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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

Community Service Summit

2008-10-20

Community service must heal our campus

Photo gallery

Community service and community service learning at the University of the Free State must be put in the forefront of healing our divided campus and our divided country.
This was the message from the Acting Rector Prof Teuns Verschoor when he opened the Community Service Summit that was held in Thaba Nchu on 9 and 10 October 2008.
“The importance of community service is that it heals those who help others because the needs of others are more important than our own needs when we render service to those who are worse off than ourselves,” prof Teuns said.

He said community service has already helped to change the UFS in terms of the academic experience of students and staff and in terms of the perceptions that various communities hold about the UFS.

The summit was attended by more than 35 representatives from different Faculties and departments of the university, representatives from the communities in the Motheo and Xhariep District Municipalities as well as the project managers of Lebone Land and the Bloemfontein Life Change Centre.

Several issues pertaining to the Community Service Policy of the UFS, as well as other related issues were discussed which will culminate in a Statement of Intent that will be handed to the Executive Management of the UFS. This is being done in response to the challenge of the acting rector that the Summit will make a meaningful input in the repositioning process of the UFS.

One delegate described her participation in the Summit as a life changing experience. “This articulation of her experience has captured the views of a lot of the delegates. It shows that there is a big need to cement the importance, commitment to and implementation of Community Service and Community Service Learning at the University of the Free State. With the support of our partners we are determined to make a difference in the lives of the people of the Free State and beyond,” said Rev Kiepie Jaftha, Chief Director Community Service at the university.

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