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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

UFS welcomes two new deans in the faculties of Theology and Law

2014-08-04

The university council has approved the appointment of two deans: Prof Fanie Snyman, at the Faculty of Theology and Prof Caroline Nicholson, at the Faculty of Law.

Both professors offer the university a wealth of knowledge and experience in research and teaching.

Prof Fanie Snyman

Prof Snyman joined the university in 1984 as a senior lecturer in the Department Old Testament. His career followed a steadfast ascent which led him to attaining the title of professor and head of department the following year. On 1 July 2013, Prof Snyman took on the additional role of acting dean of the faculty.

As dean, he set out a clear vision of academic leadership with four primary focus areas: research, teaching and learning, internationalisation and regional engagement.

He is the author of eight books and contributed to seven internationally- and twelve nationally-published books. He has published nine articles in international journals and about 60 more in accredited journals.

Prof Snyman proposes to bring staff members together to extensively rethink and reposition the faculty in terms of identity, transformation and the way forward. “We live in a complex world, characterised by uncertainty and in constant change. This calls for complex but also innovative solutions,” he says.

Prof Caroline Nicholson

Prof Caroline Nicholson was born in Scotland and came to South Africa as a young child. She obtained her BProc and LLB degrees at the University of the Witwatersrand and completed her articles of clerkship at Chernin’s in Hyde Park Corner, Johannesburg. Prof Nicholson was admitted as both an attorney and notary public of the then Supreme Court of South Africa in 1986.

In 1986 she joined the University of South Africa (UNISA ) as a lecturer and remained there until 1999. During this time she completed an LLM in Banking Law and an LLD in Comparative Conflict of Laws – focusing on international parental child abduction. During the same year she moved to the Faculty of Law at the University of Pretoria where she worked for the last fifteen years. In 2003 she completed a Postgraduate Diploma in Alternative Dispute Resolution (ADR) and has an abiding interest in ADR, especially within the Family Law context.

Prof Nicholson has produced numerous articles and research presentations on a variety of legal subjects. Her primary areas of interest are, however, legal education and child law. She is known both nationally and internationally for her research contributions.

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