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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

Shuttle services for senior medical students

2011-09-26

Senior medical students who make use of the shuttle services are standing next to the mini-bus.

On Friday, 30 September 2011, our university will officially launch its shuttle service for medical students. This function will take place from 12:00 to 13:00 at the Faculty of Health Sciences’ CJC Nel Reception Venue in the Francois Retief Building on our Bloemfontein Campus.

Two years ago. Dr Scarpa Schoeman began working at Internal Medicine at our Faculty of Health Sciences. Early on, he identified the transport problems of fourth- and fifth-year medical students (Phase-3 students) in the English class.

There are 65 Phase-3 students in the English class who are currently struggling with transport and who are part of this project. About 90% of them are bursary students at the university who, according to Schoeman, are consequently also struggling with finances. These students used public transport like taxis to move between hospital rounds and classes in the past. On average, it would cost them up to R4 000 per year for these daily travels between the UFS and the various training hospitals.

By the end of March 2011, NetCare had donated two mini-busses to the UFS and since 11 April, the shuttle services were available to medical students. Prof. Gert van Zyl (Dean of our Faculty of Health Sciences), Mr Mickey Gordon (Head: Marketing, Institutional Advancement and Sport) and the Rector, Prof. Jonathan Jansen, negotiated with NetCare. Gordon was also responsible for the branding of the busses. PPS and Pfizer are both sponsors who contributed to this.

This project is managed by Dr Schoeman, assisted by Mrs Anne-Marie Nel, who handles the administration as the Phase-3 secretary.

“It is important for us from the project management that students won’t see this as another taxi, but as a shuttle service of the university. Any senior medical student may make use of it, but it is mainly the under-privileged student from the English class who makes use of it.”

The two Quantum mini-busses do the circuit according to fixed schedules each day. The route starts at the Francois Retief Building on our Bloemfontein Campus and then travels to the National Hospital, the Free State Psychiatric Complex (Oranje), Pelonomi, 3 Military Hospital (at Tempe) and then back again to Universitas Hospital.

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