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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

Charlotte Maxeke Memorial Lecture launches national Women’s Month Celebrations
2012-08-17

Free State Premier Ace Magashule with President Jacob Zuma during the Charlotte Maxeke Memorial Lecture held on the Bloemfontein Campus.
Photo: Stephen Collett
6 August 2012

 

“Mother of African Freedom, heroine, teacher, unifier and true revolutionary.”

That is how dignitaries such as President Jacob Zuma, African Union (AU) Commission Chairperson Dr Nkosazana Dlamini Zuma, Basic Education Minister Angie Motshekga and others described Charlotte Maxeke, the woman they came to celebrate at the University of the Free State on 4 August 2012.

President Zuma honoured the life of the ANC Women’s League stalwart in delivering the fifth annual Charlotte Maxeke Memorial Lecture. The event officially kicked off the national Women’s Month celebrations and thousands of people made their way to the Bloemfontein Campus to listen to the President’s address.

President Zuma told the audience in the Callie Human Centre that women activism had not started with the 1956 march to the Union Buildings – it began much earlier. He spoke about Charlotte Maxeke’s leading role in the landmark 1913 march against pass laws in Bloemfontein and said this had inspired bravery and enthusiasm in the hearts of many in the struggle.

“As a collective, we must emulate the contribution of Mama Maxeke. In her honour, we must continue to open new paths for women, enable them to break new ground in leadership." President Zuma said Charlotte Maxeke, who believed a woman’s place was everywhere, had to be smiling with regard to Dr Dlamini Zuma’s appointment as Chairperson of the AU Commission.

In her speech, Dr Dlamini Zuma encouraged women to embrace the African Decade of Women, saying it was their responsibility to define and implement the changes they want to see. “We should define for ourselves what this decade means, define that we want to do, the role we want to play and achieve during this decade.”

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