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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

UFS attracts excellent and diverse students

2015-08-20

Matshediso Mokoena and Thato Monkoe.
Photo: Thabo Kessah

When Thato Monkoe and Matshediso Mokoena sat for their final matric examinations in 2014, all they had on their minds was not just passing, but passing well. Little did they know at that time that passing well would place so much responsibility on their shoulders.

Both Thato and Matshediso come from rural and disadvantaged backgrounds. They are first-year students at the Qwaqwa Campus of the University of the Free State, and are the first in their respective families to study at a university.

Thato describes his situation as “sad and good at the same time”.

“It is good, because I am the first one at home to have completed my matric and to have gone on to study at a tertiary institution. At the same time, it is sad as I feel sorry for my siblings who, for various reasons, did not have similar opportunities when they opted out of school”, said Thato, a BEd student.

”Now my sister and brother, as well as the entire family, perceive me as the one with brains, and this makes me uncomfortable. However, I am up for the challenge to be the first one to graduate with a degree in my family”.

Matshediso Mokoena, a BSc student, who obtained distinctions in Mathematics, Physical Sciences, and Life Sciences last year, concurs with Thato.

”As much as my family is supportive, there is always pressure as they expect the best from me,” she said.

“The pressure does not only come from my family. My entire community looks up to me, and they can’t stop talking about my achievements”, Matshediso revealed.

Both Thato and Matshediso are, however, happy that the dark cloud of doubt about academic achievement in their families has finally disappeared.

“At least someone in my family is hard at work carving her future, and willing to set a good example. That person is me”, said Matshediso, who aspires to be a medical doctor, and has a younger sister in Grade 8.

Thato and Matshediso are just two of hundreds of students making good use of the University of the Free State’s commitment to attract excellent and diverse students at both undergraduate and postgraduate levels, as reflected in the Strategic Plan 2015-2020.

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