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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

Predation Management Centre helps stock farmers to address predator problem

2017-03-29

Predators, including caracal and foxes, are costing the
livestock industry about R2 billion annually. The
Predation Management Information Centre was
established to collect, analyse, and make information
available on predation and predation management to
stock and game farmers.
Photo: Pixabay

Predators are costing the livestock industry about R2 billion annually. To address the problem, the Department of Animal, Wildlife and Grassland Sciences at the University of the Free State (UFS) teamed up with the Predation Management Forum (PMF).

Predation Management Information Centre established
The UFS has signed service agreements for the establishment of a Predation Management Information Centre with the four industries (wool, mohair, red meat, and game industries) forming part of the PMF. The centre will collect and analyse information on predation and predation management. This information will then be made available in a management information system and information contained in the system will be made available to all users.

Centre makes essential information available
At the information centre, a team of dedicated staff members handles calls and enquiries. Experts in the team are also available to provide advice to farmers. Furthermore, the centre is responsible for the management of information and resources. Relevant policy documents and scientific articles will be stored in an archive at the centre which will also collect research, statistics, biometric information, and information on new research topics.

The information that is collected will be used to assist farmers with predation management. Information on methods which are effective in a specific situation will be made available to farmers in order to help reduce predation on their farms. “By focusing on non-lethal methods in predation management, best practices can be compiled in order to restrict losses attributed to predation to the minimum,” says Quinette Kruger from the information centre.

Contact details for authorities and specialists managing damage-causing animals will also be provided by the centre.

The information centre invites stock farmers, game farmers, the general public, retail, authorities, and other stakeholders to contact the centre at +27 51 401 2210 or PredationMC@ufs.ac.za.