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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

New security measures for Rag fundraising

2012-01-25

The University of the Free State will no longer allow first-year students to sell Ritsems or to shake their cans for change at traffic robots in Bloemfontein in an effort to raise funds for Rag Community Service.

This decision follows after an evaluation has been done in 2011 and 2012 concerning the safety risk for students during this type of sales at road crossings.

The new security measures have specifically been implemented for this type of sales since last year.

The measures included, among others, that students should be obliged to wear brightly coloured safety jackets during sales, continuous supervision of first-year students by senior students to ensure that students keep to the rules of the road, and limiting the sales hours at robots.

Through notices in the media, an appeal was made on motorists to keep a lookout for students raising money for Rag Community Service. The measures were implemented and the effects thereof for students’ safety during sales at robots monitored since last year. This follows after a student, Ms Hanje Pistorius, was hit by a reckless driver in 2010 and she subsequently lost her leg as a result of the accident.

Although, from all appearances, the new measures are a positive contribution to protect students even more, the UFS decided to abolish the sales and fund-raising actions at traffic robots. As reckless drivers would not necessarily take notice of the extra measures, the risk to students at robots stay unchanged.

"The UFS sets the safety of its students as first priority and considers it in the best interest of students to not expose first-years to the risk during our Rag programme,” says Mr Rudi Buys, Dean: Student Affairs at the UFS.

Night fund-raising and the selling of Ritsem in the city’s suburbs will, however, continue.

Although the UFS do not expect the new measures to be detrimental to fund-raising efforts, Rag Community Service currently considers new supporting proposals for the raising of funds for community projects in order to address any possible reduction in funds.

Mr Buys also has an agreement with Ms Pistorius to assist Rag Community Services in the planning of new projects.

The Night fund-raising in suburbs will take place on Tuesday 24 January and Thursday 26 January and the UFS calls on residents to assist students and help them in the important task at hand.

Three Rag processions will take place on Saturday 28 January 2012. At 10:00 two Rag procession will be leave for Heidedal and Mangaung, where the Kovsie Rag Community Service will hand out food parcels.

The main Rag Procession will leave the UFS at 18:00 and will move towards the Old Greys sports ground for the Rag concert with Die Heuwels Fantasties and DJ Black Coffee.

Media Release
25 January 2012
Issued by: Lacea Loader
Director: Strategic Communication
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: news@ufs.ac.za

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