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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

Research chair into Higher Education gets boost for five more years

2017-11-21

Prof Melanie Walker, Director of the Centre for Research on
Higher Education and Development (CRHED).
Photo: Supplied

The research Chair in Higher Education and Human Development within the Centre for Research on Higher Education and Development (CRHED) at the University of the Free State has secured funding for another five years. It follows a favourable evaluation by the South African Research Chairs Initiative (SARChI) of the research project at the UFS.

The Director of the Centre, Prof Melanie Walker, says she is delighted by the recognition of the Chair's hard work and significant productivity. “This new round of funding secures the centre and its activities for the next five years.”

Under the auspices of the Chair, research is conducted on higher education, inequalities and social justice, and how or if universities foster the human capabilities and aspirations of students. In essence, the research studies whether higher education makes a difference to the lives of students, their families and communities. Prof Walker says the Chair's projects look at issues of access, participation and transitions into work, as well as gender, race and social class. The research uses quantitative and qualitative methods and includes a strand of participatory research projects with students.

Prof Walker says through the Chair research project, and the Centre, researchers have developed extensive international links and produced international quality research and publications. “We foster high-quality PhD graduates as a new generation of social science academics.” The Chair has in the first five years produced 10 PhDs and four master’s students.

The project in the next five years will continue with its focus on higher education and human development research. Prof Walker says all the research efforts seek to contribute to more justice in society and universities and to contribute to debates, policy and practices in higher education and a scholarly knowledge base.

The Research Chairs Initiative aims to improve the research capacity at public universities to produce high-quality postgraduate students, research and innovative outputs. The assessors looked at features such as the number of students the research entity had trained and how many publications the research team had produced.

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