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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

PSP produces first Y1-rating in UFS Faculty of Economic and Management Sciences

2015-12-14

Dr Andrew Cohen, a research fellow at the University of the Free State, recently received a distinguished National Research Foundation Y1-rating.
Photo: Sonia Small

The latest success story of the Vice-Chancellor’s Prestige Scholars Programme (PSP) is that the first National Research Foundation (NRF) Y1-rating was awarded recently to a scholar while teaching in the Faculty of Economic and Management Sciences at the University of the Free State (UFS).

Dr Andrew Cohen received this distinguished rating on 10 November 2015. It is awarded to a “young” (younger than 40) scholar five years or less post-PhD, whose curriculum vitae predicts, according to a panel of international and local reviewers, that he is poised to become a leader in his field. Dr Cohen is a research fellow at the UFS.

This rating is a reflection of Dr Cohen’s record over the past eight years, and the scholarly environment he was part of at the UFS under leadership of Prof Ian Phimister. Cohen is currently a research fellow in Prof Phimister’s International Studies Group. He taught economic history in the Department of Economics until September 2015, when he joined the School of History at the University of Kent.

Dr Cohen’s professional trajectory is emblematic of the visionary approach of the UFS Prestige Scholars Programme (PSP): to support prestige scholars with advanced mentorship, and the creation of a college of peers in order to nurture intellectual breadth and depth to generate knowledge over disciplines.

The PSP was initiated by Prof Jonathan Jansen, Vice-Chancellor and Rector of the UFS in 2011.

“Jonathan Jansen’s prestige scholars have become sought after in the academic community at large, as this recent appointment at the University of Kent indicates,” says Professor Neil Roos, co-director of the PSP. “Yet the alumni’s commitment to the programme, the university and their peers continues.”

Cohen is the editor (with Casper Andersen) of the five volume, The Government and Administration of Africa, 1880-1939. Dr Cohen’s next project is forthcoming from I.B. Tauris, The Politics and Economics of Decolonisation: The Failed Experiment of the Central African Federation.

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