Latest News Archive

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

Right to Learn cyclists cross the finish line
2017-12-05

 Description: R2L Finish  Tags: cyclists, Right to Learn, Cape Town, Paarl, GivenGain Foundation, donations 

The Right to Learn cycling team are happy and thankful that they have completed
their journey.
Photo: Mike Rose

After a seven-day journey, the Right to Learn cycling team have finally reached their destination. Having travelled for over a 1 000 kilometres from Bloemfontein, they arrived safely in the Paarl on Monday 4 December 2017. During their final stretch, they travelled 130 kilometres from Montagu to Paarl, where they ended the Right to Learn Cycling Tour.
 
Gratitude for support
Asive Dlanjwa, Bloemfontein Campus SRC President, says, “It's been good, it's been tough, and it’s been an amazing journey.” He expressed his gratitude to everyone who has been supporting them throughout the journey. “Thank you so much for every cent that you have given, for every prayer, and every thought.”
 
Thulasizwe Mxenge, one of the guest cyclists from Johannesburg, says, “Asive had informed us that most students struggle with access to higher education, and we saw the need to assist and take part in the initiative.” He says the journey was tough, because they had to cycle for about five hours every time they went on the road. “I’m very tired but also happy to have completed the journey.”

Donations received
Since the beginning of the Right to Learn initiative, they have managed to raise R80 000 through corporate giving, R15 584 on Dlanjwa’s GivenGain page, and $500 (about R6 845) from the GivenGain Foundation as part of the #GivingTuesday Twitter campaign which took place on 28 November 2017.
 
Annamia van den Heever, Director: Institutional Advancement, says, “Congratulations to Asive and the team!  It has been an absolute pleasure to work with such positive and passionate young people.” She also thanked all donors to the Right to Learn campaign for their support, saying it will ensure that talented students who cannot afford university fees will have access to the UFS next year. “We are hoping that more people will donate now that the tour has been successfully completed. There is no better Christmas gift,” she says.

Dlanjwa says, “We are committed to helping learners who are coming to the UFS next year. The trip was amazing and I feel stronger than I expected. I’d definitely do this again.”
The community is still encouraged to donate towards the initiative, using the following details:

EFT transaction:
Please use the following bank details:
Bank: ABSA Bank
Account Number: 1570850721
Branch Code: 632005
Account Type: Cheque
Reference: R2L: Right to Learn
Send the proof of payment to Rinda Duraan: duraanmj@ufs.ac.za

Debit order: Download the form and email it to Rinda Duraan

All donations are tax deductible in terms of South African income tax legislation.  

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