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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

UFS hosts sign language workshop to educate parents

2017-05-22

Back row; from left; John Keitsemore from
Bartimea School for the Deaf; Philip Cook,
the headmaster at De la Bat School for the
Deaf in Worcester; Jeannie Cook, De la Bat School
for the Deaf; front, from left; Marisa Vermeulen, mother
of two deaf children and teacher at Bartimea
School for the Deaf in Thaba Nchu; Marianne Kühn,
audiologist, and Susan Lombaard, acting Head of the
Department of South African Sign Language.
Photo: Rulanzen Martin

“Ninety percent of deaf children are born into hearing families. When parents first receive the news, they are shocked, angry and confused,” says Susan Lombaard, Acting head of the Department of South African Sign Language at the University of the Free State (UFS).

The department hosted a workshop, “Early intervention options for the child with a hearing loss”, on Friday 12 May 2017 on the Bloemfontein Campus. “It is the first time a sign language workshop of this kind was hosted by the Department of South African Sign Language at the UFS,” says Lombaard, who facilitated the workshop. They hope to make it an annual event.

Parents of deaf children do not always know how they will communicate with their children or where the child must attend school. The workshop aimed to provide parents with the necessary information on different communication options and also touched on school placement.

Support group for parents established
A support group for parents was also established, the first of its kind in the province. It will provide much-needed support, information and guidance for parents of deaf children.

Some of the speakers at the workshop included Anri Esterhuizen, an audiologist; Marianne Kühn from the Carel du Toit Centre, Marisa Vermeulen, who is a mother of two deaf children, and Phillip Cook, the headmaster at De la Bat School for the Deaf in Worcester, in the Western Cape. Jeannie Cook, also a presenter, provided information on sign language acquisition of the small deaf child, which is done through creative play.

Professionals have responsibility
South African Sign Language is a language in its own right and is not international. “Sign language is a visual language with its own grammar and syntax different from spoken language,” Lombaard said.

There has been much controversy surrounding teaching deaf children to speak and teaching them to sign. “We as professionals have the responsibility to provide information on all options. This is to help the parent make informed decisions about communication and school placement.”

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