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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

The book on ‘Reitz’ still not closed

2016-08-12

Prof André Keet, Director: Institute for Reconciliation and
Social Justice (IRSJ) with the authors of Transformation
and Legitimation in Post-apartheid Universities: Reading
Discourses from ‘Reitz’, JC van der Merwe and
Dionne van Reenen.

A new IRSJ book tackles issues of transformation.

Transformation and Legitimation in Post-apartheid Universities: Reading Discourses from ‘Reitz’ is the first in a series on critical studies in higher education transformation from the Institute for Reconciliation and Social Justice (IRSJ). In his introduction to this series, Prof André Keet, Director: Institute for Reconciliation and Social Justice (IRSJ), highlights why a scholarly work of this nature was necessary: “Acts of resistance against structurally-anchored forms of exclusion within universities in both South Africa and elsewhere suggest that, despite our best efforts, the social structure of the academy … has remained more or less intact over the past several decades.” The book was recently launched during the fifth anniversary reflections of the IRSJ.

Transformation and Legitimation in Post-apartheid Universities: Reading Discourses from ‘Reitz’ explores and expands on the landmark “Reitz” incident. The authors, JC van der Merwe, Deputy-Director at the Institute for Reconciliation and Social Justice (IRSJ) and Dionne van Reenen, researcher and PhD candidate at the IRSJ, offer insights on how this incident and the events surrounding it represent a recurring pattern that continues to underpin many processes in post-apartheid South Africa.

Prof Jonathan Jansen, Chair of the Advisory Board of the IRSJ, and Vice-Chancellor and Rector of the UFS, says of the authors: “The courage of their convictions is reflected in this book. They have played, and will continue to play, an amazing role in shaping the discourse around transformation.”

Jamie Turkington, former editor of the IRAWA Post during the time of the ‘Reitz’ incident and facilitator during the five-year anniversary function, says: “This book will be beneficial for every student and every person involved in the University of the Free State since 1980 till now to read and absorb the valuable points therein. If you thought Reitz was over, it shouldn’t be; it is as relevant today as ever.”

"If you thought Reitz was over..."

Turkington adds that the book will serve as a “worthwhile conversation starter at UFS”, raising such questions as:
• How much legitimacy was the UFS able to acquire internally, within the university community, as well as in society at large?
• How do we chart a way forward from here?
• How do we keep the progress going?

As the book itself says: “Reitz serves as a reminder to higher education practitioners that our humanity is fragile in terms of who we are and what we can achieve. Transformation and legitimation, and the way higher education institutions handle these going forward, promises to be seminal in the foreseeable future of the sector.”

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