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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

Walking and running routes launched on UFS Bloemfontein Campus

2015-09-16

Photo: Hatsu Mphatsoe

On Casual Day, Friday 4 September 2015, the UFS Health and Wellness Centre and KovsieSport launched a healthy lifestyle on the Bloemfontein Campus with the focus on Walking and Running routes. The theme of the event was set by the many flying tutus, together with outrageous outfits that were to be seen in the crowd of anxious and excited runners.

There are a total of six walking and jogging routes, stretching over the central and western parts of the Bloemfontein Campus. Colour-coded arrows indicate the various routes, ranging from a three-kilometre route (green) to an eight-kilometre route (black). The 2,5 km route is accessible for people with wheelchairs.

According to Arina Engelbrecht, who is spearheading the Wellness programme, a board will be erected in front of the Callie Human Centre later on, explaining the various routes. All the routes start and finish at the Callie Human Centre.

This initiative is receiving support from management, who requested that a healthy lifestyle be encouraged amongst students and staff. With this project, staff and students can train and exercise in a safe environment. The routes are also wheelchair friendly, and will be expanded to cycle routes in the future.

Various departments showed their support in numbers, bringing together teams that competed. Staff and students were excited to see what bends and turns lay ahead of them on the trails. Prof Nicky Morgan: Vice-Rector: Operations, cut the ribbon at the official opening of the routes. Morgan himself was extremely excited about the event, as he navigated his way energetically between the runners and walkers.

In his opening speech, Pieter du Plessis, Executive Assistant to the Vice-Rector: Operations, talked about the importance of keeping healthy by doing something as simple as walking, an inexpensive method of keeping healthy.

Arina commented: “We received some great feedback from the masses that attended, and many said they will continue to make use of the routes.”

This event forms part of the human project of the UFS, and will also create awareness amongst staff and students about persons with disabilities.

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