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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

Study on school violence shows the secondary school environment compels learners to be armed

2015-01-26

The secondary school environment apparently compels learners to come to school armed. This is according to a study done by Dr Lynette Jacobs, a lecturer at the School of Education Studies at the University of the Free State.

In her study, Dr Jacobs found that learners from more affluent schools carry noticeably more weapons than learners in less affluent schools. Learners in the lower grades of secondary schools also use and carry more weapons than learners in the higher grades.

Dr Jacobs says while many reasons for school violence can be noted, such as to forcibly take the victims money and food, racial differences, religious differences, as well as the immigrant status of one of the parties involved, these were reasons indicated by less than 10% of the participants in the study.

“There is no single explanation for the threat of violence at schools and most acts of school violence appear to happen randomly, often out of instant retaliation.”

For the study, Dr Jacobs did surveys at schools across three provinces in South Africa.

“Although it varies in levels of seriousness, incidences of physical violence and verbal cruelty consistently occur at South Africans schools. I found that learners are furthermore regularly mocked, insulted, cursed and humiliated by peers.”

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