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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

Prestige Scholar hosts Prof John Helliwell of Manchester University

2015-12-08

From left is Prof John R. Helliwell (School of Chemistry, University of Manchester), Dr Madeleine Helliwell (School of Chemistry, University of Manchester), Prof Andre Roodt (Department of Chemistry, University of the Free State) and Dr Alice Brink (Department of Chemistry, University of the Free State).
Photo: Steven Collett

At the invitation of Dr Alice Brink of the Department of Chemistry, Prof John Helliwell, the 2015 Max Perutz Prize winner, and his wife, Dr Madeleine Helliwell, visited the University of the Free State (UFS).
The Helliwells, both chemists of note, took part in a series of lectures and exchanges on the Bloemfontein and Qwaqwa Campuses.
This visit from 9-19 November 2015 was the consequence of Dr Brink’s participation in the Vice-Chancellor’s Prestige Scholars Programme (PSP) initiative to encourage the broadening of the international footprint of the next generation of scholars in the academy.

Two year collaboration

Dr Brink and Prof Helliwell from Manchester University have a standing collaboration going back two years. Dr Brink, an NRF Thuthuka grant holder and a member of the PSP since 2013, has spent almost eight months in Manchester, collaborating with Prof Helliwell on her study of the successful interaction of rhenium tricarbonyl complexes with proteins determined via protein crystallography.
Their collaboration resulted from the close association of Prof Helliwell and Prof Andre Roodt from the UFS Department of Chemistry, both former presidents of the European Crystallographic Association.

Sharing academic expertise

Prof Helliwell, the 2014 American Crystallographic Association Patterson Award winner for his “pioneering contributions to the global development of the instrumentation, methods and applications of synchrotron radiation in macromolecular crystallography”, gave three lectures in the Department of Chemistry, two on the Boemfontein Campus, and the other on the Qwaqwa Campus on 13 November 2015.

Dr Helliwell, former co-editor of the Acta Crystallographica Section C: Crystal Structure Communications journal, consulted with postgraduate students from the Departments of Chemistry and Biochemistry.

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