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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 hosts Fulbright senior specialist

2010-06-14

Pictured from the left, are: Prof. Aldo Stroebel (Director: International Affairs), Prof. Daryl Smith, Ms Dineo Gaofhiwe (Manager: International Research Funding Opportunities, UFS) and Mr John Samuel (Interim Director: the Institute for Studies in Race, Reconciliation and Social Justice, UFS).

The University of the Free State (UFS) has, for the past month, hosted Prof. Daryl Smith, Professor of Education and Psychology at Claremont Graduate University in the United States of America (USA), as a senior Fulbright specialist. She was hosted by the Institute for Studies in Race, Reconciliation and Social Justice, under the leadership of Mr John Samuel, who is its Interim Director. She helped in developing and establishing the research agenda of the institute.

A series of policy briefs and research papers will emanate from Prof. Smith’s tenure at the UFS, complemented by work of three additional Fulbright senior specialists who are joining the UFS early in the second semester. Prof. Smith met with various role-players and stakeholders in the domain of social justice, institutional change, transformation and diversity management, and will continue her association with the UFS at both the Institute and the Faculty of Education, in collaboration with its Dean, Prof. Dennis Francis.

Prof. Smith’s current research, teaching, and publications have been in the areas of diversity in higher education, leadership change, organisational implications of diversity, governance, and assessment and evaluation. She earned her Ph.D. in Social Psychology and Higher Education at Claremont Graduate University, her M.A. from Stanford University, and her B.A. in Mathematics from Cornell University.

Amongst many specialist missions, Prof. Smith served as part of two US delegations to the Ford Foundation-sponsored tri-national conferences (India, South Africa, US) on campus diversity in higher education that have taken place in South Africa and the United States. Her most recent book, Diversity’s Promise for Higher Education: Making it Work, is available from Johns Hopkins University Press.

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