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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

Increase in external research funding is proof of confidence in UFS

2014-12-09

The university’s sourcing of research funding from external organisations has received a significant boost this year. The growth in financing received from the National Research Foundation (NRF) alone increased from R24 million in 2013 to over R50 million in 2014.

“Because tertiary institutions can no longer survive on state subsidies alone, they are increasingly looking at alternative ways of supplementing their income. Income from these sources is utilised for various programmes and projects, with strong emphasis on research,” says Dr Glen Taylor, Senior Director: Research Development at the University of the Free State (UFS).

A source which provided considerable income for the UFS was the presentation of short learning programmes. The growth in income for the learning programmes this year was more than 30% compared to the income in 2012. “Income from short learning programmes is used to support the core business of the UFS,” says Dr Taylor.

A number of major research contracts were entered into during the course of the year. The UFS, for example, serves as an agency for a research contract of USD$10.5 million awarded by the World Bank to the Southern African Development Corporation (SADC). The contract is managed by the Institute for Groundwater Studies (IGS) and involves research on the management and formation of policies on underground water sources across boundaries.

Another substantial grant is the financing received from the Water Research Commission. The money is used to conduct research on the sustainable utilisation of water, as well as ways for the better utilisation thereof for the development of communities. The grant to the UFS for successful projects amounts to R5.5 million on average per year.

The UFS also has contracts with national and international partners. We conduct research of more than R30 million on the behalf of several mining companies, such as Anglo American, BHP Billiton, Exxaro and Goldfields Ltd. “Furthermore, we also have research funding from the National Institute of Health (NIH) in the USA, the European Union and several bilateral research agreements with countries such as Brazil, China and India, as well as contracts with Sasol and the Agricultural Research Council (ARC),” says Dr Taylor.

“We have tremendous interest from several companies wishing to finance the programmes, projects and intellectual property of the UFS, which is proof that our research is recognised and makes a difference,” he says.

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