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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

Prof Combrink gives 32nd DF Malherbe Memorial Lecture

2014-06-04

Since 2006, Prof HJB Combrink is the project leader of ‘Die Bybel: ’n Direkte Vertaling’. Prof Combrink addressed an audience on the subject of the project at the 32nd DF Malherbe memorial lecture. During the memorial lecture, he quoted DF Malherbe in order to create the context between the recent Direct Translation and the 1933/53 translation which involved Malherbe.

“Some of the younger generation forget that they are standing on the shoulders of workers who served in the muddy ditches of vilification to procure the foundations of a cultural language, and speak belittling and with shrugged shoulders about the first attempts, or show a lack of good comprehension, while judging the verses and tales from the Patriotic period according to aesthetic norms.”

Prof Combrink said that the Direct Translation transpired in a different context than the 1933/53 and the 1983 translations. The direct translation was approached differently and is therefore more inclusive concerning the relevant processes and phases.

“The making of a direct translation was and undoubtedly remains a great challenge,” Prof Combrink said. “It is not always easy to find the correct Afrikaans expression for a Greek or Hebrew idiom or loaded term.”

“It is an ongoing exercise trying to sit in two chairs at the same time. (However), the Bible Society could frankly say that this direct translation is an honest and well-informed attempt to portray all of the communication clues from the Greek and Hebrew source texts in good Afrikaans.”

Prof Combrink was a minister of the Dutch Reformed Church in Wonderboom, Pretoria (1968–1970), lecturer at RAU, UP and SU (New Testament, 1970–2001), and Dean of the Faculty of Theology at the Stellenbosch University for two terms (1992-1994 and 1998–2000).

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