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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

UFS Faculty of Theology hosts expert on African Traditional Religion (ATR)

2016-05-20

Dr Nokuzola Mndende, Prof Fanie Snyman (Dean of the Faculty of Theology), and Dr Luvuyo Ntombana (Department Head: Religion Studies)

Dr Nokuzola Mndende, an acclaimed theologian, researcher, and practitioner of African Traditional Religion (ATR), is often called upon in the media to offer her expert opinion or participate in interfaith panel discussions. Thanks to an initiative from the postgraduate diploma class in the Faculty of Theology and the efforts of Dr Luvuyo Ntombana (Department Head: Religion Studies; Faculty of Theology), Dr Mndende accepted an invitation to present her paper, “From the periphery to the centre: African Traditional Religion in a democratic state”, on the Bloemfontein Campus of the University of the Free State (UFS). In his opening remarks, Dr Ntombana stated that he was heartened by his students’ desire to be “co-workers in knowledge production” by engaging with Dr Mndende.

Dr Mndende’s contention is that African Traditional Religion (ATR) was suppressed throughout colonial times, and, despite a 22-year-old democracy, continues to be moved to “beyond the periphery” by what she terms “spiritual subsets”; those who strive to amalgamate their African Traditional Religion rituals with the practices of Christianity. Quoting statistics from a 1995 survey by the SABC, she stated that ATR is a minority in its birthplace (with only 5% representation), and posed the question: “If ATR is a minority in its place of birth, where is it a majority?” Her presentation put forward the need to study and interpret ATR introspectively, but acknowledged that more “homework” would be needed in this regard.

Dr Mndende thanked the university, Dr Ntombana, and the Dean of the Faculty of Theology, Prof Fanie Snyman, for inviting her, and expressed a desire for the relationship with the UFS to continue.

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