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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

UFS DiMTEC will help compile national emergency management system

2017-10-11

Preparedness and response are the two most important aspects of managing disaster when it strikes. Prof Andries Jordaan, Head of the Disaster Management Training and Education Centre for Africa (DiMTEC) at the University of the Free State (UFS) recently attended an incident command course in California in the US.

Learning from US disaster management systems
More than 20 specialists from 17 countries attended the course where participants were introduced to the National Incident Management System (NIMS) in the US. The system was implemented after lessons learned during 9/11. “According to the NIMS structure, all government organisations at all levels as well as emergency agencies had to standardise terminology and systems,” said Prof Jordaan.

The professor also had the opportunity to visit among others the Federal Emergency Management (FEMA) headquarters in California, some State Coordination Centres as well as several other disaster management centres. He also had the chance to shadow an Incident Management Team (IMT) during active operations.

Providing training for local disaster management
Insight gained during this course, as well as Prof Jordaan’s experience as senior officer in the South African National Defence Reserve Forces, provided him the necessary background to conduct training and give assistance in terms of disaster management.

Through DiMTEC Prof Jordaan will assist the National Disaster Management Centre with the implementation of a national emergency management system. He will also provide training for incident management teams.

“DiMTEC is currently also in the process of developing a Master module in disaster response. Command and control and Incident Command will form a sub-module in the disaster response module,” he said.

From South Africa, Prof Jordaan was joined on the course by General Elias Mpumelelo Mahlabane from the South African Police Services, who is responsible for disaster management in the SAPS. Savage Breytenbach, a trainer in rural fire fighting who assists Mangaung with command and control structures, also attended the course.

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