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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

“I, too, am an African,” says visiting US drama professor
2013-03-06

 
Africans are of blood and of soil, says Prof Charles Dumas in his inaugural lecture at the UFS. Speaking on the topic I, too, am an African, Prof Dumas reminisced about his life and experiences on the continent.
Photo: Minette Grove
05 March 2013

Lecture (pdf)

What is an African? Is it those born in Africa, defined in racial and genealogical terms, or those who identifies with the continent in nationality and ancestral location? Did the descendants of enslaved Africans in the US, the Caribbean or Brazil lose their Africaness when their ancestors were put on slave ships to the New World?

These were some of the questions raised by Prof Charles Dumas, visiting senior professor in the Department Drama and Theatre Arts, in his inaugural lecture at the university.

Proclaiming attachment to the continent, Prof Dumas told his audience there are two types of Africans: Africans of the blood and Africans of the soil. In a speech titled, “I, too, am an African,” he stated that he lay claim to his ancestral birthright not because of blood relationship to an identifiable ethnic group or birthright to the continent, but because he earned it.

“I suggest another way that one can be an African, is through trial and struggle to be reborn an African in spirit. It is a ritual journey that may be taken by anyone. For, after all, if we are to believe the anthropologists who tell us that human life as we know it began in the Olduvai Gorge, genetically we are all African in origin.”

Prof Dumas, a senior professor at Penn State University in the USA, took the audience on a journey of his experiences on the continent, starting in 1978 when he first came to South Africa as a legal observer. Noticing the changes between Apartheid and today’s South Africa, he said this generation are committed to learn from each other – and that is the most important, he said.

“With their hopes and aspirations they earnestly desire to live in the new South Africa that we promised them. We must support them in their effort. It is time we stored our old baggage in the closet.”

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