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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

Faculty of Theology hosts annual meeting of Society for Practical Theology

2015-01-30

From the left are: Prof Yolanda Dreyer (Chairperson of SPTSA, University of Pretoria), Prof Johann Rossouw (UFS), Prof Hussein Solomon (UFS) and Prof Johan Cilliers (Stellenbosch University).
Photo: Michelle Nothling

The privilege of hosting the annual meeting of the Society for Practical Theology in South Africa (SPTSA) fell to the University of the Free State (UFS) this year. Delegates from across the country recently convened on the Bloemfontein Campus to attend the event from 21 – 23 January 2015.

The three-day congress saw several high-profile keynote speakers discussing the topic of ‘Power of religion and religions of power’.

Dr Johann Rossouw from the UFS Department of Philosophy presented a paper on ‘Power, the state and the church in South Africa’. Dr Rossouw regards the cooperation between theologians and philosophers as integral to help us understand the time we live in. Twenty years since the dawn of South Africa’s democracy, “the gap between the country we were promised and the country we received is bigger than ever,” Dr Rossouw said. “A South-African Church … cannot but make her voice heard regarding this gap.”

Expert on conflict resolution and fundamentalism, Prof Hussein Solomon from the UFS Department of Political Studies and Governance scrutinised the compatibility of Islam with democracy. He warned, though, against “the labelling of a conflict as religious on the mere basis of its religious overtones.” Prof Solomon’s paper, ‘Political Islam: trends, trajectory and future prospects,’ not only advocated tolerance and political pluralism, but also pointed to the fact that it is “in the common good of all humanity” to avert a “Clash of Civilizations”.

‘God in granite?’ – Prof Johan Cilliers’ paper – investigated the phenomenon of the monumentalization of religion. Prof Cilliers from Stellenbosch University explained that monuments often have “spiritual character and iconic value, in the sense that it offers a space for the formation or discovery of meaning.” In his presentation he showed, though, that monuments – even those connected to religious motifs – “seldom escape the lure of power”.

The event was organised by the University of the Free State’s Faculty of Theology, Department of Practical Theology.

For more information or enquiries contact news@ufs.ac.za .

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