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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

Researcher transforms despair into diamonds

2016-01-18

PhD candidate, Lerato Machetela and some members of the group Diamonds in the Rough having some fun between rehearsals.

Awash in hopelessness, substance abuse, violence, and sexual promiscuity. This is the lived reality of the youth in Jagersfontein. But now Lerato Machetela is using her research to change it.

As a PhD candidate in Trauma, Forgiveness, and Reconciliation Studies at the University of the Free State (UFS), Machetela assembled a group of 14 young men – ranging between the ages of 9 and 18 – who call themselves Jagersfontein’s Diamonds in the Rough. Combining elements from psychology, education, and entertainment, Machetela has established a platform that grounds these young ones adrift in circumstances. By means of song and dance, these young ones have become grounded through creativity.

While discussing what it means to be free in the new South Africa, Machetela asked the group to come up with a song similar to the struggle song, ‘Nelson Mandela usi litheli ixolo’.

Jagersfontein’s Diamonds in the Rough Researcher, Lerato Machetela, combines psychology, education, and entertainment to ground local youths through creativity.

The result: He’s a teenager, but he drinks Hansa.

“This then developed into a dance routine depicting what the youth is doing with their freedom,” Machetela says. With each beat of their boots and rhythmic clap of their hands, the group illustrates the ways in which the youth has constructed – and come to understand – their daily realities. “The routine includes the expression of alcohol and drug abuse, and ends of with the importance of education.”

Through the creative expressions of Diamonds in the Rough, Machetela is able not only to explore the reality of the youth in Jagersfontein, but also to investigate intergenerational trauma. “I am looking at whether there is a relationship between these young people’s current circumstances and the experiences of their parents’ generation during the apartheid years. That is, what sort of meanings do they construct as young, black South Africans growing up in the new South Africa?”

What started off as a research project is now rippling beyond academic spheres, though. The Free State Department of Sport, Arts, Culture and Recreation has taken note of this initiative. As a result, the group has already performed at the Bloem Show, International Museums Day, and Heritage Day celebrations, as well as at the Mangaung African Cultural Festival (MACUFE).

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