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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

Kovsie bounces back from heart surgery and raises the bar
2017-07-10

Description: Kovsie bounces back from heart surgery and raises the bar Tags: Gymnastics, Charissa Worthmann, University of the Free State, Biokinetics, Department of Zoology and Entomology 

Charissa Worthmann, a gymnast and postgraduate Biokinetics
student at the UFS, overcame heart surgery earlier this year
and excelled at her sport. Photo: Supplied



“Life is too short to abandon what sets you on fire. Find your passion, work hard at it and be great. You will never look back and wish otherwise.” These are the words that postgraduate student Charissa Worthmann lives by, and which have encouraged her to pursue her dream of being a gymnast.

Humble beginnings
After undergoing heart surgery earlier this year, Charissa bounced back stronger than ever. She went on to win five regional gold medals at the Free State Gymnastics Championships in February 2017 and was also crowned Free State Victrix Ludorum. In October 2016 she won a gold medal for her apparatus routine at the South African GymnasticsChampionships.

Charissa, who is currently doing her honours in Biokinetics at the University of the Free State (UFS), said coming from a small town was not always an advantage. “I come from a small town in KwaZulu-Natal where there are not many opportunities. Therefore there was no gymnastics. I found my natural talent, but never had the opportunity to develop it before coming to the UFS.”

Inspired by lecturer
Charissa’s inspiration is Prof Liesl van As, Associate Professor from the Department of Zoology and Entomology. She is also completing her undergraduate Zoology modules to later complete her postgraduate studies in Zoology. “As a student, our lecturers don’t often realise it, but they shape us to aim higher in life.”

According to Charissa, Prof van As is a woman of pure brilliance who has aspects that every woman should aspire to: Beauty, intelligence and a drive to succeed. “I owe a vast majority of my success to her, because even though she may not realise it, her motivational attitude and success in life drove me to succeed in areas of my life.”

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