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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

More grey areas than just black and white in history?
2017-12-15


Description: Abraham Mlombo readmore Tags: Historic, historian, International Studies Group, ISG  

Dr Abraham Mlombo: As a historian, he draws energy
from the people surrounding him.
Photo: Charl Devenish


 

Very few people understand that their actions and views within a territory stem from their roots or history. To enlighten the reading man on the composition of his base and the intricacies of the powers that are at play, is the work of historians.

Dr Abraham Mlombo is one of these historians, stationed within the International Studies Group at the University of the Free State (UFS).

This research group consists of postgraduate researchers, postdoctoral fellows, and academic staff that focus on African history, although they depart from more traditional study methods  a more global perspective. To date, Dr Mlombo's research examined the historical relations between South Africa and Southern Rhodesia. It was a broad study of the political, economic, social, and cultural relations from 1923 to 1953. He plans to continue by truly exploring the connections between South Africa and the region, and how they shaped one another. Dr Mlombo's interests in cross-border history and politics were inspired by his master’s degree in Political Science at Stellenbosch University. He researched his PhD at the UFS.

He draws energy for his work from the people surrounding him, and likes to be part of new experiences with people from different backgrounds. He feels such environments shape the way one works, as well as one’s world view. Dr Mlombo hints that sometimes, and specifically in South Africa, people focus very narrowly on their history and forget that many international links are at play. He sees his work as a historian to help open people's horizons.

Dr Mlombo suggests that future research should include a more critical analysis of how things unfolded during the second half of the 20th century. Writings should include more social- and people-oriented history, because he thinks there are more grey areas than just black and white. Many more interrogations must also follow into the assumptions of historical events and the individuals who played the greatest roles in Southern Africa.

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