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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 unveils Women’s Memorial Garden

2011-08-12

The Women’s Memorial Garden, between the Main and Chemistry building, seen from the top.
Photo: Siegwalt Küsel

Our university rewarded the hard work of women at the university by unveiling a Women’s Memorial Garden at our Bloemfontein Campus on National Women’s Day, 9 August 2011. University Staff, students, some members of our Council and other guests gathered at the university for the unveiling of the new memorial garden.

Prof. Driekie Hay, Vice-Rector: Academic, told the somewhat 50 people at the unveiling that it was a historic day for the UFS, as this was a sign of how far the university have come. Prof. Hay told the women at the function to be proud of their achievements. She said the purpose of Women’s Day was to celebrate the historic struggle and sacrifices of all South African women, especially those who fought against racism and sexism.

The Women’s Memorial Garden consists of a botanical garden with more than 80 plant species. In the middle of the garden is a stone statue with a wild fig tree planted within. Prof. Hay told the guests that the tree’s numerous seeds represent unity and is an indication of real understanding, knowledge and faith, characteristics women at our university should pursue to ensure a sustainable and prosperous future for the UFS. The University leadership will now embark on a process to identify and recognise women from the university community who have made significant contributions during its 107 years of existence.

The memorial garden was designed by Habitat Landscape Architects. Mr Siegwalt Küsel, an architect at the firm, said the garden was developed to be a living monument to women. He said they hope that the garden will become an active learning space for visitors.

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