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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

ANC Centenary Dialogue reflects on past leadership

2011-10-12

Making their mark at the ANC Centenary Dialogue were, from left to right: Prof. Kwandiwe Kondlo, Senior Professor: Centre for Africa Studies (UFS); Dr Adekeye Adebajo, Director: Centre for Conflict Resolution (Cape Town); and Prof. E C Ejiogu, Senior Researcher: Centre for Africa Studies (UFS).

The Centre for Africa Studies at our university recently hosted its ANC Centenary Dialogue at the Bloemfontein Campus. Keynote speaker, Dr Adekeye Adebajo, delivered a paper titled Nelson Mandela, Thabo Mbeki, and the ANC’s Footprint in Africa. The lecture focused on two of South Africa’s democratically-elected presidents.

Mr Nelson Mandela was South Africa’s first democratically-elected president. This Nobel Peace Laureate played a prophetic leadership role in Africa in 1993. He was inspired by Mr Mahatma Gandhi’s tactics of ‘passive resistance’, which played a role in the ANC’s Defiance Campaign.

Mr Mandela’s visit to other African countries gave him insights into continental diplomacy and the tactics of other liberation movements. “The ANC used Madiba to embody the face of the struggle. He emerged from prison without any bitterness towards his enemies. He tirelessly promoted national reconciliation,” said Dr Adebajo.

Unlike other post-independence ‘Founding Fathers’, Mr Mandela bowed out gracefully at the end of his first presidential term in 1999, setting a standard for future African leaders aspiring to greatness. “Mr Mandela’s lasting legacies are his efforts at promoting national and international peacemaking,” elaborated Dr Adebajo.

Mr Thabo Mbeki challenged Africans to discover a sense of their own self-confidence after centuries of slavery and colonialism. Under his foreign policy, South Africa established solid credentials to become Africa’s leading power. He sought multilateral solutions to resolve regional conflicts. Mr Mbeki also sent peacekeepers abroad and increased South Africa’s credibility as a major geostrategic player in Africa.

Many question whether Mr Mbeki’s heirs, President Jacob Zuma and beyond, will maintain the same level of commitment to the continent that he demonstrated. Mr Mbeki has bequeathed this foreign policy legacy to his successors. “These very different ANC leaders have left a heavy African footprint on the sands of time,” concluded Dr Adebajo.

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