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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

Rag spreads the spirit of Ubuntu in Dinaweng informal settlement

2015-08-25

The Rag Committee teamed up with Prowess to create the first pop-up Street Store in Bloemfontein, as part of the Ubuntu Community Store Project. On 22 August 2015, the residents of Dinaweng had the opportunity to get hold of new and second-hand clothing free of charge. Soup and bread were also served to the children and the elders of the area, which is all too familiar to the media for its high unemployment, crime, and prostitution rates.

How do clothes represent Ubuntu?

From Tubatsi Moloi’s perspective, this is the team’s way of demonstrating that Ubuntu does not exist merely as a philosophy. The Rag Committee shows compassion to communities that lack resources essential to leading a dignified life.

“Ubuntu basically means uniting with the community by giving back and also thinking for those who are in need,” says the RAG Committee Executive.

Prowess, a Non-Profit Organisation (NPO) run by Kovsie students, initiated the concept which targets homeless and needy individuals unable to purchase clothing. Students from all 26 Kovsie residences and personnel have since supported the initiative by donating to the inaugural Street Store through representatives of Rag in residences.

The Street Store will continue to empower impoverished communities within the Mangaung Metro, and champion these human projects in collaboration with external stakeholders.
“We will also be working with Twee-Toring Church, although it has not yet been confirmed when we will pay them a visit,” said Tubatsi.

Providing basic needs such as clothing has the power to reinstate the dignity of people. Rag and Prowess have taken it upon themselves to practice the ideals of Ubuntu in an attempt to ensure that the less fortunate lead dignified lives.

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