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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

UFS Professor on his new book on Boko Haram
2017-02-01

Description: Prof Hussein Solomon, Senior Professor Tags: Prof Hussein Solomon, Senior Professor

Prof Hussein Solomon, Senior Professor
in the Department of Political Studies and
Governance at the UFS and co-editor of the
book titled Understanding Boko Haram:
Terrorism and Insurgency in Africa.
Photo: Charl Devenish

Understanding the nature of the Boko Haram insurgency in northeast Nigeria is exactly what Prof Hussein Solomon from the Department of Political Studies and Governance at the University of the Free State (UFS) has set out to do.

Understanding the emergence of Boko Haram
Prof Solomon says tens of thousands of people have been killed in northeast Nigeria and neighbouring states as a result of the violence unleashed by the terrorist group. With the help of his co-editor, Prof Jim Hentz, who is an army colonel and lecturer at the Virginia Military Institute in the US, they set out to “understand the emergence of Boko Haram in a historical, sociological, economic and political context”.

In his book, titled Understanding Boko Haram: Terrorism and Insurgency in Africa, Prof Solomon “seeks to understand the emergence of Boko Haram in a historical, sociological, economic and political context”.

Book launch to take place in Chicago in the US
In his previous book, Islamic State and the Coming Global Confrontation, he analyses the origins and organisational structure of the Islamic State. Although an entirely new topic, but within the broad theme of political Islam, this book focuses more on how Boko Haram has become part of the Islamic State’s franchise in West Africa.

The book, which took more than a year to write, is based on secondary research, followed by primary documents and interviews done on the ground in Nigeria. It will be of much interest to students of terrorism and political violence, insurgencies, African politics, war and conflict studies, and international relations in general.

The official launch will take place at the African Studies Association’s annual meeting and takes place from 16-18 November 2017, in Chicago in the US.

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