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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 prides itself on Pauline Gutter

2014-12-04

Pauline Gutter

Her work can be described as a visual attack of marks and colour, and the purposeful application of layering and interweaving of layers that gives the identity of continuous flux and ideological migration. Her work highlights the ‘removal’ of the farming community from their land. A review of a recent exhibition described her themes as: “A struggle for survival prevails in the dangerous world that is projected to us in the paintings …”

Gutter is not just a top professional artist, but also a well-known brand. True to her roots, her work often mirrors a passion for the farming community. In 2013, she won the ABSA L’Atelier prize of R125 000, as well as a half year’s stay in the Cité Internationale des Arts in Paris, France.

This art competition is South Africa’s most prestigious art competition and is held annually for artists between ages 21 and 35. This award not only ensures South Africa’s emerging artists of recognition, but also affords them the opportunity to develop their talents abroad.

The UFS is very proud of breeding this class of artist. According to Gutter, her lecturers allowed them space to work on their own identities. Her work has now moved far from simply being portraits and sculptures, it also makes an impact on those who see it.

As a student, Gutter was involved in many community projects at her residence. In 2003 she was one of the two managers of the Dithwele waste sculpture park competition, an initiative of SAB. She is a diverse artist who has worked on KYKNET productions as co-worker and assistant. Gutter also does freelance camera work.

Furthermore, Gutter was on the Mail & Guardian’s list of top 200 young South Africans, an annual list that has become the premier collection of the leaders of tomorrow – and in many cases, today. She also received the Helgaard Steyn prize and was a finalist in the Sasol New Signatures Art Competition.

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