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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

Pres Steyn turns pink in anticipation of Vryfees

2014-06-06

Video clip
Live streaming

Australian artist Cigdem Aydemir vacuum packed the Pres Steyn monument on the Bloemfontein Campus’s Red Plain – in pink. Aydemir’s project, ‘Plastic Histories’, forms part of a public art project that encourages us to evaluate public monuments in their historical context.

By vacuum packing monuments, Aydemir alludes to their significance and preservation. At the same time, though, it reveals the nature of their contentious and gendered historical function. This is because most monuments in post-colonial countries typically celebrate men’s achievements in serving their nations.

In response, this project acknowledges the contribution of women from all races, communities and sexual orientations to the grand narrative of a post-apartheid South Africa.

Aydemir is also developing an app in collaboration with Australian artist Warren Armstrong. This will be used for augmented reality viewing of three city monuments – those of President Brand, General De Wet and General Hertzog. This means that visitors will be able to hold a smart phone or iPad in front of the monuments and view the monuments as if vacuum packed in pink plastic.

In conjunction with the public art project there will be an exhibition of digitally manipulated photographs of nineteen-century and contemporary male monuments in Bloemfontein. These photos will be exhibited at the Johannes Stegmann Gallery at the UFS Sasol Library from 15 July – 1 August 2014.

Public tours on the Bloemfontein Campus and into the city will take place on:

• Tuesday 15 July at 11:00,
• Wednesday 16 July at 14:00, and
• Saturday 19 July at 11:00.

Aydemir’s ‘Plastic Histories’ public art project is part of the UFS Programme for Innovation in Artform Development (PIAD) and the Vryfees arts festival’s partnership with the Australian-based SituateArt in Festivals initiative. This partnership is managed by the Salamanca Arts Centre in Tasmania.