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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

Jan Smuts: from country boy to world stage; a reassessment
2017-11-10

 Description: Jan Smuts: van boerseun tot wêreldverhoog Tags: Jan Smuts: van boerseun tot wêreldverhoog

At the book discussion of Jan Smuts: van boerseun tot wêreldverhoog;
'n herwaardering
, were from the left: Con Robinson, Protea Bookshop;
Prof Kobus du Pisani; and Prof André Wessels from the Department
of History at the UFS. 
Photo: Leonie Bolleurs

Prof André Wessels from the Department of History at the University of the Free State (UFS) was one of 20 co-authors of Jan Smuts: van boerseun tot wêreldverhoog; 'n herwaardering – a book compiled under the leadership of the general editor, Prof Kobus du Pisani, from North-West University. This unique history book deals with the different themes in the life of Smuts, rather than describing the events chronologically. 

South Africans are almost afraid of their own history nowadays ... and yet another history book is being launched. Does it make sense? Yes, for two reasons. 

The monster in the dark
One of the ways to overcome fear is through knowledge. The monster in the dark disappears when one understands that the street lights and tree branches are creating interesting shadows. The more one knows about something, the less scary it becomes. 

The Greek Bible 

This was possibly also Smuts’s approach. Knowledge was his passion, and even today he is considered as one of the best students of the University of Cambridge. Although very few people really understand his holism theory, Smuts experienced the complex world in a very simple way – as one – not as lots of different pieces functioning independently of each other. 

Smuts could have made a success of any of his interest fields – law, botany, literature, and philosophy. However, politics laid three wars on his doorstep. While he is regarded as a militarist by some, he was actually a peacemaker. He played a role in the establishment of the League of Nations, and later the United Nations. Incidentally, he continued to read the Greek Bible while on commando during the Anglo-Boer War. 

A colourful character
The second reason for yet another Jan Smuts history book is his fascinating humanness. Time should be spent on colourful characters such as this. It is worthwhile hearing the story of someone who had such a great impact locally and internationally – good or bad. 

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