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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

Art on Disasters to heal communities

2014-05-27

Fadzai Nyamusamba showing interest in the work: "Working on fire". This artwork was painted and donated by Mariette Pretorius, a professional artist from Bloemfontein. This art piece will be displayed at the South African National Disaster Management Centre in Pretoria.
Photo: Supplied

The Disaster Management Training and Education Centre for Africa (DiMTEC) at our university, recently launched its Art on Disasters initiative at the Gallery on Leviseur in Bloemfontein.

Disasters have a devastating effect on societies and are accompanied by fear, uncertainties and often post-traumatic stress disorders. The creative arts have the ability to comfort survivors and those affected by tragedy. Amid disaster, art serves as a memorial, aids in the healing process and helps these communities to interpret their emotions.

This is precisely the main focus of the Art on Disasters project. It aims to develop paintings, sculptures, dramas, theatre productions, poetry and music in collaboration with artists. These productions will then be presented to communities at risk of, or affected by, disasters, to create awareness and foster healing.

Furthermore, the initiative will conduct research on art as a form of therapy and co-ordinate rehabilitation experts to assist the relevant communities. The artworks collected by the project, will be sold or auctioned to help raise funds. The proceeds will then be donated to a worthy cause as part of DiMTEC’s commitment to community service.

The project will help console and heal communities and aspire to generate greater resilience to trauma. It will also give humanitarian workers the opportunity to advocate for disaster risk reduction and offer them an opportunity for psychological debriefing after attending to affected communities.

“We will collect different categories of art related to all forms of disasters. These include paintings, photography, sculptures, poetry, music, theatre productions and short stories,” said Dr Andries Jordaan, Director of DiMTEC. “Stephanie Peters, Thomas Hart Benton, Tania Kovats and Medhi Naimi are just a few of the many artists that paint on man-made and natural disasters. They are artists that believe in art therapy as a form of self-expression, well-being and recovery,” he added.

For more information about this initiative, or to possibly contribute as an artist, please contact Olivia Kunguma from DiMTEC on +27(0)51 401 9699 or kungumao@ufs.ac.za .

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