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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

SmartDrive devices give UFS wheelchair users more independence
2017-12-01

 Description: Cuads Tags: SmartDrive Power Assist, accessibility, Martie Miranda, CUADS, wheelchair users 

From the left, are: David Mashape; Martie Miranda, Head of the
Center for Universal Access and Disability Support at the UFS;
and Lawrence Qamba, celebrating the recent acquisition
of two SmartDrive Power Assist devices.
Photo: Johan Roux

Students who make use of wheelchairs at the University of the Free State (UFS) will now be able to move around campus more independently than before. This is thanks to two SmartDrive Power Assist devices acquired by the university.

Accessibility is very important to the institution and with these devices clipping onto a manual wheelchair to make it motorised, students will not have to ask for help that often. It will assist them in overcoming obstacles they face every day.

Different surfaces pose different challenges 
According to Martie Miranda, Head of the Center for Universal Access and Disability Support (CUADS), one of the most important advantages of the SmartDrive machines is that it enhances the independence of students. The devices were bought with funds received from the Department of Higher Education and Training specifically allocated for accessibility and infrastructure.
 
“While the UFS is addressing inaccessibility on its campuses, which will take time, this will help to motorise wheelchairs for wheelchair users to move around more easily. Students can now move around independently without necessarily asking for help, for example, to get up very steep ramps.” Miranda says some surfaces, such as grass and gravel, has its own unique challenges for wheelchair users.

A few years coming

The SmartDrive devices are operated by a Bluetooth watch. By tapping twice on the chair or clapping twice, the motor propels the wheelchair forward and stops when tapped twice, while also braking with one’s hands. The speed can also be controlled by the user. The machines use rechargeable batteries, with a fully charged battery lasting up to 15 hours.
 
Acquiring the devices was a process of a few years, and CUADS is happy to finally employ them to the benefit of their students. Miranda says the determination and support of Prof Nicky Morgan, Vice-Rector: Operations, and the assistance of Nico Janse van Rensburg, Senior Director: Top Management, were instrumental in buying the devices.

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