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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

Forgive and forget? Or remember and retaliate?
2015-10-08

Cover of the novel Kamphoer

Fact and fiction came together at the Bloemfontein Campus recently to discuss the traumatic repercussions of the South African War. The event forms part of a three-year project – headed by Prof Pumla Gobodo-Madikizela (University of the Free State Trauma, Forgiveness, and Reconciliation Studies) – which investigates transgenerational trauma in the aftermath of the South African War.

The discussion explored the theme, ‘Working through the Past: Reflections on the novel Kamphoer’.

Together, Emeritus Prof Chris van der Merwe (University of Cape Town) and the author of the novel, Dr Francois Smith (University of the Free State, Department Afrikaans and Dutch, German and French), engaged in a thought-provoking, insightful conversation, tracing themes of trauma and issues of forgiveness presented in Kamphoer. Prof Van der Merwe and Dr Smith demonstrated how both fiction and historical fact can inform our present, and guide us into the future.

Emeritus Prof Chris van der Merwe and Dr Francois Smith
discuss the novel Kamphoer and how the book relates to
current issues of transgenerational trauma.

“On a societal level,” Prof Van der Merwe said, “we need to work through trauma by putting it into words, and putting it into a narrative.” When it comes to historical trauma, should we forgive and forget, though? Or rather remember and retaliate? Neither, proposed Prof Van der Merwe. “What I want to plead for is the difficult challenge: remember and forgive.” But Prof Van der Merwe also pointed out that, although forgiveness blesses both the giver and receiver, it is an ongoing process.

Dr Smith agreed wholeheartedly. “One of the discoveries of my book is that forgiving is a continuous process. It’s not something that gets completed at a particular stage in your life. By the same token, you can’t say that you are ever able to leave the past behind.” These issues of trauma, forgiveness, the past versus the present, remembering and forgetting are all integral questions confronting the main character of the novel, Susan Nel .

They are also questions we, as a nation, are currently confronted with, too.

“At this moment in our society,” Prof Van der Merwe said, “we have enough killers. We have a greater need now for caring nurturers.”

 

 

 

 

 

 

 

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