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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

UFS Safety Awareness March set to create a safe space for students
2017-07-27

 Description: Suspicious behavior Tags: safety, campaign, SRC, communication, awareness


The University of the Free State (UFS), in collaboration with various stakeholders, has dedicated the week of 24 to 28 July 2017 to creating awareness for the safety of students on and around its campuses.

UFS and CUT unite for safety
The highlight of the week will be on Thursday 27 July 2017 when a safety awareness march will take place from the Main Building on the Bloemfontein Campus to the Bram Fischer Building, where a memorandum will be handed over to Mr Sam Mashinini, MEC for Police, Roads, and Transport in the Free State. The march is a partnership between the UFS Student Representative Council (SRC) and the Central University of Technology (CUT).

 During a meeting on 24 July 2017, the Executive Committee of Senate granted formal approval for students and staff of the Bloemfontein Campus to take part in the safety march on 27 July 2017. For this reason, all lectures will be suspended from 11:00 to 13:00 on 27 July 2017 in order to give the campus community the opportunity to participate in the march. Academic staff, as well as staff in the administrative support services, are encouraged to join the march.

Programme for the safety march:


11:00: Marchers gather in front of the Main Building

11:15: Marchers depart from the Main Building to the Main Gate

11:30: Marchers exit the Main Gate and move towards the Central University of Technology (CUT). Students and staff who are unable to participate in the rest of the march, return to their work places or classes.

12:20: UFS and CUT marchers will gather at the Bram Fischer Building, situated on the corner of Nelson Mandela Avenue and Markgraaff Street. Here, the Rector and Vice-Chancellor of the UFS, Prof Francis Petersen, and the Vice-Chancellor and Principal of CUT, Prof Henk de Jager, will address the marchers, after which the memorandum will be read by the respective SRC Presidents and handed to Mr Mashinini.

Activities underway to raise safety awareness
During the week, the Student Representative Council (SRC), together with other stakeholders, have been involved in several activities on and off the Bloemfontein Campus, including door-to-door visits to student homes and residences on and around campus, awareness campaigns at all the gates of the campus, and a Safety Dialogue that will be held on Wednesday 26 July 2017 at the Equitas Auditorium. The aim of the Safety Week is to focus on informing, educating, and encouraging students as well as the Mangaung community at large, in order to work together in creating a safe environment for students.

The week started with the roll-out of an awareness campaign titled Reach Out, which is set to bring students and the community of Mangaung together to help decrease the number of violent crimes faced by students off campus. The communication plan includes safety messages, using outdoor billboards, posters on lampposts around the residential student areas, local community radio stations, campus media, and the university’s social media platforms.

A similar student safety awareness campaign will take place on the university’s Qwaqwa Campus during the week of 31 July 2017.



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