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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 Camerata ends concert season on a high note

2017-11-02

The final concert at Endler Hall at Stellenbosch University, presented by the
Endler Concert Series, was attended by the UFS Rector and Vice-Chancellor,
Prof Francis Petersen and Mrs Cheslyn Petersen. Here, on stage, is Prof Petersen
with the Camerata.
Photo: Supplied

The OSM Camerata (OSMC) of the Odeion School of Music at the University of the Free State ended the 2017 concert season on a high note with two gala concerts presented in the Western Cape as part of the ensemble’s fifth birthday celebrations. The first concert took place at the well-known Hugo Lambrechts Auditorium in Parow on 20 October 2017. A Stellenbosch University audience also had the privilege of listening to the Camerata at Endler Hall the following day.

A substantial part of the concert programme recited during the concerts was dedicated to prolific South African composer, Prof Hendrik Hofmeyr, in honour of his 60th birthday on 20 November 2017. The ensemble recited Super Flumina Babylonis, Notturno Elegiaco & Spokewals/Phantom Waltz - all works commissioned from Prof Hofmeyr for the OSMC.

The Odeion School of Music awarded the Order of the OSM to Prof Hofmeyr during the concert in gratitude for his tremendous contribution as a South African composer.

The final concert at Endler Hall, presented by the Endler Concert Series, was attended by the UFS Rector and Vice-Chancellor, Prof Francis Petersen, and Mrs Cheslyn Petersen.

According to Marius Coetzee from the Odeion School of Music, the OSMC was strategically founded in 2012 as the OSM’s flagship chamber orchestra with its main objective being to create a catalyst for excellence. From a pedagogical perspective, the OSMC serves as an incubator to nurture fully rounded musicians who are thoroughly prepared for the demands of their trade as orchestral musicians, soloists and conductors.

Responding to the demand for excellence, on 1 September 2017 it was announced that the OSMC received first prize for the 2017 Ictus International Music Competition (US) as the winner of the category for Conservatory and University Orchestras.

Louis van der Watt, head of strings at the University of Stellenbosch Conservatory and vice conductor of the university’s symphony orchestra, remarked that the OSMC presented an excellent concert. Audience members concurred, saying the OSM Camerata was setting new standards for orchestral playing in South Africa.

Review from Louis van der Watt, University of Stellenbosch (available in Afrikaans)

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