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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

Different religions introduced at UFS forum
2010-08-18

 
Mr Ronnie Rosen, leader of the Jewish community in Bloemfontein.

The Inter-Religious Forum (IRF) of the Faculty of Theology at the University of the Free State (UFS) has started a discussion series which offer the opportunity to different religions to introduce themselves. According to Rev. Maniraj Sukdaven from the Department of Religion Studies at the UFS, the purpose of the discourse series is to get to know more about one another’s religion within an atmosphere of respect.

During the last IRF meeting, Mr Ronnie Rosen, leader of the Jewish community in Bloemfontein, gave a talk about the Jewish religion. According to him there is a wide range of Jewish people.

“The one thing, however, that all Jewish people have in common is the Torah or Law-Book. There are 613 instructions that help a Jewish person to organise his life according to the Jewish way of life. For example, a Jewish person who wants to obey the Torah would not consume dairy products and protein together. This life style is not only regarded as a religion, but a way of life, which constantly makes a person aware of his relationship with God,” he explained.

Another interesting fact that transpired during the discussion was that, for the first time in the history of the world, there are more Jews in Israel than in other concentrated areas across the world. Five (5) million Jews are currently living in Israel, while the remaining 10 million Jews are spread across the world.

During the meeting of the IRF forum, persons from amongst others the Baha’i, Hindu and Christian religions participated in the discussion. Other religions that have already been discussed are Hinduism, Christianity, Islam and Rastafarians.

The IRF will also be involved in the structuring of course material about the different religions and an inter-religious conference will be part of the IRF’s programme in 2011.

The IRF is the only institution of its kind at South African universities.



 

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