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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

'England, the English and the problem of education in South Africa.’
2013-09-26

 

 

Attending the lecture were, from the left: Dr Susan Brokensha, Senior Lecturer: Department of English; Prof Rosemary Gray, Professor Emeritus (Honorary Life Vice-President of the English Academy of Southern Africa); Prof Jonathan Jansen; and Dr Thinus Conradie, Lecturer: Department of English.
Photo: Johan Roux
26 September 2013

 

Prof Jonathan Jansen: Lecture

The university celebrated the life of one of South Africa's most renowned art critics, hosting the 2013 English Academy’s Percy Baneshik Memorial Lecture on the Bloemfontein Campus.

The keynote lecture was delivered by Prof Jonathan Jansen, Vice-Chancellor and Rector, who joined a distinguished list of speakers to have delivered the lecture. Presented annually by the English Academy of Southern Africa, an association dedicated to promoting the effective use of English as a dynamic language in Southern Africa, past speakers include Prof Es’kia Mphahlele, Prof Njabulo Ndebele, Dr Alan Paton and Prof Albie Sachs. The lecture is hosted at venues across the country and this year Bloemfontein paid tribute to Percy Baneshik.

In his speech Not even colonial born: England, the English and the problem of education in South Africa,' Prof Jansen addressed the dilemma of the politics of language in both school and university education today.

Talking about the dominance of English in schools, Prof Jansen said it is the language of choice because indigenous languages are so poorly taught. "Simply learning in your mother tongue is absolutely no guarantee of improved learning gains in school. The problem is not the language of instruction; it is the quality of teaching, the knowledge of curriculum and the stability of the school."

Prof Jansen told the audience in the CR Swart Hall that Afrikaans-exclusive, or even Afrikaans-dominant white schools represent a serious threat to race relations in South Africa. "You simply cannot prepare young people for dealing with the scars of our violent past without creating optimal opportunities in the educational environment for living and learning together."

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