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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

Afrikaans Language Day invites greater university community to celebrate the language

2015-08-26

On 14 August 2015, the Vuur en Vlam Committee hosted an event which provided the university community the opportunity to celebrate Afrikaans Language Day. The occasion celebrated the establishment of the language in South Africa. With the unexpected arrival of the Dutch in 1652, the language transition proved a struggle for the indigenous peoples domiciled on African soil.

The committee’s primary objective was to change existing cultural connotations associated with the Afrikaans language. The use of diversity can help undermine the African stereotype held about the Afrikaans language, and thus bring about a mindset shift. It is important to remember that not all Afrikaans speakers are white, and emphasis is rarely directed to the diversity of Afrikaans speakers.

Approaching the celebration, a sensitive discussion around the Afrikaans language was hosted, in which various panel members discussed the state and current outlook of the language. Prof André Keet, Director of the Institute for Reconciliation and Social Justice, who was part of the panel said, “No language gets to be misused to maintain the privilege of the past.” Director of the Free State Arts Festival, Ricardo Peach, shared the notion that “We must build on what we have, and not break it down,” while he describes himself as a “polluted language boer”. While there is a strongly-expressed hatred for the Afrikaans language, Peach maintained further that there is much work to be done in order to “Break down the link between the language and the Holocaust which took place in the homes of Afrikaans people.”

Lindiwe Kumalo, chairperson of the Vuur en Vlam Committee, said: “We are creating an awareness around campus that Afrikaans is not dead. Once you know the language, you can interact with other people, and there is no longer that language barrier.” Amongst other things, the event encouraged dialogue by creating fun and interactive activities which exposed visitors to the language.

The Vuur en Vlam Committee is committed to creating an awareness of, and vibrancy around, the Afrikaans language, and to engaging the broader university community.

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