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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

Faculty of Law congratulated on 100 years of Iurisprudentia

2009-11-05

Prof. Johan Henning, Dean of the Faculty of Law at the UFS and Prof. Barry Rider from the Jesus College at the University of Cambridge in the UK.
Photo: Stephen Collett

This year the Faculty of Law at the University of the Free State (UFS) is celebrating a century of excellence in legal education under the theme “Iurisprudentia 100”. A number of prominent leaders in the international legal arena congratulated the faculty on this milestone achievement.

Prof. Harry Rajak, Emeritus Professor from the Sussex Law School at the University of Sussex in the United Kingdom communicated his heartiest congratulations to the faculty. “It has been my great privilege and pleasure to have had, for many years now, a close association with the Faculty of Law of the UFS. I have enjoyed several visits to the Law Faculty, during which I have benefited enormously from the vibrant intellectual, scholarly and extremely friendly atmosphere which you have all created, as well as from the enthusiasm and intelligence of your students. I look forward to the continuation for many more years of this important and fruitful connection,” he said.

Prof. Barry Rider from the Institute of Advanced Legal Studies at the Jesus College at Cambridge University in the UK also congratulated and expressed his admiration towards the faculty. “The reputation for excellence in the teaching of law and in its scholarly research that your faculty has attained both in the Republic and internationally is a testament to the outstanding efforts and commitment of so many generations of scholars in Bloemfontein. I have been extraordinarily privileged to be associated with your faculty. The achievements of your faculty are truly impressive,” he said.

The faculty also received wishes of congratulations from Prof. Thomas Hurst, Research Scholar and Professor of Law from the Levin College of Law at the University of Florida in the United States of America. “The UFS has established itself as a world renowned leader in legal education,” he said.

Mr Anton Trichardt from Londsdale Chambers, Melbourne Australia also conveyed his best wishes to the faculty. “Your Faculty of Law has indeed been an example of excellence in legal education, training and research. The Centre for Business Law and its monograph series has been an unrivalled trend-setter in law,” he said.

Old Mutual also conveyed its wishes of congratulations.

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