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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

The TRC legitimised apartheid - Mamdani

2010-07-20

Prof. Mahmood Mamdani

“The Truth and Reconciliation Commission (TRC) accepted as legitimate the rule of law that undergirded apartheid. It defined as crime only those acts that would have been considered criminal under the laws of apartheid.”

This statement was made by the internationally acclaimed scholar, Prof. Mahmood Mamdani, when he delivered the Africa Memorial Lecture at the University of the Free State (UFS) last week on the topic: Lessons of Nuremberg and Codesa: Where do we go from here?

“According to the TRC, though crimes were committed under apartheid, apartheid itself – including the law enforced by the apartheid state – was not a crime,” he said.

He said the social justice challenges that South Africa faced today were as a result of the TRC’s failure to broaden the discussion of justice beyond political to social justice.

He said it had to go beyond “the liberal focus on bodily integrity” and acknowledge the violence that deprived the vast majority of South Africans of their means of livelihood.

“Had the TRC acknowledged pass laws and forced removals as constituting the core social violence of apartheid, as the stuff of extra-economic coercion and primitive accumulation, it would have been in a position to imagine a socio-economic order beyond a liberalised post-apartheid society,” he said.

“It would have been able to highlight the question of justice in its fullness, and not only as criminal and political, but also as social.”

He said the TRC failed to go beyond the political reconciliation achieved at Codesa and laid the foundation for a social reconciliation. “It was unable to think beyond crime and punishment,” he said.

He said it recognised as victims only individuals and not groups, and human rights violations only as violations of “the bodily integrity of an individual”; that is, only torture and murder.

“How could this be when apartheid was brazenly an ideology of group oppression and appropriation? How could the TRC make a clear-cut distinction between violence against persons and that against property when most group violence under apartheid constituted extra-economic coercion, in other words, it was against both person and property?”, he asked.

“The TRC was credible as performance, as theatre, but failed as a social project”.

Prof. Mamdani is the Director of the Institute of Social Research at the Makerere University in Kampala, Uganda; and the Herbert Lehman Professor of Government in the Department of Anthropology at the Columbia University in New York, USA.

Media Release
Issued by: Mangaliso Radebe
Assistant Director: Media Liaison
Tel: 051 401 2828
Cell: 078 460 3320
E-mail: radebemt@ufs.ac.za
20 July 2010

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