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Student Finance: How to manage your money

13 March 2019 | Story Xolisa Mnukwa

financial savvy — Over 60% of South African students are in debt and spend more than the average South African adult.

For many students, university is their first money-management experience, and it is therefore crucial for them to prioritise basic personal-finance knowledge in order to avoid poor money management, and not knowing where their money is going.

Various other educational institutions, facilities, and initiatives such as Student Connections highlight student financial wellness as a topic of importance at higher-education institutions, because of the following reasons:

1. Low retention rates (university dropouts)
2. Loan default (graduating with student-loan debt)
3. Financial hardships affecting future success (low academic performance)

According to LinkedIn, a business and employment-oriented service, the spending and saving habits you develop in college are likely to stick with you throughout your adult life.

A personal finance study conducted by University of the Free State (UFS) Economics and Finance Lecturer, Cecile Duvenhage, revealed trends on how much students spend, and what they spend it on. Her outcomes discovered that students believe money buys them worthwhile experiences; it also revealed that over 60% of South African students are in debt, spending more than the average South African.

According to Duvenhage, the best way to optimise your use of money is to understand three things:

1. The psychology of money – relationship with money, your goals (reality, beliefs, perception, experiences, repeated messages)

2. The science of money – where is your money? What are you using it on, and how to make more (investing, savings, assets, liabilities, expenses, and income/pocket money)

3. The art of money – creating a financial game plan to stay afloat (knowledge, context, personal goals, game plan)

The Guardian website also highlights important tips for managing your money:

- If you’re struggling to manage your personal finances, ask for help. The earlier you get support, the less susceptible you are to overspend

- If you have financial aid, be sure to complete and send back your signed agreements in order to avoid delays in obtaining your money

- Add up your income, and then deduct all your essential expenses.

- Essential expenses include: tuition fees, rent/accommodation, electricity, and other accommodation expenses, groceries/food, and travel costs

The article, 6 common money management mistakes college students make, advises students to “live within your means, and [to] make choices based on the money that you have available.”

The article further recommends that students download a free, easy-to-use budgeting app such as Fudget: Budget Planner or Intuit Mint on their cellphones, which automatically creates a basic spending plan to personalise according to their means.

For enquiries or assistance with money management, contact finaid@ufs.ac.za

News Archive

Mpofu-Walsh inspires with music, word, and wisdom

2017-08-22

Sizwe Mpofu-Walsh shared with the audience the
creative process of writing a song at the 2017
TEDxUFS conference.
Photo: Voxomnia

“Sometimes it’s the parts of us that give us the most agony, the parts of us that we think we need to change to conform to other people’s expectations, which are actually the gateways which allow us to make an impact in the world.”

This encouragement from Sizwe Mpofu-Walsh was one of the highlights of the 2017 TEDxUFS conference. According to the author, musician, and activist, we should embrace every part of ourselves. We should understand that the way in which each of us can change the world, is by becoming one with all the different parts of us which people think can’t come together.

Audience hears project for first time

For the first time ever, Sizwe shared material from his project Democracy and delusionwith an audience at the 4th annual TEDxUFS conference in the Odeion Theatre at the University of the Free State on 5 August 2017. Other speakers included the likes of Murendeni Mafumo, founder of Gentle Giant, and Elijah Djan, CEO and inventor of Nubrix.

The event also included TEDx videos, breath-taking performances, and cutting-edge technological exhibitions. The theme was Prism of Possibilities.

Launching a book and album together

Sizwe shared how he, while studying at the University of Oxford, embarked on an ambitious project where he combined his passion for academics and music: To release a book and album about the same things at the same time.

The project is a reflection of the political landscape in South Africa. Sizwe showed how he created a song about student protests by putting different layers of music together.

“The only way to do something that will leave you truly remembered is to do something different. It is to take all of yourself and pour it into the creative pursuit that you produce.”

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