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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

Childhood passion becomes a successful career

2016-12-19

Dr Makae took up his studies at the South Campus
of the UFS, and now serves as a community vet in Tshwane.
Photo: Anja Aucamp

Dr Thapelo Makae’s youthful passion has been a driving force in his chosen career. He says: “Like any veterinarian, my love for animals started from childhood. Growing up, I always asked myself why animals didn’t have doctors like we kids did, when our pets fell ill or died.” While veterinary services were unknown where he was raised in the Phelindaba location in Mangaung, Bloemfontein, Dr Makae started doing his own research as early as Standard 1 (Grade 3). He affirms, “I’ve always wanted to help these creatures that, it seemed, no one could help.”

Having started his academic journey on the South Campus in the CPP (as the University Preparation Programme was then known), Dr Makae obtained an undergraduate degree in Agriculture, later completing an honours degree in Agriculture. “It was at this stage,” he says, “that I was recruited by Prof Johan Greyling and the late Dr Luis Schwalbach. With their support, I completed my MSc Agric, besides having the opportunity to be a junior lecturer in Animal Physiology. Dr Schwalbach was my supervisor, my mentor, and a veterinarian himself, and I worked very closely with him. He encouraged me to pursue my passion and the dream to go ahead and study Veterinary Medicine.”

Realising that dream, Dr Makae is now employed at the Gauteng Department of Agriculture and Rural Development as a community veterinarian. Among his many responsibilities, he is charged with serving the communities of the Tshwane Metro, where he visits farmers, assisting them with health and vaccination plans, and providing advice to help them develop their skills.

Dr Makae also seeks opportunities to pass on his dream. “What I am most passionate about is going to schools and giving talks to schoolchildren, especially those from previously disadvantaged communities, who might not know much about Veterinary Medicine,” he says.

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