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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

Prof Loyiso Jita appointed as UFS Dean of Education
2017-11-22

 Description: Prof Melanie Walker, Research chair into Higher Education gets boost for five more years Tags: Prof Melanie Walker, Research chair into Higher Education gets boost for five more years

Prof Loyiso Jita, UFS Dean of Education
Photo: Johan Roux

The Council of the University of the Free State (UFS) has approved the appointment of Prof Loyiso Jita as Dean of Education during its quarterly meeting held on the Bloemfontein Campus on 17 November 2017.

“Prof Jita has a strong academic background and a good understanding of the higher-education sector. I look forward to working with him and to realise the vision of the university as a research-led, student-centred and regionally engaged university that contributes to development and social justice through the production of globally competitive graduates and knowledge,” says Prof Francis Petersen, UFS Rector and Vice-Chancellor.

“It is indeed a privilege for me to lead a team of committed teachers and researchers in the faculty, providing excellent service to our undergraduate and postgraduate students. I thank the Council and executive management for their trust in me,” says Prof Jita.

In January 2017, Prof Jita was appointed as the Acting Dean of the Faculty of Education at the UFS. He will assume the position of Dean of the Faculty of Education on 1 December 2017.

Prof Jita began his career as a Science and Mathematics teacher, after graduating from Wits University in 1988. He later took up a lectureship position at the University of Zululand, where he was awarded a Fulbright scholarship to read for a PhD at Michigan State University in the USA. In the mid-1990s, he worked as a policy researcher at the University of KwaZulu-Natal where he, among others, helped to compile the submission on the Violation of Educational Rights of South Africans during apartheid, to the Truth and Reconciliation Commission (TRC).

He joined the University of Pretoria (UP) in 2001, after returning from a post-doctoral fellowship at the Northwestern University in Chicago, and was later appointed Director of the Joint Centre for Science, Mathematics and Technology Education (JCSMTE). He left the UP in 2008 for an appointment as an associate professor at the University of South Africa (Unisa), where he later became the inaugural Director of the School of Education. In 2011, he became a full professor and was appointed as the acting Deputy Executive Dean in the College of Human Sciences at Unisa.

In 2012, he joined the UFS as Research Professor in the School of Mathematics, Natural Sciences, and Technology Education. In November 2014, he was appointed as the SANRAL Chair for Science and Mathematics Education. Professor Jita has published many articles on instructional leadership, teacher development and change, Science and Mathematics education, and has presented over 50 papers at local and international conferences. He has also supervised to completion more than 37 master’s and PhD graduates, and is currently the editor-in-chief for the accredited journal, Perspectives in Education (PIE).

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