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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

#Women’sMonth: Men should help change narrative on violence against women – Prof Solomon

2017-08-23

The panellists at a discussion on Issues
Affecting Women at the UFS Sasol library were
Zane Thela, Head of the Gender and Sexual
Equity Office Programme, Pumla Mgobhozi, founding
member of Embrace a Sister, and
Prof Prof Hussein Solomon, Senior Professor in the
Department of Political Studies.
From the left, are: Thela, Mgobhozi, Prof Solomon,
and Betsy Eister, Director: Library and
Information Services.
Photo: Jóhann Thormählen

The fight to eradicate violence against women is one which men should be involved in. According to Prof Hussein Solomon, Senior Professor in the Department of Political Studies at the University of the Free State (UFS), men have to help change the narrative of physical abuse and sexual violence which they perpetrate against women and children.
“Let them (men who might be offended by the #men are trash) reject violent masculinities, and in the process let them redefine what being a man is about. Let fathers teach their sons that no means no.”

Panel discussion on Issues Affecting Women
Prof Solomon was part of a panel discussion on Issues Affecting Women, organised by the UFS library, in collaboration with the Gender and Sexual Equity Office and Embrace a Sister, as part of Women’s Month in the UFS Sasol library on 3 August 2017.
The other panellists were Zane Thela, Head of the Gender and Sexual Equity Office Programme at the UFS, and Pumla Mgobhozi, founding member of Embrace a Sister. Prof Solomon’s book Understanding Boko Haram, focusing on the kidnapping of 200 young women in Nigeria was also launched.

Don’t accept things as they are
Prof Solomon says that responses by the SA government have no credibility and a lot more could be done. “What is clear is that outrage alone will not end this violence.”
Even at SA universities there are many examples of how women are mistreated. “We need to ask: What more can we do as a university to assist these (female) students.”

According to Thela, it is sad that these issues are only talked about seasonally (like during Women’s Month).
Thela says people should raise their children differently in order to change the narrative. “Then men won’t think they have to prove themselves to women.”
And we shouldn’t accept things as they are: “The most dangerous statement in society is to say: ‘It has always been done this way."

Role of women in their fate
Mgobhozi emphasised that women have a hand in the way they are being seen and treated in society. She therefore asked: “What is the role of women in making sure that we dismantle patriarchy”.
According to her women, especially black women, should dismantle the status quo. She added that cultures and parents often influence the way women are seen.
“Women should fight these social problems together,” Mgobhozi says.

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