Latest News Archive

Please select Category, Year, and then Month to display items

Student Finance: How to manage your money

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

From lock to SA prop in six months

2017-10-26

One of the rugby players that Kwenzo Blose looks
up to, is the Cheetah prop Ox Nche. He and Nche
are both residents of the Vishuis men’s residence.
Photo: Jóhann Thormählen

If someone told Kwenzo Blose of Glenwood High School that he would scrum as prop for the South African U/20 rugby team at the Junior World Championship, he would probably have thought it was a joke. At that time he still played lock, but only six months after the shift to prop, he represented his country at the tournament in Manchester, England.

Apart from this, KovsieSport’s Junior Sportsman of 2016 – who will probably be playing in his second World Championship this year, only became a Shimla in 2017. Last year he was still playing for the University of the Free State’s Young Guns.

Beast also played lock at first
André Tredoux, former UFS and Cheetah talent scout, said the Springbok prop Beast Mtawarira also played lock and flank at school. “Glenwood competed in the Wildeklawer Super Schools Tournament. Apparently coach André spotted me there and talked to Stephan Jacobs, another UFS coach. At that stage, I still played lock and they told each other that they had to get me to the Free State and convince me to play prop. I knew nothing of these plans,” said Blose.

According to this Paulpietersburg-native, who is 1,87 m tall and weighs 112 kg, he still has a lot to learn at prop. His greatest adjustments were in the scrums. “At prop you have to absorb the pressure of the rest of the pack in order to provide your team with front-foot ball,” he said. He said Jacobs, who was his Young Guns scrum coach, and Daan Human, the Cheetah scrum doctor, has helped him a lot.

An avid student off the field
Even though rugby has opened doors for the loose head who is studying LLB Law, he maintains a good balance. “The main reason why I came to university is to study. To be playing rugby and performing well is a great blessing, but I also have to prioritise and make sure that I obtain my degree.”

This year’s Junior World Championship was from 31 May to 18 June in Tbilisi, Georgia. Last year, the Baby Boks finished in a disappointing fourth place, but Blose believes they can improve on this. “If everything goes according to plan and if some of the guys are playing again, we would have something like nine players who played in the 2016 tournament.”

Back

Economic and Management Sciences

Education

Health Sciences

The Humanities

Law

Natural and Agricultural Sciences

Theology and Religion

Open Distance Learning

Business School

We use cookies to make interactions with our websites and services easy and meaningful. To better understand how they are used, read more about the UFS cookie policy. By continuing to use this site you are giving us your consent to do this.

Accept