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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

ANC Centenary Seminar looks at the role of women in the liberation struggle

2012-03-22

At the ANC Centenary Seminar were, from the left: Nadine Lake, ProgrammeDirector: Gender Studies, at the UFS; Prof. Hassim; Zubeida Jaffer, Writer-in-Residence at the UFS; and Senovia Welman from the UFS-Sasol Library.
Photo: Amanda Tongha
22 March 2012

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“Looking back at the history of South African politics you will always find women involved in that history.”

This is according to Prof. Shireen Hassim, a professor in Political Studies at the University of the Witwatersrand, who recently spoke at an ANC Centenary Seminar, held on the Bloemfontein Campus of the University of the Free State (UFS). The seminar is part of a series of dialogues hosted by the Centre for Africa Studies about the ruling party’s 100 years of existence. It was the first one to be held following the 100 year celebrations of the ANC in January 2012 and was dedicated to the ANC Women’s League. Prof. Hassim told the audience that from early roles as wives who provided catering and entertainment, women have always been politically active in the African National Congress (ANC).

“ Women took the lead in the defiance campaign, going beyond the role of tea lady of the 1910s. When the ANC went into exile, the women’s section, as it was called then, played an important role.” Prof. Hassim also praised independent women’s organisations for the role they had played during the struggle and added that they were part of the collective history.

Talking about today’s Women’s League, Prof. Hassim said there had been debate about its current role with some critics labelling the league conservative. “In recent years, they have become very allied to internal battles.”

According to Prof. Hassim, a new language was needed that could give voice to the policies that needed to be developed.She drew attention to the plight of rural women, saying that thus far urban women have been taking the lead in defining issues. She warned that legislation like the Traditional Courts Bill would put rural women at a disadvantage. Prof. Hassim said the Bill was not rigorously debated, despite the high number of women in Parliament.

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