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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

Literacy Month fosters the love of reading

2017-09-19

Vutivi Baloyi author of Keep Hoping with Neo Kgoroba
one of the co-authors of In Our Own Words.

Literacy Month is celebrated in September each year at the University of the Free State (UFS) with various activities that are academic and community related and aim to join different departments in collaborative efforts to carry forward an awareness of literacy and the joy of reading among learners. The UFS Sasol Library lined up a series of events to celebrate the month, one of them being the launch of two books on 14 September 2017.

Vutivi Baloyi is a UFS student who wrote a collection of poems at the age of 17 which were recently published in a book called Keep Hoping. The book was launched alongside In Our Own Words, a collection of narratives written by UFS students about university life and transitioning from township high schools to a different culture, society and community, and the challenges with which they are faced.

In their own words, they share incredible experiences
The launch was attended by learners from Christian Liphoko High School in Thaba Nchu as well as Moroka High School and others. The compilation of narratives by UFS students was done under the auspices of Prof Merridy Wilson-Strydom through the Enabling Success project in the Centre for Research in Higher Education. Prof Wilson-Strydom said the project, supported by the National Research Foundation, was a profound way of empowering students by bringing out the value of the stories of their life on campus as they saw them, with each student writing a chapter on a specific theme.

Students as change agents and community builders
The student authors spoke to their audience from the heart, sharing words of advice, especially to younger learners who are still in high school. This has sparked a desire for the beginning of collaborative programmes between the individual university students and high school learners who hail from Botshabelo and Thaba Nchu, highlighting the need for mentorship, life skills, academic improvement and an opportunity to give back.

The event is also part of the ongoing Launch Your Own Book project that has grown in 2017 at the UFS Library under the leadership of Mr Marcus Maphile, Assistant Director: Library Marketing and Community Engagement. Literacy Month will be celebrated with more events in September such as a round-table discussion in collaboration with the Academic and Non-Fiction Authors Association of South Africa (ANSAFA) on 20 September 2017 at the library, to discuss developing authors and the role of ANSAFA. More activities will include outreach and community engagement, with a visit to Christian Liphoko High School in Thaba Nchu on 21 September 2017.

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