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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

Rhodes professor calls for accountability in teacher education

2013-11-14

Prof Jean Baxen of Rhodes University and Prof Dennis Francis, Dean of the Faculty of Education of the UFS.
Photo: Stephen Collett
15 November 2013

Lecture (pdf)

“Our education system needs quality teacher education.”

This was the message from Prof Jean Baxen, Deputy Dean of Research at Rhodes University in Grahamstown. She delivered the Education Public Lecture on ‘The lives of children, citizenship and teacher education: challenges and opportunities’ at the University of the Free State’s Bloemfontein Campus.

Growing up in White River, the rural areas of Eastern Transvaal (as it was previously known), Prof Baxen took the audience on a journey of the imagination. She shared stories of how she and fellow learners walked miles to get to school and how her son found himself in a situation of being unsure about his own racial identity, questioning what it meant to be ‘coloured’. She also related stories of how teachers are not sufficiently prepared to mediate information on HIV/Aids.

These stories revealed how little teachers cared, and also how difficult and challenging it is for learners to cope in such teaching and learning environments – thus calling for quality teacher education.

She stressed the fact that quality teacher education is needed in South Africa to assist in curbing the challenges children and fellow citizens come across in our broader society. “It is important that, as teacher educators, we should groom teachers to find and understand their identity, sexuality, and also the world they live in. There is an urgent need for us to hold ourselves and others accountable and to not distance ourselves and make it someone else’s responsibility – it is our joint responsibility as citizens,” she said.

We need a pedagogy that would navigate and start formulating a language that we could use to face these challenges, she proposed.

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