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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

#Women’sMonth: Who am I? Questions of identity among Rwandan rape survivors

2017-08-03

Michelle Nöthling, master’s degree student
in the Centre for Trauma, Forgiveness, and
Reconciliation Studies at the UFS.
Photo: Eugene Seegers

From 7 April to 15 July 1994, a mass genocide swept through Rwanda after years of Belgian colonial rule that divided the country along ethnic lines. Rape was also used as part of a political strategy to torture and humiliate mainly Tutsi women, and as a means of spreading HIV.

Individual focus
Why is it important to listen to what these rape survivors have to say? Michelle Nöthling, a master’s student in the UFS Centre for Trauma, Forgiveness, and Reconciliation Studies, responds, “We speak of groups – refugees, foreigners, and the like – yet we tend to forget the individuals and the lasting impact trauma has had on each person.”

Narrative exploration
Michelle maintains that we are the product of the narratives around us; things like – how to be a woman, how to dress, speak, or treat others. Her research delves into how these rape survivors see themselves, how they narrate their lives. She also investigates power relations based on gender; for example, how language can be used as a divisive tool.

Rwandan backdrop
In Rwanda, gender roles are deeply entrenched. Traditionally, a ‘girl’ remains such while she is a virgin. Her transition into womanhood is usually marked by marriage and followed by motherhood. But rape disrupts this structure, leading to an identity crisis as these girls are catapulted into motherhood with an unplanned child resulting from a traumatic event.

“We are the product of
the narratives around us.”

Reaching their mid-teens, the children, too, started asking questions about identity or paternity. For those mothers who were finally able to open up to their children, the experience has been mostly liberating – often leading to a closer relationship between parent and child. Michelle intends to interrogate how such significant moments shape the way these women perceive themselves. Research tends to portray these survivors solely as mothers of rape-born children. Michelle, however, seeks to examine their identities more deeply.

“These survivors still bear the heavy burden of being marginalised, stigmatised, and severely humiliated. Despite this, they have developed their own communities of belonging; people with whom they connect, to whom they relate, and to whom they are not ashamed to tell their experiences,” she said.

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