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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

Up to 60% of students do not have enough to eat

2013-11-15

15 November 2013

A report of the University of the Free State has revealed the shocking statistics that almost two-thirds of the students at the university don’t have enough money to buy food, and suffer from hunger during terms.

The study, conducted internally by the university’s Department of Nutrition and Dietetics, was a response to a growing international concern that students worldwide were not getting enough to eat. While studies were conducted in the USA and Australia, no similar research has been done in South Africa.

“There have been many studies on the impact of poor nutrition on school kids,” says Dr Louise van den Berg, Senior Lecturer in the Department of Nutrition and Dietetics, “but almost no research on university students. South Africa is, overall, a food-insecure country, and the university wanted to establish how widespread this problem is among our students.”

The reasons given by students invariably referred to a lack of money, as many students were also supporting families. Some students admitted they lacked the knowledge to feed themselves properly, some admitted to borrowing money to buy food, and some even admitted to stealing food to survive.

“This research has confirmed something we have suspected for a long time,” Dr van den Berg states.

A number of students disclosed that they were reluctant to resort to the university feeding scheme, as they were ashamed to admit they did not have money to buy food.

This study is the first of its kind in South Africa, and underlines the fact that tertiary students are particularly vulnerable when it comes to food security. Often a student has to juggle their studies with their role as breadwinner.

A tiny ray of hope to students who find themselves as food insecure, is the No Student Hungry Programme that offers a food bursary to qualifying students.

This programme, initially established by Prof Jonathan Jansen, UFS Vice-Chancellor and Rector, and now managed by Grace Jansen and Karen Buys, offers a small allowance of about R30 per day to hungry students with an average academic achievement of 60% and above. This criterion discourages entitlement thinking and builds a strong sense of responsibility on the part of those who benefit from the food bursary.

Melanie, a second-year Geography and Environmental Management student, as well as a single mother, is a beneficiary of the NSH Programme. “This bursary helps me to get a balanced meal every day. It is one less worry for me. I dream of completing my studies so that I can be independent and provide my son with the life he deserves.”

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