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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 team helps a pupil to hear again
2014-01-24

 

“I was scared at first. I could not remember the sound of my own voice. Being Deaf -it was like living on another planet.”

These are the words of the 18-year-old Andile (Godfrey) Jantjies after he heard sounds and words for the first time in almost 12 months.

Andile, a former pupil at the Albert Moroka School in Thaba Nchu, was the recipient of a cochlear implantation under the Bloemfontein Cochlear Implant Programme (BCIP) run by the Department of Otorhinolaryngology at the University of the Free State.

Andile lost his hearing after contracting bacterial meningitis in June 2013. This resulted in bilateral profound deafness and despite his good academic record, his school refused to have him enrolled for 2014.

The cochlear implant was inserted in October 2013 and was switched on for the first time on Thursday 23 January 2014.

“I want to go back immediately,” Andile said excitedly after gradually becoming comfortable with hearing his own and other voices.

Dr Iain Butler from the Department of Otorhinolaryngology says cases like Andile’s are a medical emergencies due to the fact that meningitis causes the inner ear to become replaced by bone.

“This can occur after as little as four months after the infection and means that the insertion of a cochlear implant becomes impossible.

A cochlear implant system costs approximately R220 000.

It converts sounds/speech into electrical signals that directly stimulate the auditory nerve, bypassing the damaged inner ear. It is indicated for babies with congenital hearing loss, as well as acquired hearing loss in children or adults. It requires intensive rehabilitation in order to learn to hear again, and most recipients develop very good hearing. Andile now has the opportunity to hear again, continue his schooling and become an economically independent member of society, rather than being dependent on others.

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