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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

UFS invests in community journalists
2013-12-09

The first group of journalists who completed the Department of Communication Science’s short-learning programme for community journalists. The course was developed by Mrs Willemien Marais (far left) and Mrs Margaret Linström (far right). In front in the middle are Prof Lucius Botes, Dean of the Faculty of the Humanities, and Mr Lumko Mtimde, CEO of the Media Development and Diversity Agency, the sponsor of the programme. Fifth from right is Ms Manana Monareng Wa Stone, Programme Manager of the MDDA.

An investment in our people, our region and our democracy. This is the value of the Department of Communication Science’s short-learning programme for community journalists.

The first 20 community journalists from radio stations and newspapers in the Free State and Northern Cape received their certificates recently after successfully completing the course Basic Journalism Skills for Community Media.

This credit-bearing short-learning programme is fully sponsored by the Media Development and Diversity Agency (MDDA), a statutory body with the aim of developing and promoting community media.

The University of the Free State (UFS) is the first university in South Africa that presents a course of this nature. “It is also the first large-scale formal training of community journalists in the Free State and Northern Cape,” says Mrs Margaret Linström, journalism lecturer in the Department of Communication Science. She developed the course together with another journalism lecturer in the Department, Mrs Willemien Marais. “What distinguishes our programme for similar programmes is the element of mentoring,” explains Marais. Students attend a week-long training session on the Bloemfontein Campus of the UFS. The lecturers then visit all the participating newsrooms to provide further training in terms of the unique challenges of their area. “During the second semester we’ve travelled more than 3000 km to visit radio stations and newspapers as far afield as Springbok and Phuthaditjhaba,” says Linström.

During the certificate ceremony the CEO of the MDDA, Mr Lumko Mtimde, said this partnership with the UFS has the potential to make a tangible difference in communities. “Combined community media reaches the largest target audience in the country. Against this background the importance of training community journalists becomes very clear,” says Mtimde.

The role of community journalists differ from that of journalists who work for state or commercial media. Yet most of these community journalists fall outside the network of formal training, mostly due to a lack of resources and access to training.

“This course has changed my life. I came back as a newborn baby for whom everything is new!” said Mr Setona Selisa from Naledi FM in Senekal. Selisa and his colleague, Mr Teboho Mabuya, received the award for the best participants of the 2013 course.

 

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