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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

Meet our Council: Marius Swart – a Councillor with deep roots in the UFS
2017-07-12

Description: Meet our Council: Marius Swart – a Councillor with deep roots in the UFS Tags: Marius Swart, University Council, Mediclinic, cardiothoracic surgeon, Faculty of Health Sciences, Department of Cardiothoracic Surgery  

Marius Swart, Alumni election on the UFS Council.
Photo: Stephen Collett

Marius Swart, a Kovsie alumnus, is an Alumni election on the University Council. Not only is he a Kovsie alumnus, but all four of his siblings and their spouses are Kovsie alumni, as well as all three his children.   

Interest in future decisions at the UFS
He is currently practicing as cardiothoracic surgeon at Mediclinic in Bloemfontein, but has always been involved with the Faculty of Health Sciences at the university.  He spent eight years as consultant in the Department of Cardiothoracic Surgery and recently became a registered student again when he enrolled for an interdisciplinary PhD.  He is currently also supervisor for the research projects of undergraduate medical students.

Thus, Marius no doubt has a substantial interest in the issues and future decisions at the UFS.

Guard against retroformation
"Higher education is a challenging environment and expectations about excellence and human development are being tested.  Transformation is on everybody’s lips, but we have to guard against what I would call retroformation – moving back to old regimes and new forms of exclusion," he says.

Marius is excited to begin his term with a new Rector and Vice-Chancellor.  He realises that many challenges awaits him as councillor on the way forward, but he is ready to pull his weight in Council.

"My own daughter is involved in the challenges students are experiencing on a daily basis, and my wife is supporting a first-generation rural student.  The university should be sensitive to these students.  Empowering them can bring change to communities."

His interests are varied and it is clear that he has a vision for a better world.

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