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Student Finance: How to manage your money

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 Antjie Krog speaks on verbalising revulsion and the collusion of men

2015-06-26

From the left are Prof Lucius Botes, UFS: Dean of the Faculty of the Humanities; Prof Helene Strauss, UFS: Department of English; Prof Pumla Gobodo-Madikizela, UFS: Trauma, Forgiveness and Reconciliation Studies; Prof Antjie Krog, UCT: Department Afrikaans and Dutch; Dr Buhle Zuma, UCT: Department of Psychology. Both Prof Strauss and Dr Zuma are partners in the Mellon Foundation research project.

“This is one of the bitterest moments I have ever endured. I would rather see my daughter carried away as a corpse than see her raped like this.”

This is one of 32 testimonies that were locked away quietly in 1902. These documents, part of the NC Havenga collection, contain the testimonies of Afrikaner women describing their experiences of sexual assault and rape at the hands of British soldiers during the South African War.

This cluster of affidavits formed the foundation of a public lecture that Prof Antjie Krog delivered at the University of the Free State’s (UFS) Bloemfontein Campus on Tuesday 23 June 2015. The lecture, entitled ‘They Couldn’t Achieve their Goal with Me: Narrating Rape during the South African War’, was the third instalment in the Vice-Chancellor’s Lecture Series on Trauma, Memory, and Representations of the Past. The series is hosted by Prof Pumla Gobodo-Madikizela, Senior Research Professor in Trauma, Forgiveness, and Reconciliation Studies at the UFS, as part of a five-year research project funded by the Andrew W. Mellon Foundation.

Verbalising revulsion

The testimonies were taken down during the last two months of the war, and “some of the women still had marks and bruises on their bodies as evidence,” Prof Krog said. The victims’ words, on the other hand, struggled to express the story their bodies told.

What are the nouns for that which one sees? What words are permissible in front of men? How does one process revulsion verbally? These are the barriers the victims – raised with Victorian reserve – faced while trying to express their trauma, Prof Krog explained.

The collusion of men

When the war ended, there was a massive drive to reconcile the Boers and the British. “Within this process of letting bygones be bygones,” Prof Krog said, “affidavits of severe violations by white men had no place. Through the collusion of men, prioritising reconciliation between two white male hierarchies, these affidavits were shelved, and, finally, had to suffer an embargo.”

“It is only when South Africa accepted a constitution based on equality and safety from violence,” Prof Krog said, “that the various levels of deeply-rooted brutality, violence, and devastation of men against the vulnerable in society seemed to burst like an evil boil into the open, leaving South African aghast in its toxic suppurations. As if, for many decades, we did not know it was there and multiplied.”

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