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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

Conference on religion and reconciliation
2011-07-25

 
At the conference were, from the left, front: Dr Frank Chikane, President of AFM International; Dr Mathole Motshekga, Chief Whip of the ANC; at the back: Rev. Maniraj Sukdaven, Head of our Department of Religion Studies; and Dr Alan Boesak, connected to our International Institute for Studies in Race, Reconciliation and Social Justice, as well as a minister in the United Reformed Church.

In recent times, reconciliation has mainly been politically driven, Dr Alan Boesak stated during a conference on religion and reconciliation. He was one of a number of prominent academic leaders from various religions who participated in the conference: Exploring religious understanding for reconciliation.The conference was presented by our Faculty of Theology and the International Institute for Studies in Race, Reconciliation and Social Justice at our university this week.

According to Dr Boesak, a theologian connected to our International Institute for Studies in Race, Reconciliation and Social Justice, reconciliation means much more than simply former enemies no longer attacking or killing one another; they also have co-exist with a positive attitude towards one another.
 
Speakers from, amongst others, the Christian, Jewish, Baha’i, Rastafarian, Islam and Buddhist religious communities shared their views on reconciliation with one another.Most of these speakers referred to the special value of humankind in each religion. A person’s life has a supernatural dimension, which ought to play a major role in the way in which people treat one another.
 
Dr Frank Chikane, President of AFM International, as well as a speaker at the event, stated that the religious community should and had to be more active in discussions about reconciliation.“If religious leaders do not talk about current issues, all kinds of voices with distorted perspectives will be heard instead,” Dr Chikane added.
 
Reconciliation can only truly take place if the contribution of each group in society is taken seriously. Apart from the high premium placed on rights in society, duties that have to be fulfilled should also be emphasised. Bishop Malusi Mpumlwana from the Ethiopian Episcopal Church is of the opinion that this sense of duty should be established in people’s frame of mind. Adv. Antony Osler pointed out from a Buddhist perspective how important it was to deal with reconciliation by living up to its principles.
 
Rev. Maniraj Sukdaven, Head of our Department of Religion Studies, is very satisfied with the high quality of the contributions during the conference.

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