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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

SAMWOP creates space for sharing research

2016-12-06

Dr Kristina Riedel, Head of the UFS Department of
Linguistics and Language Practice; middle:
Prof Nancy Kula, of the University of Essex; back:
from left, Dr Elias Malete, lecturer at the UFS
Department of Linguistics and Language Practice,
Prof Andy Chebanne, from the University of Botswana;
and Lesoetsa Motsamai, from the University of Stellenbosch,
at the SAMWOP workshop on 24 November 2016.
Photo: Rulanzen Martin

“The Southern African Microlinguistics Workshop (SAMWOP) creates space for sharing the latest research, networking and building stronger collaboration amongst linguists.”

This is what Dr Kristina Riedel, Head of the Department of Linguistics and Language Practice at the University of the Free State (UFS), said of the 5th SAMWOP hosted by her department. The workshop, hosted from 24 to 26 November 2016, also provided linguists who work on theory and language description in South Africa, the opportunity to network. “As a free conference it is very important, particularly for students and junior scholars.”

International delegates attend workshop

Participants at the workshop were from eight countries including the US, Botswana, Mozambique, Brazil and the UK. Prof Nancy Kula (University of Essex, UK), who was recently appointed as research associate to the department, presented jointly with Xiaoxi Liu, work on depressor effects (consonants which lower tones) in Bantu languages. Other presenters discussed Bantu languages, Khoisan languages and Afrikaans.

Microlinguistics analyses language and sound

“Microlinguistics focuses on analysing language data that deals with language sounds, structures and meaning, rather than language in society,” Dr Riedel said. “The range and diversity of the research on African languages presented at SAMWOP5 were a true highlight. There is a need for more research into African languages and SAMWOP presents the opportunity to scholars in the field to share their work, including in the accredited open-access proceedings.

“We are happy that we were able to hold a very successful and well-attended workshop despite the disruptions to the academic calendar this year,” the professor said.

The Linguistics Society of Southern Africa supported the cause in the form of a grant with additional support from the Office of Dean of Humanities at the UFS.

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