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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

Societal perceptions of women in politics in Cameroon must change

2017-08-30

Prof Lilian Lem Atanga presented a lecture,
Gender, Discourse and Cognition and Implications on
Political Participation, as part of the First Humanities
and Gendered Worlds Lecture 2017.
Photo: Charl Devenish

Women have not internalised the fact that they can participate on an equal footing in politics with men. This is one of the conclusions made by Prof Lilian Lem Atanga in a study of the political participation of women in Cameroon.
“There still is a strong belief that women can’t deliver the goods (in areas such as politics),” Prof Atanga said. According to her, stereotypes were still entrenched in Africa and a lot had to be done to change societal perceptions of the role of women in politics.

Poor representation of women in politics
Prof Atanga, an associate professor at the University of Bamenda in Cameroon, was guest speaker at the First Humanities and Gendered Worlds Lecture 2017. The lecture was hosted by the Faculty of Humanities and the Centre for Africa Studies (CAS) at the University of the Free State (UFS) in the Equitas Auditorium, Bloemfontein Campus, on 3 August 2017. The title of the research fellow’s lecture at the CAS lecture was Gender, Discourse and Cognition and Implications on Political Participation.
She noted that although there had been a marked increase in the political participation of women in Cameroon, it still was insufficient. Of the 24 million people in the country, 52% were women but only 20% of the senators and 31% of parliamentarians were women.

Gender-segregated roles affect participation
And there are many reasons for this. “A lot more women still believe in gender-segregated roles and this affects their political participation.” Many men also don’t approve of women’s political participation.
In her study Prof Atanga found that stereotypes were also emphasised in the way the media in Cameroon reported on the roles of women.

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