Latest News Archive

Please select Category, Year, and then Month to display items

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

Eusibius McKaiser gives first talk on new book at Kovsies

2012-05-09

Eusibius McKaiser
Photo: Johan Roux
9 May 2012

Students and staff from our university got the first glimpse of political and social commentator Eusibius McKaiser’s new book, There is a Bantu in my bathroom, during a public lecture of the same title held by the author on the Bloemfontein Campus.

McKaiser told the audience that they were amongst the first people to get a preview of his book, a collection of essays on race, sexuality and politics.

His talk centred on domestic race relationships, posing the question whether it was acceptable to have racial preferences with regard to whom you live with. Recounting an incident he encountered while looking for a flat in Sandton, McKaiser said the country was still many kilometres away from the end-goal of non-racialism.

McKaiser, who hosted a weekly politics and morality show on Talk Radio 702, and is a weekly contributor to The New York Times, said the litmus test for non-racialism in South Africa was not what people utter in a public space, but rather what was said in private.

“We need to talk more about the domestic space. In public, we are very insincere and quick to preach non-racialism.”

Recounting conversations he had with Talk Radio 702 listeners on the incident, McKaiser said that preference about whom you live with was not specific to white people’s attitude. He said many of his black listeners also felt uncomfortable living with a white person. “The question is, ‘What do these preferences say about you? What does it say about where we are as a country and people’s commitment to non-racialism?’”

McKaiser was the guest of the International Institute for Studies in Race, Reconciliation and Social Justice.

Back

Economic and Management Sciences

Education

Health Sciences

The Humanities

Law

Natural and Agricultural Sciences

Theology and Religion

Open Distance Learning

Business School

We use cookies to make interactions with our websites and services easy and meaningful. To better understand how they are used, read more about the UFS cookie policy. By continuing to use this site you are giving us your consent to do this.

Accept