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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

SA women’s Hockey players give a recount of Hockey World League

2015-07-02

Nicole Walraven and Liné Malan
Photo: Hatsu Mphatsoe

Three of the star players of Kovsies Hockey formed part of the South African Women’s Hockey team, which competed at the Hockey World League (HWL) tournament in Spain.

Hatsu Mphatsoe, student assistant at the Department of Communication and Brand Management, spoke to Nicole Walraven and Liné Malan. Tanya Britz will be returning only at a later stage to South Africa.

As key players in the Kovsies women’s team, Malan and Walraven (along with Britz) have a new wealth of knowledge that could assist the team in their forthcoming USSA tournament. Here are some of the sentiments they had to share:

What was your reaction when you first received the news that you’d be representing the country in Spain?

Liné: “It was a shock to me, I honestly didn’t expect it. At the same time, I was extremely excited to be granted the opportunity to represent my country, and prove my worth to the team.”

Nicole: “I was so excited and felt honoured! To represent my country at such a big tournament is amazing. I was very nervous, but excited.”

How has playing at an international level improved your personal performance and mentality of the game/sport?

Nicole: “Playing at such a high level has helped my hockey immensely. It has helped me read the game better, it has upped my self-confidence, and it has also improved my ability to deal with pressure.”

Liné: “Playing at an international level looks much easier than it is. It is a much faster game, the pressure on the ball is much higher, and the individual skills are on a different level. It has helped me to lift my game, and make decisions much quicker. It has honestly benefitted me as an individual, and I’ve learnt so much from the experience.”

Now that you’ll be going to play at the USSA tournament, what new perspectives do you wish to bring to the team in order to improve its overall performance there?

Nicole: “The importance of teamwork as well as adapting the game plan according to the situation and the opposition. Constant hard work and a never-give-up attitude are vital. One quote that stood out from the tournament is ‘1MT, 1MT’ which stands for ‘1 More Thing, 1 More Time’.

Liné: “Going to USSA, I now have a better understanding of what pressure is, and how to make better decisions. We will still make use of our Kovsies brand of Hockey, which is our passing game, and apply all aspects to the best of our ability.”

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