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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

Haemophilia home infusion workshop
2017-12-17


 Description: haemophilia Tags: Haemophilia, community, patient, clinical skills, training 

Parents receive training for homecare of their children with haemophilia.
Photo Supplied


Caregivers for haemophilia patients, and patients themselves from around the Free State and Northern Cape attended a home infusion workshop held by the Clinical Skills unit in the Faculty of Health Sciences in July 2017. “It felt liberating and I feel confident to give the factor to my son correctly,” said Amanda Chaba-Okeke, the mother of a young patient, at the workshop. Her son, also at the workshop, agreed. “It felt lovely and good to learn how to administer factor VIII.” 

Clinical skills to empower parents and communities
There were two concurrent sessions: one attended by doctors from the Haemophilia Treatment Centre, and the other attended by community members including factor VIII and XI recipients, caregivers and parents. The doctors’ meeting was shown informative videos and demonstrations on how to administer the newly devised factor VII and XI kit, and discussed the pressing need for trained nurses at local clinics. Dr Jaco Joubert, a haematologist, made an educational presentation to the community members.

The South African Haemophilia Foundation was represented by Mahlomola Sewolane, who gave a brief talk about the role of the organisation in relation to the condition. Meanwhile, procedural training in the simulation laboratory involved doctors and nurses helping participants to learn the procedures by using mannequins and even some volunteers from among the patients.

A medical condition causing serious complications
Haemophilia is a medical condition in which the ability of the blood to clot is severely impaired, even from a slight injury. The condition is typically caused by a hereditary lack of a coagulation factor, most often factor VIII. Usually patients must go through replacement therapy in which concentrates of clotting factor VIII (for haemophilia A) or clotting factor IX (for haemophilia B) are slowly dripped or injected into the vein, to help replace the clotting factor that is missing or low. Patients have to receive this treatment in hospital.

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