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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

Reflection should stimulate action – Prof Petersen
2017-05-25

 Description: Panel discussion: Reflection should stimulate action  Tags: Panel discussion: Reflection should stimulate action

Panellists at a discussion held by the Institute for
Reconciliation and Social Justice were, from the left,
Prof Elelwani Ramugondo of the University of Cape Town,
Prof Melissa Steyn from Wits, Prof Francis Petersen,
Vice-Chancellor and Rector of the UFS, and SK Luwaca,
president of the Student Representative Council on the
Bloemfontein Campus.
Photo: Johan Roux

Photo Gallery

The University of the Free State (UFS) should be a place of belonging, a place where staff, academics and students belong and can make a contribution to a democratic society.

This is according to Prof Francis Petersen, Vice-Chancellor and Rector of the UFS. He was one of four panellists at a discussion, titled Diversity, inclusivity and social justice and the renewed call for decolonisation, hosted by the Institute for Reconciliation and Social Justice (IRSJ). Prof Elelwani Ramugondo from the University of Cape Town, Prof Melissa Steyn from Wits, and SK Luwaca, president of the Student Representative Council on the Bloemfontein Campus, were the other panellists.

The IRSJ facilitated the discussion, which formed part of the inauguration proceedings for Prof Petersen as new Vice-Chancellor and Rector, in the Albert Wessels Auditorium on the Bloemfontein Campus on 18 May 2017.

Renewed thinking about decolonisation

Prof Steyn said: “We can develop our vocabulary to understand our real differences.” She noted that we are all part of reproducing, resisting and reframing the current order.

Universities should be a place where questions can be asked, Prof Ramugondo said. She elaborated on the term decolonisation, saying we needed to investigate how we related and reflected on it, mentioning the myths that surrounded the term. “We should renew our thinking [about decolonisation] at universities,” she said.

“We can develop our vocabulary
to understand our real differences.”

What does a transformed UFS look like?
According to Luwaca unity isn’t something that can be faked, but everybody should work towards it, building a rainbow nation together. It is important for everyone to be on the same page: “We have to ask ourselves what a transformed university looks like.”

Prof Petersen said it was important to often pause and reflect: “Reflection should stimulate action. Reflection is not something without action.”

After the discussion, a lively question-and-answer session with the panellists took place. Prof André Keet, director of the IRSJ and facilitator of the discussion, suggested the gathering should be the start of many similar engagements.

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