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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

Lecture focuses on how Marikana widows embody the transformative power of art

2015-08-11

Makopane Thelejane

"When I got the news of my husband is dead, I put my hands above my head, as you see me in this picture. I could not bear the ache in my heart." - Makopane Thelejane

A woman looks down on a canvas covered in thick layers of red, dark shadows falling across her face. A brief moment that captures the silently-devastating aftermath of the Marikana massacre that bled into the lives of 34 widows.

It is this silent trauma that was at the centre of the last instalment of the Vice-Chancellor’s Lecture Series for 2015. “These stories of the Marikana widows are important. It is these stories of silence that live behind the spectacular scenes of the violence,” Prof Pumla Gobodo-Madikizela, Senior Research Professor in Trauma, Forgiveness, and Reconciliation Studies at the University of the Free State (UFS) said at the event.

Panel
The lecture, which took place on Monday 27 July 2015 on the Bloemfontein Campus, took the form of a panel discussing the theme of “Speaking wounds: voices of Marikana widows through art and narrative”. The panel consisted of members from the Khulumani Support Group, including Dr Marjorie Jobson (National Director) and Judy Seidman (Sociologist and Graphic Artist), as well as Nomfundo Walaza, former CEO of the Desmond Tutu Peace Centre.

Betty Lomasontlo Gadlela

"Then this dark time came, a dark cloud over me. It made me to have an aching heart, which took me to hospital, from losing my loved one, my husband, in such a terrible manner. " - Betty Lomasontlo Gadlela

Trauma made visible
In a project initiated by Khulumani, the Marikana widows were encouraged to share their trauma through painting body maps – in which the widows depicted their own bodies immersed in their trauma – and narrating their personal stories. Throughout the workshops, the focus always remained on the women. As Siedman put it, “the power of this process is rooted in the participants. The statements of what the participants experienced is what’s important.”

Initially silenced and isolated, this group of women has now moved “into a space where they have become connected to each, and stand up for each other in the most powerful ways,” Dr Jobson said. “Our work is conceptualised in terms of giving visibility and voice to the people who know what it takes to change this country; to change this struggle.”

The transformative power of art and narrative
During her response, Walaza pointed out “how art and narrative can transform traumatic memory and become integrated in the survivors’ life story.” This gives individuals the opportunity, she said, “to step into a space of mutual listening and dialoguing in which people bond together.”

Co-hosted by Prof Gobodo-Madikizela and the UFS Institute for Reconciliation and Social Justice, the lecture series forms part of a five-year research project funded by the Andrew W. Mellon Foundation.

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