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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

Projects of the South Campus inspire excellence

2014-12-18

The University of the Free State’s (UFS’s) South Campus in Bloemfontein runs several projects to make a difference in the lives of learners and educators in the central region. These projects are based on the very essence of the UFS – to ‘inspire excellence, change lives’.

Three projects which have been very successful since the outset are the UFS Schools Partnership Project, the Family Math and Family Science Project and the Internet Broadcast Project.

The Schools Partnership Project attempts to empower teachers by improving their teaching skills in critical Gr 10 – Gr 12 subjects (Physical Science, Mathematics and Accounting).

Poorly performing schools are invited to join in the programme. A mentor, providing guidance to teachers in the planning of lessons, transferring knowledge and creating a healthy learning environment in the classroom, is assigned to each subject teacher. Management and leadership skills are also improved.

Hercules Dreyer, Programme Manager, says the success of the programme can be seen in the lessons, the results and the progress which have been made.

“In 2013, the pass rate of participating schools has grown from 71.5% to 85%. We had an increase in donors and the project went from 22 schools with 12 mentors in 2013 to 72 schools and 34 mentors in 2015.”

The UFS Family Math and Family Science Project, which is already in its sixth year of existence, are extremely popular. This intervention programme focus on bringing about a better understanding of Mathematics and Science in learners, teachers and parents.

Dr Cobus van Breda, Programme Director of the Family Math and Family Science Project, says that judging by the feedback from teachers, it is evident that the programme is growing from strength to strength and that it is making a real difference in Mathematics and Science education in the early school years.

The UFS’s Internet Broadcast Project (IBP) has thus far received four awards for their successes. In this project, lessons in Mathematics, Accounting and Physical Science are broadcasted from the UFS’s South Campus through internet presentations to schools in rural areas.

“To date, the IBP catalogue contains over 2 000 video lessons and in 2013 alone, the 68 schools accessed and used these videos 69 305 times. The project has the potential to reach more than 40 000 learners and 1 765 teachers every week,” says Sarietjie Musgrave, Project Manager.

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