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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

DF Malan – the politician, the man and Lindie Koorts’ award behind it
2014-04-30

 
Lindie Koorts
Photo: Hannes Pieterse
Sometimes fact is stranger than fiction. In this case, it is not only true, but fact is stirring up more of a buzz than make-belief does.

The first biography of an apartheid Prime Minister written since 1994, won an award at the 2014 Woordfees. ‘DF Malan and the Rise of Afrikaner Nationalism’ is the title of the book causing this national whirlwind. The author: Lindie Koorts – a postdoctoral fellow at the UFS’s Centre for Africa Studies.

She admits she was among the most surprised when she won the category for Debut Writers. “This is, as far as I know, the first time this prize goes to a non-fiction writer,” Koorts said.

What started as curiosity around DF Malan, four years later culminated in an objective biography devoid of justification or exoneration. “Throughout the process of writing, I offer the facts, but I do not clamber in with moralistic judgements,” Koorts said.

In addition to Malan the politician, Koorts discovered Malan the human being as well during her research. When she stumbled on his hand-written love letters to Maria Louw, which he wrote when he was in his 60s, a totally different man emerged. “I felt like a teenager while reading those letters!” Koorts laughed.

In the chapter entitled Coalition and Fusion, this dynamic historian unearthed a fact that had the power to change the course of history. Up until this point, the belief was held that one party deceived another. However, Koorts’ research proves that the entire issue rested on a letter that did not arrive on time. A case of tardy train schedules and a mere misunderstanding.

“To be able to unravel these things makes one feel that you have succeeded in something,” she said.

Not only did she succeed in writing an award-winning biography, she surely will be making history as she goes.

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