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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

During 2011: Infrastructure at the UFS

2011-12-01

Video clips:

Health Sciences Building
Clinical Skills Centre
Economic Sciences and Lecture Hall Building
Teacher Education Building
Biotechnology Building

A publication in which the infrastructure developments at the UFS are portrayed, was published this year. This publication celebrates the enormous development projects undertaken.

Constructive change (part 1)	Constructive change (part 2)	Constructive change (part 3)

Much has been done this past year to improve the infrastructure of our Bloemfontein and Qwaqwa Campuses with several buildings being built, some renovated and improvements made. Attention was specifically given to the growing need for lecture hall facilities and office space.

Some of the developments on our Bloemfontein Campus include: a brand-new entrance in Nelson Mandela Drive; a Memorial for Women and a Botanical Garden; a building for teacher education opposite the UFS Sasol Library; a building for our Faculty of Health Sciences opposite the Francois Retief Building; a Clinical Skills Centre for Allied Health Professions (the first in the country); and a building for our Faculty of Economic and Management Sciences between the Flippie Groenewoud Building and Wynand Mouton Theatre.

On our Qwaqwa Campus a building for teacher education is being constructed and some of the laboratories were refurbished and upgraded. More student accommodation is also well underway. A village development of four housing units that will accommodate 1000 students will be constructed on our Bloemfontein Campus.
Renovations and extensions were also made to some of the existing buildings such as the Architecture Building, the Biotechnology Building, the Department of Chemistry, the Stef Coetzee Building, the foyer of the Odeion, the Wynand Mouton Theatre and the Callie Human Centre. A staff restaurant has also been established on the Bloemfontein Campus and the building of ‘Little Professors’, a nursery school, is well underway.
“A building not only signals value to the outside; it also builds value on the inside. That is why it is important to notice how space has been organised and allocated to enhance the building of a community and to give academics, students and communities a sense of belonging to the university,” says Prof. Jonathan Jansen, our Vice-Chancellor and Rector.

The funding for most of the projects was made possible with an infrastructural grant from the Department of Education and Training.

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