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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

Academics should strive to work with students towards publishing, says NRF-rated researcher
2017-07-17

Description: Dr Rodwell Makombe Tags: National Research Foundation University of the Free State Qwaqwa Campus Department of English  

Dr Rodwell Makombe, Y-gegradeerde navorser.
Foto: Thabo Kessah


“The National Research Foundation (NRF) is a prestigious research institution and to be recognised by such an institution means that my work is worthwhile. This alone motivates me to do more research.” This is how Dr Rodwell Makombe reflected on his recent recognition as an NRF-rated researcher – one of the few on the Qwaqwa Campus. He is a Senior Lecturer in the Department of English at the University of the Free State’s Qwaqwa Campus.

“This recognition is indeed an important milestone in my research career. It means that my efforts as a researcher are recognised and appreciated. The financial research incentive will enable me to engage in more research, attend conferences, and so forth,” he said.

Comparing research in the Humanities and Sciences

Dr Makombe’s research area is broadly postcolonial African literature, but he is particularly interested in postcolonial literatures and resistance cultures. He is currently working on a book project entitled Visual Cultures of the Afromontane.

When asked what he thought about Natural Sciences being in the lead as far as research is concerned, he said that this is mainly caused by funding opportunities.

“It means that my efforts as a
researcher are recognised and
appreciated.”

“It is easier to access funding for research in the Natural Sciences than for the Humanities. Researchers in the Humanities usually do research without any form of funding. However, there are also differences in the way research is done in the Sciences than in the Humanities. Science researchers tend to work together on different projects, which make it easier for them to have their names on publications, no matter how small their contribution. This is also connected to the issue of funding,” he added. 

He continued: “Since research in the Humanities is largely unfunded, it is difficult for researchers to establish research groups. Another issue is that most academics in the Humanities do not necessarily teach modules within their research interests. Therefore, they tend to be overloaded with work as they have to do research in one area and teach in another area.”

NRF-rating and funding

For Dr Makombe, the solution to this challenge lies in academics in the Humanities working towards publishing with their students. “This way,” he said, “both the students and the academics will get publications that will help them to get NRF-rating and other forms of research funding. Modules in the Humanities need to be aligned to academics’ research interests to avoid mismatches between teaching and research.” 

He previously worked at the University of Fort Hare and the Durban University of Technology and has published several articles in both local and international journals.

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