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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

Palestinian Ambassador discusses future collaboration in education and development with UFS
2017-06-08

Description: Palestinian Ambassador  Tags: Palestinian Ambassador

From the left:  Chevon Jacobs (Office of International Affairs),
Ambassador Hashem Dajani, Prof Francis Petersen,
Chargé d’Affaires Bassam Elhussiny, and
Kanego Mokgosi (Office of International Affairs).
Photo: Eugene Seegers

Palestine’s Ambassador to South Africa, His Excellency Hashem Dajani, paid a courtesy call to Prof Francis Petersen on 30 May 2017 at the Bloemfontein Campus. Ambassador Dajani was accompanied by Chargé d’Affaires Bassam Elhussiny to congratulate Prof Petersen on his appointment as Vice-Chancellor and Rector of the University of the Free State (UFS).

The diplomatic visit entailed discussions of possible collaborative initiatives between the UFS and universities in Palestine in areas such as student exchanges, capacity building and development, and research.

Diplomacy in action - a tool for internationalisation
The UFS has in the past hosted the Palestinian delegation on public engagements held with the university community, including students and the Institute of Reconciliation and Social Justice, to showcase the socio-political situation in Palestine through the use of film and panel discussions. 

The UFS has built strong networks with other foreign diplomatic missions in the country which have yielded interaction between diplomats and institutes, students and academics on the Bloemfontein Campus. These collaborations are an important tool for success of the broader university’s strategy of internationalisation.

It is through the visit of Ambassador Dajani that the university and the Office of International Affairs hopes to create firm, future strategic collaborations with Palestinian universities,  academics and students.

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