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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

US author launches book at UFS on African volk

2016-10-17

Description: Dr Jamie Miller Tags: Dr Jamie Miller

Dr Jamie Miller, Postdoctoral Fellow at the
University of Pittsburgh and author of
An African Volk: The Apartheid Regime
and Its Search for Survival.
Photo: Rulanzen Martin

“I realised the importance of not just accessing the policies and political approaches of the leaders of the apartheid regime, but understanding the ideas and world views that informed them. Part of the solution to this was to learn Afrikaans.”

This is according to Dr Jamie Miller, a Postdoctoral Fellow at the University of Pittsburgh, on how he went about getting inside the mind of South Africa’s apartheid regime in order to complete his book, An African Volk: The Apartheid Regime and Its Search for Survival.

The book was launched on 11 October 2016 by the Archive for Contemporary Affairs at the University of the Free State on the Bloemfontein Campus.

Volk refers to the Afrikaner nationalist movement
The book is an ambitious new international history of 1970s apartheid South Africa. It is based on newly declassified documents and oral histories, the majority in Afrikaans, which focus on the regime’s attempts to turn the new political climate to its advantage.

The term volk refers to the Afrikaner nationalist movement, also known as Afrikanerdom. The story of Afrikaner nationalism was the medium through which the regime gained power.

Four main messages from the book
Dr Miller says there are four main messages for his readers. Firstly, the apartheid regime looked to contest and hijack new ideas and norms that formed the postcolonial world, and secondly, that we need to start thinking more seriously about the Cold War in terms of domestic politics, not just geopolitics.

Thirdly, South Africa should be integrated into histories of the global South, and lastly, we should conceptualise the apartheid regime by looking at it not just as an imperial holdover, but also by looking at what was happening in the world in the time period in question.

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