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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

When you are deaf, you have to work very hard to join in the conversation
2014-09-11

 

Dr Magteld Smith

A researcher at the University of the Free State is part of an overseas audiological breakthrough, after receiving a newly developed cochlear implant processor.

Dr Magteld Smith, researcher at the University of the Free State’s Department of Otorhinolaryngology, is the first South African to receive the Rondo cochlear implant processor from Med-El in Austria, manufacturers of cochlear implants and audiology-assisting appliances.

In the field of cochlear implants, the Rondo device is very advanced in the sense that the single-unit device is wireless and easily adapts to the sound of various environments (i.e. nature, conference halls, planes and phones). It also enables the receiver of a cochlear implant to hear more than one sound at a time – something that wasn’t previously possible.

Dr Smith tells about the meaning of the device in just a short time: “For the first time I can take a walk with my dog and hear both our footsteps on the gravel of the dirt road. I can hear my own footsteps, as well as the chirping of three different birds. All at the same time.”

Dr Smith, who is currently devoting her research to the medical-social model of the global organisation, International Classification of Functioning, Disabilities and Health, as well as research in all fields of deafness, relates the anxiety, frustration and depression which formed part of her daily existence. It also complicated and undermined her academic participation.

“Deafness is very traumatic. When you are deaf, you have to work so much harder to compete in a hearing world and to join in the conversation. Because of your deafness you become anxious about misunderstandings in the workplace.”

Dr Smith is working hard and constantly not to take a back seat in the academy due to her deafness. On completion of the Hubert H. Humphrey Fellowship programme, she received a certificate signed by the American president, Barack Obama, and was named as one of the top three researchers among 400 researchers from 192 countries. Only two South Africans are selected every year by the American State and International Institute for Education. 
 
In June this year, she delivered a presentation of her work and research at the 13th International Conference on Cochlear Implants in Munich, Germany. In July this year, she delivered a presentation at the 5th International Conference for Global Hearing Health. In August she was awarded a scholarship from the Golden Key International Honour Society for outstanding scholastic proficiency and academic merit.

“As a child, my parents were told that I was ineducably disabled. Today, I am grateful for the endless speech therapy since my toddler days, and to my dear mother, Jo, and late father, Chris Boshoff, and their firm belief in God which made them believe in me as a person with a congenital deafness. I am grateful for their unconditional love, endless patience, encouragement and support through my long journey in a competitive hearing world. This, together with the help of technology, enabled me to make a significant contribution to the academic world. Everything in my life is undeserved grace, pure kindness.” 
 
 

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