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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

Ghanaian academic speaks about next generation of African scholars

2013-10-08

Attending the seminar were from left: Adv Erika Cilliers, Sisa Mlonyeni (both from the Office of the Public Protector), Prof Adomako Ampofo and Prof Heidi Hudson, Head of the Centre for Africa Studies.
Photo: Jerry Mokoroane
08 October 2013

Prof Akosua Adomako Ampofo, one of the Centre for Africa Studies’newly-appointed advisory board members, addressed students and staff on 3 October 2013. Her topic Are you the scholar Africa needs?enthralled the audience with the passionate way in which she argued for nurturing activist-scholars rather than scholars who simply produce knowledge for the sake of it. “It is more urgent than ever before that … we do not simply see our roles as researchers and teachers, but that we are committed to impacting our communities” for the better – also by “making our knowledge production globally visible,” she argued. Africa is said to contribute less than 0.5 percent of the world’s scientific publications. The fact that most of these – and nearly all of the social science production – emanate from just three nations (Egypt, Nigeria and South Africa) means that many countries are absent from the radar.

According to her, the next generation of African scholars will have to compete within a hostile terrain where private universities are proliferating and costs of higher education are on the rise. These scholars will have to possess 22nd century skills, but a 20th century heart and sensitivity for the continent and its people.

Drawing on Kwame Nkrumah, Prof Ampofo proposed three guiding principles for becoming the scholars Africa needs. Firstly, by having a passion for knowledge as well as an Africa-centred knowledge – “nobody can tell our stories better than we can.”. Secondly, to translate our research into outputs not only in the form of internationally-recognised publications, but also in popular sources that will be read by a much wider public. And lastly, to carrying the torch for teaching and learning in the classroom – preparing our students to serve Africa or, as Nkrumah said, producing “devoted men and women with imagination and ideas, who, by their life and actions, can inspire our people to look forward to a great future.”.

Akosua Adomako Ampofo is a Professor of African and Gender Studies, and Director of the Institute of African Studies at the University of Ghana, Legon. An activist-scholar, her current work addresses African knowledge systems; race, ethnicity and identity politics; gender-based expressions of violence; constructions of masculinities; women and work; and popular culture. She is currently co-editing a volume titled, Transatlantic Feminisms: Women and Gender in Africa and the African Diaspora.In 2010, she was awarded the Sociologists for Women in Society Feminist Activism Award.

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