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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

Prof Tim Murithi calls for Africa to design new global order
2016-06-02

Description: Prof Tim Murithi calls for Africa to design new global order Tags: Prof Tim Murithi doen ’n oproep op Afrika om ’n nuwe wêreldorde te skep

From left: Prof Heidi Hudson, Head of Centre for Africa
Studies (CAS); Prof Tim Murithi, Extraordinary Professor
at CAS; Prof Lucius Botes, Dean of the Faculty of
the Humanities; and Prof Prakash Naidoo, Principal of
Qwaqwa Campus.
Photo: Stephen Collet

“What do Africans have to say about the remaking of the global order?” was the opening question of Prof Tim Murithi’s lecture which was hosted by the Centre for Africa Studies (CAS) of the University of the Free State (UFS) to celebrate Africa Day on 25 May 2016.

The annual Africa Day Memorial Lecture, entitled: Africa and the Remaking of the Global Order, doubled as Prof Murithi’s inaugural lecture. He is CAS’s newly-appointed Extraordinary Professor, as well as the Head of the Justice and Reconciliation in Africa Programme at the Institute for Justice and Reconciliation in Cape Town. He made a compelling argument for the need for Africa to exert an active influence on international narratives of peace, governance, justice, and reconciliation.

“If we are waiting for American leadership to get us out of the quagmire of a situation we are in, we will be waiting for a long time,” said Prof Murithi.

The Head of the Centre, Prof Heidi Hudson, concurred with Prof Murithi’s suggestion of devising African solutions for African problems. She quoted Audre Lorde’s well-known assertion that “The master’s tools will never dismantle the master’s house.”

Remembering 1963
Over five decades ago, on 25 May 1963, the Organisation of African Unity was formed, and was renamed the African Union in 2002. Africa Day marks this pivotal point in the continent’s history. On this day, we reflect on the continent’s journey into democracy, peace, stability and socio-economic development. It is also an opportunity to celebrate African identity and heritage.

Continent-building dialogues
The UFS Sasol Library celebrated Africa Day with a book launch. Facets of Power. Politics, Profits and People in the Making of Zimbabwe's Blood Diamonds by Tinashe Nyamunda is a reflection of some of the challenges that Zimbabwe continues to face. It details the disadvantaged position which the country finds itself in due to greed, maladministration, and corruption, despite possessing large deposits of minerals.

In celebration of Africa Month, CAS has held a series of lectures by esteemed scholars from across the globe.  Earlier in the month, Prof Henning Melber presented lectures on Namibia’s independence and the African middle class. Kevin Bloom and Richard Poplak unpacked the issues surrounding Africa’s continental shift, while Prof Joleen Steyn Kotze focused on the possible fall of the African National Congress.

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