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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

Ecofeminism a possibe solution to impending famine

2016-05-12

Description: Ecofeminism Tags: Ecofeminism

Dr Inge Konik (right) is pictured with her postdoctoral supervisor, Prof Bert Olivier, Senior Research Professor at the Department of Philosophy.
Photo: Valentino Ndaba

In view of the environmental and social problems faced in South Africa today, researchers such as Dr Inge Konik are hard at work mapping these issues and seeking long-term solutions. Dr Konik, a lecturer in the Department of Journalism, Media and Philosophy at the Nelson Mandela Metropolitan University (NMMU) shared her views in a presentation on 6 May 2016. She spoke about revaluing indigenous ways of life and subsistence-focused lifeways, linking this to materialist ecological feminism, or ecofeminism for short.

Dr. Konik’s presentation, hosted by the Department of Philosophy at the Bloemfontein Campus of the University of the Free State (UFS), was entitled: “Transversal reflections on ecological feminism and ubuntu.” The research underpinning the presentation derived from Dr Konik’s doctoral thesis which was supervised by Ariel Salleh (University of Sydney) and Andrea Hurst (NMMU).

Dr Konik’s research suggests that ecofeminism - which is a convergence between environmentalism and feminism - may hold the answers to the question of how we may work against environmental and social injustices. She also proposed that society look back toward subsistence communities of the past, and those currently being marginalized in our industrial societies, and linked the values evidenced in the practices of these communities to the African philosophty of ubuntu. In order to solve complex contemporary challenges Dr Konik suggests that we combine these seemingly disparate theoretical frames - ubuntu and ecofeminism - by applying a transversal approach, which involves openness to dialogue between traditions.

“My focus was on ecological feminism and critical theory and very specifically on South Africa, given the challeges South Africa faces - the environmental and social challenges and what kind of frameworks would be helpful,” said Dr Konik, who will officially become a postdoctoral research fellow at the department as of July 2016.

Prof Pieter Duvenage, Head of the Departement, stated that compelling research outputs are anticipated from Dr Konik as a fellow.

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