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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

Messages and mail – what people say about Kovsies

2014-10-02

Letters from Kovsie students, parents, the community and even visitors to our university from across the globe regularly pour into our mailboxes and onto our social media pages.

To give you a glimpse of what they say about our institution, here are a few examples:

•   If you continue with this innovative thinking then the UFS will soon become the Ivy League institution of South Africa. – Chris Abels, United Kingdom

•   My daughter loves Kovsies. She has really come out of her shell as a result of the wonderful environment created by Kovsie leaders. She is flourishing and has for the second year in a row achieved the distinction of being a top academic student. Once again, thank you for your kind assistance which clearly indicates to me that Kovsies treat their students like family and not merely a number. – Grant Combrink, Port Elizabeth

•   The state of the University of Free State inspired me to go back to school and do my law degree. The cleanliness and the mood of the institution was inspirational and not only to me but also to a few of my colleagues. – Joseph Peter Kgomo, a journalist with the public broadcaster

•   I arrived in Bloemfontein to begin a one year appointment as a Fulbright Scholar. I have remarked to friends and colleagues in America that we can learn a great deal about hospitality towards our foreign visitors by embodying the altruism demonstrated throughout your campus. Thank you for the opportunity to become a Kovsie. – Professor Brenda C Eppley, Professor at Area Community College in Harrisburg, Pennsylvania, USA

•   I would like to congratulate you on the job well done regarding transformation and integration thereof. Indeed, the UFS that I am in is not the UOVS that I was in. – Tefo Masoetsa

•   I attended the Oprah Winfrey graduation ceremony in 2009 and when Dr Desmond Tutu received his honorary Doctorate. On both occasions one felt something big and miraculous was happening and many in the audience were moved. You are doing something down there in the Free State that really deserves attention! – Joy Summers, Producer: Carte Blanche

•   There will be much more hurt before our country is healed, but it will be the Kovsie doctors, psychiatrists and teachers applying the plasters and it will be the Kovsie architects, quantity surveyors, jurists and farmers building and regulating a new country. – Marzanne Lombard, proud former member of Soetdoring and Welwitschia Residences

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