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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

Democracy and traditional leadership in rural areas explored

2017-09-22

Prof Lungisile Ntsebeza, recipient of the NRF Hamilton
Naki Award
Photo: Supplied

The Free State Centre for Human Rights held a presentation by Prof Lungisile Ntsebeza on 7 September 2017 at the University of the Free State (UFS) Bloemfontein Campus on the topic of democracy and traditional leadership in rural areas. Prof Ntsebeza is the holder of the AC Jordan Chair in African Studies at the University of Cape Town and the holder of the National Research Foundation (NRF) Research Chair in Land Reform and Democracy in South Africa.

Conflict between democracy and traditional rule
The topic of democracy and traditional leadership in the rural areas is an example of the tension between democracy and customary law governing the appointment of traditional leaders (headmen) that is currently at play in many parts of the country. Prof Ntsebeza made reference to a court case in the Eastern Cape, where a community successfully challenged the appointment of a headman by the royal family of the area. The contention was whether royal families could appoint headmen in rural communities or if those communities ought to democratically elect their own leaders. He argued that in this specific case, the democratic imperatives of the Constitution did not conflict with customary law because of the particular communal practice of electing leaders.

The Constitution and customary law
The Constitution of South Africa recognises customary law provisions which are not in conflict with its fundamental values. Difficult legitimacy problems may arise where customary practices are different from those governing this particular case. Ultimately the Constitutional Court would be called upon to resolve inherent tensions and develop customary law in line with the direction foreseen in the Constitution.

Student engagement as a vehicle for change
The event was attended by UFS staff and fourth-year LLB students in the Faculty of Law, and was funded by the Free State Centre for Human Rights at UFS. The programme is one of several that the centre seeks to utilise in engaging students with researchers and scholars in the field of law and human rights. Prof Ntsebeza has given academic presentations on various related and trending topics in the current academic climate, such as decolonising the curriculum, Cecil John Rhodes and others. He was recently awarded the Hamilton Naki Award at the 2017 National Research Foundation Awards.

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