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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

Largest number of CUADS graduates at UFS
2017-07-03

Description: Largest number of CUADS graduates 2017 Tags: Largest number of CUADS graduates 2017

During the mid-year graduation ceremonies at the
University of the Free State (UFS), the Centre for
Universal Access and Disability Support (CUADS) saw
the largest number of students with disabilities graduating.
Photo: Johan Roux

During the mid-year graduation ceremonies at the University of the Free State (UFS), the Centre for Universal Access and Disability Support (CUADS) saw the largest number of students with disabilities graduating.

For the first time since being established in February 2001, a total number of 30 students graduated, of which seven were postgraduate students.

Accomplishing your dreams as a student
Martie Miranda, Head of CUADS, says that one cannot help but become emotional with joy and happiness. “The feeling of satisfaction we feel with the graduates is so valuable, because it’s a reminder of their abilities to accomplish their dreams just like any other student.”

CUADS aims to ensure that the UFS creates opportunities for students with disabilities, aiming to become a higher-education institution recognised for its efforts in human reconciliation. Together with the Exam Division, CUADS coordinates alternative assessment with an accessible test and examination facility housed at CUADS. This accommodates students with concessions, amanuensis, specialised equipment, and accessible formatted papers.

Changing the challenges you experience
Miranda continuously encourages students to keep going. “If being successful is important to you, you will find a way to change the challenges you experience into opportunities. Either to learn something about yourself or teach someone else something.”

Below are the number of graduates from each faculty:
•    Faculty of Law: 2
•    Faculty of Economics and Management Sciences: 4
•    Faculty of Education: 4
•    Faculty of Natural and Agricultural Science: 9
•    Faculty of the Humanities: 11

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