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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 research project aims to stimulate reflection on theological studies
2017-06-20

Description: Book, Theology and post Apartheid condition  Tags: Book, Theology and post Apartheid condition

The first book in the ‘UFS Theological
Exploration’ academic series, called Theology
and the Post(Apartheid) Condition
, has just
been released.
Photo: Supplied

 

The first study book with the title Theology and the Post(Apartheid) Condition, which is part of a new academic series by the Faculty of Theology and Religion at the University of the Free State, is now available. Volume 1, compiled by Professor Rian Venter as editor, is the first book in the ‘UFS Theological Exploration’ academic series, which the faculty plans to release.

Transformation
Professor Venter says the transformation of processes and practices in communicating and creating knowledge has become an urgent task for public universities in a democratic South Africa. Much reflection has already gone into the methods and scope of transformation in higher education.

Although the faculty has done work on the implications of this for theology, there is one area of investigation that has not received much attention. It concerns the role of theological disciplines such as Old and New Testament, Missiology and Systematic Theology and Practical Theology, and specifically the relationship between academic disciplines and societal growth. The book focuses on these challenges and contains the intellectual undertakings of the contributors who are all lecturers, research fellows and post-graduate students linked to the faculty.

The questions
The key questions addressed are: what are the contours of the (post)apartheid condition and what are the implications for responsible discipline practices in theology. Professor Venter says the chapters in the book are logically arranged and moves from wider to more specific concerns. The first three chapters suggest broad perspectives on the challenges for theology in higher education, chart the changes, and make some suggestions for the future.

A dynamic field of study
The book states that theology has already experienced profound and radical changes over the past decade, which is known to us. All the chapters demonstrate these fundamental shifts, which have taken place in all theological sub-disciplines. Professor Venter says the contributions in the book illustrate that theology is a dynamic field of study, and is pursued with enthusiasm and commitment. Not all disciplines in theology are investigated for the book. However, the studies reflect the interests of the theologians in the Faculty of Theology at the UFS. Professor Venter hopes that the volume might stimulate further reflection of a similar nature by other theologians.

New insights
Through the ‘UFS Theological Exploration’ research series, the faculty hopes to stimulate new insights and new developments in academic progress and overall human growth. Series editor Professor Francois Tolmie says it is a fact that strong university research is necessary to achieve academic progress and advance human prospering. He says the faculty's research series will make a valuable contribution to these causes. Professor Tolmie says the ‘UFS Theological Explorations’ contains research of the highest academic standard which has been peer-reviewed to make significant educational contributions to core theological issues in South Africa and overseas.

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