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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

Student excels at international level with research in Inorganic Chemistry

2015-09-21

Carla Pretorius is currently conducting research in
Inorganic Chemistry at the St Petersburg University,
Russia.

Photo:Supplied

Carla Pretorius completed her PhD in Inorganic Chemistry recently, with a thesis entitled “Structural and Reactivity Study of Rhodium(I) Carbonyl Complexes as Model Nano Assemblies”, and has just received her results. The assessors were very impressed, and she will graduate at the next UFS Summer Graduation in December 2015.

She is currently conducting research in St Petersburg, Russia, by invitation. She is working in the group of Prof Vadim Kukushkin of the St Petersburg University, under a bilateral collaboration agreement between the groups of Prof Kukuskin (SPBU) and Prof André Roodt (Head of the Department of Chemistry at the UFS).

Her research involves the intermetallic rhodium-rhodium interactions for the formation of nano-wires and -plates, with applications in the micro-electronics industry, and potentially for harvesting sun energy. She was one of only three young South African scientists invited to attend the workshop “Hot Topics in Contemporary Crystallography” in Split in Croatia during 2014. More recently, she received the prize for best student poster presentation at the international symposium, Indaba 8 in Skukuza in the Kruger National Park, which was judged by an international panel.

Carla was also one of the few international PhD students invited to present a lecture at the 29th European Crystallographic Meeting (ECM29) in Rovinj, Croatia (23-28 August 2015; more than 1 000 delegates from 51 countries). As a result of this lecture, she has just received an invitation to start a collaborative project with a Polish research group at the European Synchrotron Research Facility (ESRF) in Grenoble, France.

According to Prof Roodt, the ESRF ID09B beam line is the only one of its kind in Europe designed for time-resolved Laue diffraction experiments. It has a time-resolution of up to one tenth of a nanosecond, after activation by a laser pulse 100 times shorter (one tenth of a nanosecond when compared to one second is the equivalent of one second compared to 300 years). The results from these experiments will broaden the knowledge on light-induced transformations of very short processes; for example, as in photochemical reactions associated with sun energy harvesting, and will assist in the development of better materials to capture these.

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