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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

Ferial Haffajee among graduates at Summer Graduation

2016-12-02

A total of 124 master’s, 37 doctoral degrees, and
464 undergraduate degrees are conferred on students from
all seven faculties during the Summer Graduations.
Photo: Johan Roux

Graduation is a time to celebrate and to reap the fruits of hard work. The journalist Ferial Haffajee (Humanities) will be among the 124 master’s and 37 doctoral students receiving their qualifications in all seven faculties at the Summer Graduation of the University of the Free State (UFS). At the ceremonies on 8 December 2016 in the Callie Human Centre on the Bloemfontein Campus, the university will also confer 264 Education qualifications to students from its South Campus, as well as 200 undergraduate degrees in the Faculty of Health Sciences.

Haffajee joins likes of Tutu and others

Haffajee, a renowned newspaper editor whose expertise has made her one of the most prominent journalists in South Africa, will receive an honorary doctorate at the morning ceremony. Until recently she was the editor-in-chief of City Press newspaper. She joins the likes of Desmond Tutu, and others who have received honorary doctorates at the UFS.

Earlier this year, four distinguished individuals also received honorary doctorates from the university. They were Max du Preez, Trevor Manuel, Prof Joel Samoff, and Dr Reuel Jethro Khoza. The Summer Graduation once again promises to deliver the cream of academic excellence.

Dr Rakometsi to address UFS graduates

The guest speaker at both ceremonies is Dr Mafu Rakometsi, Chief Executive Officer of Umalusi. Dr Rakometsi also serves on the board of the Council of Higher Education. He is deeply committed to see the South African education system function at an optimum level in order to give all children equal educational opportunities.

Master’s and Doctoral degrees: All faculties
Date: 8 December 2016
Place: Callie Human Centre, Bloemfontein Campus
Time: 09:00

Education qualifications – South Campus, as well as undergraduate degrees in the Faculty of Health Sciences
Date: 8 December 2016
Place: Callie Human Centre, Bloemfontein Campus
Time: 14:30

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