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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

Trauma, Forgiveness, and Reconciliation Studies attracts global attention

2016-06-27

Description: Lerato Machetela Tags: Lerato Machetela

Lerato Machetela is on her way to
Ghent University in Belgium where
she will spend 10 months working
alongside experts in the field of
historical trauma.
Photo: Eugene Seegers

Research excellence is one of the major driving forces at the core of the University of the Free State (UFS). This striving for academic distinction has found embodiment within Trauma, Forgiveness, and Reconciliation (TFR) Studies. Headed by Research Fellow and Senior Research Professor Pumla Gobodo-Madikizela, the research unit is raking in achievements consistently.

Cornell University Distinguished African Scholar Award
Leading by example, Prof Gobodo-Madikizela received the prestigious 2016 Distinguished African Scholar Award from Cornell University recently. Being honoured with this award affirms an unusual depth of knowledge and experience in a field related to the recipient’s own work. Through this award, Prof Gobodo-Madikizela is now also affiliated with the Institute for African Development and the Psychology Department at Cornell University.

Ghent University fellowship in historical trauma
Another member of TFR has caught international attention. Lerato Machetela – a PhD student at the research unit – received an invitation from scholars at Ghent University in Belgium. Machetela will leave in September, where she will spend ten months in Ghent with experts in the field of historical trauma. She will be affiliated to their university’s Cultural Memory Studies Initiative and the Psychology Department. When Machetela submitted her PhD proposal on transgenerational transmisison of trauma among the youth in Jagersfontein to the UFS Psychology Department panel, “it was hailed as a unique project, and a first for the department,” Prof Gobodo-Madikizela says.

Description: Naleli Morojele Tags: Naleli Morojele

Naleli Morojele conducting the research
in Rwanda that has formed the basis of
her new book, Women Political Leaders
in Rwanda and South Africa: Narratives
of Triumph and Loss.

Book explores triumph and loss of female political leaders
TFR cultivates thriving authors actively, the latest being Naleli Morojele, who is pursuing a PhD in the field of Political Studies. Soon, Morojele will be launching her book, Women Political Leaders in Rwanda and South Africa: Narratives of Triumph and Loss. Through the stories of significant female Rwandan and South African leaders, the reader gains insight into these women’s early-life experiences, struggles, and successes. Perhaps even more pertinently, Morojele’s book also exposes the ways in which gender inequality still works to smother their roles as citizens and politicians.

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