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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

Nigeria’s Boko Haram: Why negotiations are not an option

2014-10-23

There has been much speculation if the recently announced ceasefire in Nigeria as well as talks with Boko Haram will indeed secure the release of about 200 girls kidnapped by this religious militant group.

Talks already started between the government and Boko Haram but there are still doubts if the girls will be freed and if the Nigerian government can successfully negotiate with Boko Haram. Prof Hussein Solomon, Senior Professor at the University of the Free State, regards this current negotiations as a terrible idea.

“At a time when Boko Haram’s strength is escalating, the correlatory weakness of the Nigerian government is increasingly exposed. As Nigerians prepare for the next presidential elections, embattled President Goodluck Jonathan is increasingly desperate to negotiate with Boko Haram to secure the release of schoolgirls seized by the terrorists earlier this year and to negotiate a ceasefire. This is a terrible idea. It makes a mockery of the rule of law and of the thousands of innocent victims of the militant violence. More importantly, it will only serve to fuel the terrorists’ ambitions further as the powerlessness of the government is exposed.”

Prof Solomon says religious intolerance is on the rise on the African continent, with a concomitant rise in terrorist incidents. In Algeria, extremist terrorism carries the name of Jund al Khilafah or Caliphate Soldiers in Algeria. In Mali it is Ansar Dine or Defenders of the Faith. In Somalia it is Al Shabaab (The Youth). But none of these organisations come close to the carnage wrought by Nigeria’s Boko Haram (literally meaning Western education is forbidden).

Boko Haram has carried out more than 1 000 attacks since 2010, which has resulted in the deaths of 10 000 people and a further 6 million affected by this terrorist violence. The 300 000 Nigerian refugees who have fled this tsunami of terrorism and have sought refuge in neighbouring Cameroon, Chad and Niger, provide adequate testimony to the human costs of such terrorism. Boko Haram, meanwhile, has formed tactical alliances with Al Qaeda in the Islamic Maghreb, Al Shabaab and the Islamic State in Iraq and Syria (ISIS), which means that the groups are sharing intelligence, tactics and material support. This cooperation has also resulted in increasingly sophisticated terror attacks mounted by Boko Haram.

Read more about Prof Solomon and his research.

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