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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

Geology researcher wins international photographic contest
2017-06-02

Description: Dr Elizaveta Kovaleva Tags: Dr Elizaveta Kovaleva

In this winning photo, “Movement of the ancient sand”,
Dr Matthew Huber, postdoctoral research fellow in the
Department of Geology at UFS, is scaling an outcrop
of sandstone (former sand dunes) in the Zion National
Park in the US.
Photo: Dr Elizaveta Kovaleva


Dr Elizaveta Kovaleva and Dr Matthew Huber, postdoctoral research fellows in the Department of Geology at the University of the Free State (UFS), attended the European Geosciences Union (EGU) General Assembly in Vienna, Austria in April 2017, where Dr Kovaleva was declared a winner of the EGU photo contest with a photograph entitled “Movement of the ancient sand”.

Submitting the winning photo
Each participant could submit up to three photos to participate in the contest before the conference. From all the photographs 10 were selected and displayed for the entire week at the assembly so participants could vote for their three favourite photos. At the end of the week three winners were selected. The prize winners received a free EGU book of their choice, free registration for next year’s EGU and an option to judge the photo competition next year. The photos will be printed on postcards next year, so all participants can send them wherever they want around the globe.

“The picture was taken in the Zion National Park in the US. Myself and Dr Huber were travelling around the western states, visiting national parks. The person in the picture is Dr Huber,” said Dr Kovaleva.

Dr Kovaleva was also invited to participate - as a recently published author - in a workshop, called: ”Publishing in EGU journals: Solid Earth and Earth Surface Dynamics – Meet the Editors”.

At the assembly, Dr Kovaleva attended sessions on Tectonics and Structural Geology as well as on Geochemistry, Mineralogy, Petrology and Volcanology. These sessions were especially interesting in the scope of her research and are directly related to it. “I am a metamorphic petrologist, and with my PhD, I essentially studied microstructures. At the moment, I am studying the Vredefort impact crater, which has experienced both metamorphism and deformation,” she said.

“The winning photos will be printed on postcards,
so all participants can send them wherever they
want around the globe”.

Building scientific connections
For both researchers, the assembly was an opportunity to meet former colleagues and professors from universities all over the world and shake hands with authors whose papers and work they were familiar with, but had never met in person.

“EGU is a perfect opportunity to build scientific connections and relationships, advertise your research and start new collaborations and projects,” said Dr Kovaleva.

The EGU General Assembly 2017 was a great success, with 4 849 oral, 11 312 poster, and 1 238 PICO presentations. Some 649 unique scientific sessions, together with 88 short courses and 322 side events, created an interesting programme. At the conference 14 496 scientists from 107 countries participated, of whom 53% were under the age of 35. Thirty one were from South Africa.

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