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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

Professor Antjie Krog to deliver public lecture at UFS Bloemfontein Campus

2015-06-19

Professor Antjie Krog – illustrious author, poet, and academic – will deliver a public lecture at the University of the Free State’s (UFS) Bloemfontein Campus. The topic of her discussion will be ‘They Couldn’t Achieve their Goal with Me: Narrating Rape during the South African War’.

Prof Krog’s lecture will be the third instalment of the Vice-Chancellor’s Lecture Series on Trauma, Memory and Representations of the Past. The lecture series is hosted by Prof Pumla Gobodo-Madikizela, Senior Research Professor in Trauma, Forgiveness, and Reconciliation Studies at the UFS, as part of a five-year research project funded by the Andrew W. Mellon Foundation.

Details of the event:
Date: Tuesday 23 June 2015
Time: 12:00
Venue: Albert Wessels Auditorium, UFS Bloemfontein Campus
Members of the public are welcome to attend
RSVP to Jo-Anne Naidoo: NaidooJA@ufs.ac.za

Acts of rape during South African War

To set the context of her lecture, Prof Krog explains that, about two months before the South African War officially ended on 31 May 1902, affidavits were taken from women about transgressions experienced at the hands of British soldiers. These acts included plunder, killing of stock, abduction, sexual assault, and rape. Her lecture is the first scholarly focus in terms of narrative and agency on the affidavits of 24 incidents of sexual assaults and rape since the 25-year embargo on these documents was lifted in 1982. The shelving of these affidavits is indicative of how even transcultural multiple processes failed to create an honest discourse in post-colonial South Africa about sexual violence.

Paving the way to healing historical wounds

The series focuses on the portrayal of trauma and memory in multiple ways – such as the narrative arts represented by Prof Krog. These forms of expression may ultimately pave the way to healing historical wounds.

“This topic is very timely, given a recent NRF grant we’ve been awarded for research on transgenerational trauma related to the South African war,” Prof Gobodo-Madikizela says in anticipation of the lecture.

Previous instalments of Vice-Chancellor’s Lecture Series

The first instalment of the Vice-Chancellor’s Lecture Series on Trauma, Memory and Representations of the Past was delivered by former Constitutional Court Judge, Albie Sachs, in which he discussed ‘Sites of memory, sites of conscience’. Internationally acclaimed composer and sound artist, Philip Miller, delivered the second lecture, ‘Disrupting the Silence: The Past and Transnational Memory’.

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