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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

Prof Habib addresses inequality at public lecture
2014-08-06

 
One of South Africa’s leading political commentators, Prof Adam Habib, gave a public lecture and launched his latest book on the Bloemfontein Campus on Wednesday 30 July 2014. The event was hosted by the Department of Philosophy in association with Wits University Press and The Southern African Trust.

Prof Habib started his lecture by summarising his book, ‘South Africa’s Suspended Revolution: Hopes and Prospects’. “It is basically about: how did we get where we are today, and how do we get out of the mess we are in?” he said.

His book focuses on South Africa’s transition into democracy and the country’s prospects for inclusive development – which formed the basis of his talk. Prof Habib stressed the issue of inequality facing South Africa and discussed the different approaches to addressing the matter.

“The one approach is that it is simply something we have to live with,” he said. “People who believe this live in a bubble. For example, service delivery protests do not happen because of poverty – it happens because of inequality.”

Prof Habib cautioned against not taking the matter seriously. “Inequality went up consistently in South Africa over the last 20 years. This is however not solely a national challenge, but a global challenge. And South Africa is the frontline of the war on inequality.”

He proposed that the expectations of the rich, rather than the poor, should be addressed.
“We need to moderate expectations. But we can’t moderate the expectations of the poor, if not the rich. We can’t ask the poor to sacrifice what the rich won’t.

“South Africa is once again at a moment of reckoning, where we are forced to make hard choices – in order to make the right choices.”


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