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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

PSP allows Dr Thom Wium to develop as an academic

2016-12-26

For Dr Matildie Thom Wium, the
rewarding part of teaching is “the
moments of synergy with a group of
students” and when she senses that she
could, for instance, help them to better
understand a music selection.
Photo: Sonia Small

Being part of the Vice-Chancellor’s Prestige Scholars Programme (PSP) has opened doors for Dr Matildie Thom Wium. She is able to better plan her research, and the overseas trips she has to undertake for this helps to develop her skills.

The senior lecturer in the Odeion School of Music (OSM) at the University of the Free State (UFS) says these are some of the advantages the PSP holds for her.

She attended two international conferences this year – in London in January, and in New York in August. Furthermore, she is working on musical analysis with Prof Timothy Jackson at the University of North Texas, US from 12 September 2016 to 31 December 2016. Prof Jackson is a research professor and was one of her PhD promoters.

Conferences contribute to her vision
“I think the PSP is a fantastic initiative,” says Dr Thom Wium, whose husband Daniël Wium is a lecturer in Astrophysics at the UFS. She says the reseach support from the PSP is amazing. “In addition, the writing retreats offered by the PSP help to set time aside during the busy semester to work on articles.”

“I think the PSP is a fantastic initiative.”

The conference in London was on operatic practice in the 19th century. In the US, Dr Thom Wium, who has been working at the UFS since 2007, also participated in a panel discussion on this topic. “It means a lot for my vision as an academic to participate in conferences where I have the opportunity to meet and exchange thoughts with the people whose work I read and cite.”

Involvement in SA equally important
However, she believes that it is equally important to stay involved locally. At the conference of the South African Society for Research in Music, which was hosted by the OSM from 25 to 27 August 2016, she presented a paper on composer Arnold van Wyk and performed a song cycle by him. She did research on Van Wyk for her PhD.

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