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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 community makes difference through Big Give Project

2016-06-10

Food for the needy. From left is Annelize Visagie, Health and Wellness;
Vicky Simpson, No Student Hungry Food Bursary Programme;
Elizabeth Msadu, Health and Wellness; and Lorinda Slippers, Student
Representative Council Rag Community Service, at the handover of
the food and cash collected by the RAG Big Give Project.
Photo: Jóhann Thormählen

Thanks to the caring community of the University of the Free State (UFS), students in need were provided for during exams, and will receive more food in the cold winter months.

Once again, staff and students made valuable contributions at the successful RAG Big Give Project, where food contributions of R 38 176.20 and cash donations of R25 000 were received. Staff, residences, and the RAG Committee made these donations as part of the project on 5 May 2016, when contributions were made at the Bloemfontein Campus gates of the UFS. An extra donation by Imperium, a residence on the Bloemfontein Campus, of R20 000 for FutureLife helped to achieve the grand total of food contributions.

According to Vicky Simpson, Assistant Officer at the No Student Hungry Food Bursary Programme (NSH), the food donation is for a designated group of students who have already been identified as food insecure by the social work office. “It will be distributed to them on a monthly basis,” she said.

The handover of food collected was done on 25 May 2016 at the RAG Food store by the RAG Office to Health and Wellness and the NSH. The RAG Office thanked the UFS community for its contributions to the project. Parexel, who made cash and food donations, received special mention. Simpson said “the food will make a huge difference in the lives of students who do not know where their next meal will come from”.

According to Jaco Faul, Senior Assistant Officer Rag CS, his office is already looking forward to the next instalment of the Big Give Project. “We challenge faculties and staff members for the forthcoming Rag Big Give project in October to see if we can beat the amount collected this time.”

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