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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’s Unit for Children’s Rights instrumental in helping human trafficked victim

2010-03-29

Adv. Beatri Kruger.
Photo: Leonie Bolleurs

“Wheeling and dealing is part of our daily life. But what if the ‘product’ bought or sold is not a spanner or a cell phone, but a living human being? Disturbing news came to the fore... apart from other places in the country, and for that matter all over the world, it was discovered that people are treated like commodities here in Bloemfontein as well,” said Adv. Beatri Kruger from the Unit for Children’s Rights at the University of the Free State (UFS).

Adv. Kruger was instrumental in completing and availing the first comprehensive Research Report on Human Trafficking in South Africa to the public on 23 March 2010. As a member of the Reference Group advising on interim research reports on human trafficking, she contributed to the report. The report proves to be an extremely valuable tool for, among others, government departments and non-governmental organisations that use it as a guideline in planning interventions to combat human trafficking.

The Unit for Children’s Rights is also one of the founding members of the Free State Human Trafficking Forum (FHF). To react on and fight the disturbing reality of human trafficking more efficiently, a number of concerned role players such as Child Welfare and other non-governmental organisations, police officials, prosecutors, social workers, health practitioners, private businesses, churches and community organisations joined forces and formed the FHF. The Unit for Children’s Rights hosts monthly meetings at the UFS to facilitate the coordination of this multi-disciplinary counter-trafficking team.

Adv. Kruger is very excited about some of the successes of the FHF; such as the story of Soma (not her real name). This Indian woman was recruited in India by an Indian couple who are staying in South Africa, by promising her a good job in South Africa. However, instead of finding the promised job, Soma was extensively exploited for labour purposes. With the help of a “good Samaritan” she managed to escape from the perpetrators and fled to the police. Soma was removed to ensure her safety and accommodated in a safe place in Bloemfontein. Counselling and other services were rendered to her by an organisation which is also a member of the FHF. One of the challenges facing Soma and the service providers was that Soma speaks a foreign dialect and for weeks a trusted interpreter could not be found.

This obstacle rendered communication with her to the bare minimum. The perpetrators were arrested but unfortunately the new comprehensive counter-trafficking law is not in force yet. Therefore the perpetrators could only be convicted of some offences in the Immigration Act. However, due to good police investigation followed by shrewd consultations, the perpetrators agreed to pay for the victim’s return flight to India as well as for the flight ticket of the investigating officer to escort her to safety. The Unit for Children’s Rights did networking with Ms Maria Nikolovska of the International Organisation for Migration (IOM), who agreed to assist in the safe reintegration of Soma in India. Soma is now on her way back home.

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