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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

Dr Johann Rossouw receives 2015 ATKV SA Academy Award for his work in Philosophy
2015-12-18

Description: Dr Johann Rossouw  Tags: Dr Johann Rossouw

Dr Johann Rossouw

Dr Johann Rossouw, Senior Lecturer in the Department of Philosophy at the University of the Free State, was recently selected as one on the winners of the 2015 ATKV SA (Afrikaanse Taal- en Kultuurvereniging) Academy Awards. Dr Rossouw was one of only six winners that were honoured nationwide for their academic articles.

ATKV SA Academy Award

This award has immense value for Dr Rossouw, since “it’s proof that original endemic thinking is still valid today, despite the massive pressure on Afrikaans. It also undermines the parochial view that English is the only language in which thought takes place.”

The annual ATKV SA Academy Awards honours six Afrikaans articles that are published in accredited journals in a specific year. Four of the prizes are awarded for articles in the Humanities and two for articles in the Natural Sciences. The South African Academy for Science and Arts handled the selection process.

First theological-philosophical criticism on Stiegler

Dr Rossouw was honoured for two articles in the Humanities that were published on Litnet Academic. The articles deal with the theological-philosophical approaches of the first two volumes of Bernard Stiegler's influential La Technique et letemps (Technics and Time) trilogy. “Stiegler wrote the trilogy in conversation with Heidegger's Being and Time,” Dr Rossouw says. “With Heidegger claiming that the technique closes off our world, Stiegler argues that the technique helps to unlock and establish our world as a unique kind of memory in certain conditions. That is why Stiegler argues that the technique is the life lived through other means than life itself.”

The essence of Dr Rossouw's criticism against Stiegler is that he “pursues Christianity through means other than Christianity itself. To my knowledge, this is the first theological-philosophical criticism on Stiegler, and to all intents and purposes the first criticism on his work, with one or two exceptions.”

 

 

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