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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

Female-headed households more prone to economic strains due to rainfall variations
2016-02-02

Description: Martin Flatø Tags: Martin Flatø

Martin Flatø
Photo: University of Oslo press

Research shows that a total of 41 % of South African (SA) households are led by women, and these households are twice as likely to be poor compared to other households.

Martin Flatø spent three months at University of the Free State (UFS), researching how female-headed households in our country are affected by variations in rainfall, which cause crop failures with their implications for rural economies.

He is a PhD student from the University of Oslo in Norway who was part of the 2014/15 Southern African Young Scientists Summer Programme (SA-YSSP) that was hosted by the UFS last year.

Flatø formed part of a group of international scholars who conducted research on how families led by females are affected by climate change. The group focused on the implications of the weather on crop failures and rural economies. Gender and household structures were studied to determine ways in which they are affected by economic fluctuations.
 
The research group’s preliminary findings indicate that female-headed households are more vulnerable to rainfall variation than households where there are adult residents or workers of both genders.

In view of the current water shortage in the Free State, as well as scientists’ projections that our country will be among the regions hardest hit by climate change in terms of a surge in temperature, Flatø’s collaborative research has substantial relevance.|

Grooming first class scientists
The SA-YSSP is a joint initiative of South African National Research Foundation and the International Institute of Applied Systems Analysis (IIASA). Its main aim is tackling challenges faced by the world at large and South Africa in particular.

Out of 24 PhD students from 18 countries and various academic disciplines, Flatø emerged as one of only three scholars to be awarded the Systems Analysis Scholarships for his outstanding science at the end of the programme.

World class mentorship
Prof André Pelser and Dr Raya Muttarak were Flatø’s SA-YSSP supervisors. Prof Pelser, of the UFS Department of Sociology, is a leading academic on population processes, and how they relate to local environmental issues in South Africa. Dr Muttarak is a research scholar at IIASA in Austria.

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