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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

Incidents on the Bloemfontein Campus

2016-08-25

Statement by the Institutional Forum of the University of the Free State (UFS) - Released by Dr Willy Nel (Chairperson) on behalf of the Institutional Forum of the UFS

Two incidents happened on campus the past week, which were brought to the attention of the university management:

1. The university management received a complaint on 16 August 2016 that a student had sprayed liquid in the face of a security guard at one of the university gates. The reason appears to be that three students were sent back to their residence to collect their student cards in order to exit the campus – as required – and this might have caused the reaction. In video footage, it is clear that a student on the passenger side was responsible for the spraying incident. Statements have been taken from the three students in the car as well as from the affected security guard. The student claims that the liquid was water from his gym bottle. Regardless, charge sheets were prepared and delivered, and the disciplinary hearing has been scheduled on an urgent basis for 1 September 2016.

2. An incident happened on the Bloemfontein Campus on 23 August 2016, with a test being distributed in a class where the answer to one of the questions was included in the Afrikaans version, while it was excluded in the English version. The matter was investigated and it was decided that the written test will be set aside and a new test, covering the same scope, will be compiled for all students; the new test will be subject to external moderation; and external moderation of tests in the particular department will take place until the end of the year. The lecturer concerned claims that this was a genuine mistake and not intentional, in that guidelines for that one question were removed after a decision to add further examination questions, which made the guidelines obsolete; in the process of revising the papers, the lecturer made a mistake and did not remove the guidelines for both the English and Afrikaans versions. Nonetheless, the university management has decided on a disciplinary process involving the lecturer concerned, given the seriousness of the matter.

Released by: Lacea Loader (Director: Communication and Brand Management)
Tel: +27 51 401 3422/2707 or +27 83 645 2454
Email: news@ufs.ac.za | loaderl@ufs.ac.za
Fax: +27 51 444 6393

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