The South African Schools Act (No. 84 of 1996) mandates the government to make financial allocations to needy schools. Section 21 of the Act read together with the National Norms and Standards for School Funding, stipulates that schools falling into certain categories (quintiles) receive given amount of funds per each and every learner. The funds are meant to help promote the equal and unparalleled access to education for all citizens as set-out in Section 29 of the Constitution of the Republic of South Africa (1996). The study focused on investigating the manner in which two selected Section 21 primary schools are managing their allocated funds. The empirical study made use of a qualitative paradigm through which data was collected using interviews and focus group discussions to collect data from a sample comprising of thirty-five respondents. In terms of data analysis, the study used a qualitative analysis approach to interpret data into readable information for the various categories of audiences in the study. The findings of the study were, inter alia, that financial management skills are low in the schools, the amounts appropriated to schools needs to be revised upwards because schools need more funding for renovations and property development in schools, sanctions for those guilty of school financial misconduct are too soft and auditing of financial record is not being constantly done. The study recommends that the following be considered in order to help improve school financial management; the training of financial officers in school on how to best manage funds, imposition of stiffer penalties for offenders of financial misconduct and increase in allocation aimed at school property development.