist.

7. Babysitting service – if you know how to look after children and you’re responsible and reliable, starting a small au pair business could be an easy way to make extra income.

8. Bookkeeping service – if you’re studying accounting and have a love for numbers offer to keep books for a few small local businesses or find customers online.

9. Photography and video services – if you have a great eye for composing scenes and images consider starting a photography and video service. You can offer your services to students and faculty, take photos and videos of campus events and help local businesses produce and post videos online.

10. T-shirt company – really cool t-shirts just never get old and they’re the standard uniform for lots of college students. Come up with neat designs or funny sayings or create custom shirts for on-campus organisations and find someone to print the shirts for you and you’re in business!

Are you a student thinking about starting a small business? What do you think about these ideas? What are you excited about, or maybe scared about? Tell us what you think in the comments section below!