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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

Renowned Sign Language expert heads UFS department

2009-11-27

Mr Philemon Akach

The Department of Afro-asiatic Studies, Sign Language and Language Practice in the Faculty of the Humanities at the University of the Free State recently appointed Mr Philemon Akach as its new chairperson.

Mr Akach, hitherto a senior lecturer in the department, succeeds Prof Annelie Lotriet who left the university earlier this year after having been elected to serve in the national parliament by the Democratic Alliance.

“To head the entire department has never crossed my mind because I think I am discipline oriented,” he said.

He said the confidence that his colleagues have in him gives him the impetus to succeed. “It gives me the opportunity to rethink my position within the department and the university at large,” he said.

However, his Sign Language students will be glad to know that he will not be lost to them as the result of this new responsibility.

“I cannot neglect Sign Language,” he stressed. “I have to teach because the academic side of Sign Language has to be maintained within the university, as well as nationally and internationally. I just have to divide my time between the administration of Sign Language and the teaching and research application in my discipline (Sign Language).”

To ease the load that comes with his new responsibility and the added pressure of being the only Sign Language lecturer, he said they have contracted former students to teach some courses in Sign Language.

“We have to keep in place the disciplines that keep this department’s name going,” he said.

A major challenge facing his department, according to Mr Akach, is getting more students enrolled in the disciplines offered by the department.

“To get students we need to convince them that we are the best, and that is not just a challenge for me but for the department and the lecturers in the department teaching those disciplines.”

He said he will strive for excellence in the department as part of the overall vision of the university.

“We need to get research output while not neglecting the teaching part. It is research that brings in new knowledge and it is through research that scholars expose themselves to the outside world, and by doing that they actually put the name of this university on the international map,” he said.

Mr Akach will serve in this position for the next three years.

Media release
Issued by: Mangaliso Radebe
Assistant Director: Media Liaison
Tel: 051 401 2828
Cell: 078 460 3320
E-mail: radebemt.stg@ufs.ac.za
26 November 2009

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