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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

Land reform and land issues key drivers for Dr Rory Pilossof
2017-12-25

Description: Dr Rory Pilossof Tags: Dr Rory Pilossof  

Dr Rory Pilossof is a senior lecturer in
Economics at the UFS, a postdoctoral fellow
in the ISG, and a Research Fellow
at the University of Kent in the UK.
Photo: Charl Devenish

 

Dr Rory Pilossof is a senior lecturer in Economics at the University of the Free State (UFS), a postdoctoral fellow in the International Studies Group at the UFS, and a Research Fellow at the University of Kent in the UK.

He became interested in his research field when he studied land reform and land issues in Zimbabwe for his PhD at the University of Sheffield. From there, his research interests have expanded to look at other issues connected to land, such as whiteness and labour.

Issue of land reform
Dr Pilossof's study field links up with the important issue of land reform in Southern Africa, due to its past colonialism and post-colonial politics of land and land ownership. These intersect with a wide range of labour issues that are pressing in the region. He has a keen interest in elite transitions and changes in economic structure in Southern Africa since the 1960s.

Dr Pilossof was nominated to the South African Young Academy of Science in 2017, and received an NRF Y1 rating during 2017. He is also a member of the Amsterdam-based International Institute for Social History’s ‘Global Collaboratory on the History of Labour Relations’. He is a participant in the Leverhulme Trust-funded initiative Comparative History of Political Engagement in Western and African Societies Programme at the University of Sheffield.

 

Alternative ways of looking at change
Dr Pilossof's primary research focuses on issues of land, labour, and changing social and economic structures in Zimbabwe and South Africa. He is also interested in finding alternative ways of looking at change. To this end, he has studied various newspapers and periodicals in the region.

Currently, he spends most of his research time as part of a three-year British Academy-funded Advanced Newton Fellowship into labour relations and occupational structures. In future, he wants to expand his research in the labour field by looking at labour and migration in the region over the course of the 20th century.


 

 



 

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