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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

75-year-old UFS student follows her dreams
2017-07-17

Description: Hanneke Meyer Tags: Theology, Theology and Religion, graduation, University of the Free State, Dr Hanneke Meyer 

Dr Hanneke Meyer, who graduated from the
University of the Free State, completed her
Bachelor’s degree in Theology
with distinction.
Photo: Siobhan Canavan

“It does not matter how old you are, it is all about where God wants to use you, and I believe that this is where He wants me now.”

These were the words of 75-year-old Dr Hanneke Meyer, who recently graduated from the University of the Free State. She completed her Bachelor’s degree in Theology with distinction.

Never too old to learn

Dr Meyer, who was a teacher by profession, says she spent all her years teaching others, and when she had children, she went on to teach them too. She then decided it was time for her to get back to her books and become a student again.

After her retirement, Dr Meyer sat quietly and thought what it was that she actually wanted to do in life. She then decided to pursue a Bachelor’s degree in Theology but only registered for a few subjects.

“I registered for a few subjects but as time went by, I felt that this was something that I really wanted to do, and this was something that I wanted to finish. I believed that this would be the course where God would use me for His kingdom.”

UFS faculty best of its kind
Dr Meyer said completing this degree was completely worth it. She would do it over and over again if she could. “I am proud of this university and the faculty too. I believe that the Faculty of Theology and Religion is the best of its kind in the country.”

She encouraged the youth to continue learning. “Don’t ever stop learning. Always be a student because one is never too old to learn.”

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