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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

But do you forgive yourself, Eugene de Kock? asks Candice Mama
2015-03-16

From the left are: Prof Pumla Gobodo-Madikizela, Candice Mama and Prof André Keet, Director of the UFS Institute for Reconciliation and Social Justice.
Photo: O'Ryan Heideman

 

Candice Mama: Audio

Candice Mama and her family met with her father’s assassin. Eugene de Kock. Prime Evil. Commander of the apartheid government’s covert Vlakplaas police unit. And what followed from this meeting was one of our country’s most poignant gestures of reconciliation. One by one, each family member expressed their forgiveness of De Kock, and soon afterwards, he was granted parole.

Candice recently visited the Bloemfontein Campus to talk about ‘An Unexpected Encounter with Eugene de Kock: A Journey of Transformation’. The event was a collaborative effort between the Institute for Reconciliation and Social Justice and Trauma, Forgiveness, and Reconciliation Studies.

“What makes it possible to cross the boundary from loss and pain to bond with the person who hurt you?” Prof Pumla Gobodo-Madikizela, asked Candice. “I had to educate myself about the when, where, and how, to get a context for Eugene de Kock,” she answered. With the encouragement of her mother, Candice became an avid reader from an early age. She devoured information, so that she could build a picture of this man within a specific historical and political context. What also contributed to this moment of reconciliation for her was De Kock humbling himself and taking full responsibility for his actions.

This meeting was not without inner conflict for Candice, though. “Why am I crying for hím?” she asked herself as she listened to him speak. “Why am I laughing?” she chastised herself as De Kock preened shyly for a group photograph with the family. “Is there something wrong with me to connect with him?” She questioned her values and beliefs. But instead of a monster, Candice saw the true essence of a repentant human being.

But how do you know he didn’t fake it, many people asked. Because it was “one of the most sincere and honest encounters I’ve experienced,” she said. During their meeting, Candice saw a man “crushed by the world”. Everything he believed as a young man, he realised, was a lie.

“Do you forgive yourself?” Candice asked the one question De Kock feared most. And in that moment, he was humanised for her. “When you’ve done the things I’ve done,” De Kock replied, “how do you forgive yourself?”
It remains an open question. But this act of forgiveness gives an entire country hope.

 

For more information or enquiries contact news@ufs.ac.za.

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