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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

2014 Winter Graduation

2014-06-27

It is time for the 2014 Winter Graduation on our Bloemfontein Campus. From 2 – 4 July 2014 Masters and Doctoral degrees will be bestowed on graduates from across all seven faculties as well as the School of Open Learning. These include the conferral of Medicine degrees on the South African Cuban trainees.

Wednesday 2 July 2014 at 14:30: School of Open Learning
The School of Open Learning will confer a total of 609 degrees this year – almost double compared to the 320 of last year.

Thursday 3 July 2014 at 09:30: Faculty of Natural and Agricultural Sciences
Prof Magdalena Blum will receive an Honorary Doctorat, DPhil honoris causa, at this event. Prof Blum is an Extension Systems Officer in Rome. She works for a specialised agency of the United Nations called the Food and Agriculture Organization. This organisation’s mandate is:
• to improve nutrition,
• increase agricultural productivity,
• raise the standard of living in rural populations and
• contribute to global economic growth.

Her position serves to modernise and strengthen rural advisory services, their systems and networks worldwide. She has filled this position for almost nine years.

Prof Blum is driven by a passion for development, humanitarian work and female upliftment, but most of all, to enable people to help themselves.

Blum’s life has taken her from a small German village to Africa, Asia and Europe – and she has made an impact wherever she went.

Thursday 3 July 2014 at 14:30: Faculties of Economic and Management Sciences, Humanities, Education, Health Sciences, Law and Theology
At this ceremony, Faculty of the Humanities will award an Honorary Doctorate, DPhil honoris causa, on Prof Laura Mulvey. She is a feminist film theorist and worked at the British Film Institute for many years. She is currently a professor at Film and Media Studies at Birkbeck, University of London.

Prof Mulvey was prominent as an avant-garde filmmaker in the 1970s and ‘80s. In collaboration with her husband, Peter Wollen, she co-wrote and co-directed:
• Penthesilea: Queen of the Amazons (1974),
• Riddles of the Sphinx (1977, perhaps their most influential film),
• AMY! (1980),
• Crystal Gazing (1982),
• Frida Kahlo and Tina Modotti (1982), and
• The Bad Sister.

In 1991, she returned to filmmaking with Disgraced Monuments, which she co-directed with Mark Lewis.

Friday 4 July 2014 at 10:30: Special Graduation Ceremony
Conferral of Medicine Degrees on the South African Cuban trainees at the UFS

Live streaming will be available on: http://www.ufs.ac.za/ufslivestreaming/

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