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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

Young researchers shine during the international Afromontane Colloquium
2017-07-18

 Description: Afromontane Colloquium  Tags: Afromontane Colloquium  

From the left, are: Drs Reetu Sogani (India),
Greg Greenwood (US-Switzerland), Teboho Manchu,
Acting Campus Principal, Drs Jianchu Xu (China),
Henri Rueff (Switzerland), Glen Taylor, Senior Director:
Research Development; and Dr Elsa Crause,
Campus Vice-Principal: Academic and Research.
Photo: Thabo Kessah

The University of the Free State’s Afromontane Research Unit (ARU), which is situated on the Qwaqwa Campus, has the potential to produce some of the world’s best and dynamic young researchers. This is the view shared by Drs Henri Rueff and Reetu Sogani, who were the keynote speakers during the ARU Colloquium hosted at Golden Gate in the Eastern Free State.

Dr Rueff, a geographer and environmental economist from the Universities of Basel and Bern in Switzerland, was referring to no less than ten Qwaqwa Campus postgraduate students who made oral and poster presentations during the inaugural international colloquium.

Colloquium an opportunity to interact
“You have some of the world’s most motivated and highly skilled students who have the courage to stand in front of extremely critical scientists from all over the globe – and that must be commended,” he said.

Dr Reetu Sogani from India said that her first trip to South Africa did not disappoint. “This colloquium was a very good learning experience for me as I had the opportunity to interact with brilliant and young scientists from this part of the world,” she added.

In closing the colloquium, the Senior Director: Research Development, Dr Glen Taylor, committed the UFS to the success of the unit.

“The ARU will strengthen the research output of the campus. But most important of all, it is setting the research agenda for the Qwaqwa Campus, and for the institution at large, to address the challenges that the surrounding mountain communities are faced with,” he said.


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