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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

UFS hosts delegation of University of Minnesota
2008-08-13

 

 During the visit of a senior delegation of the University of Minnesota to the University of the Free State (UFS) were Prof. Herman van Schalkwyk (left), Dean: Faculty of Natural and Agricultural Sciences at the UFS, and Prof. Robert Jones, Senior Vice-President: System Academic Administration at the University of Minnesota. Prof. Van Schalkwyk initiated the current cooperation agreement between the two institutions.
Photo: Leonie Bolleurs
 

 UFS hosts delegation of University of Minnesota

A senior delegation from the University of Minnesota in the United States of America (USA) visited the University of the Free State (UFS) this week to explore ways of strengthening already existing ties between the two institutions.

According to Dr Aldo Stroebel, Head of Internationalisation at the UFS, teacher training, capacity building in health sciences, and student preparedness will be among the areas of co-operation that will be investigated, within the context of the Strategic Academic Cluster initiative of the UFS. Poverty reduction strategies will also be a strong focus area.

“The UFS has had a cooperation agreement with the University of Minnesota’s department of agricultural economics since 1997 and the exchange of staff has been taking place on a regular basis,” said Dr Stroebel.

This agreement will be expanded and both institutions are now exploring the possibility of applying it across faculties.

According to Dr Stroebel, the visit was very successful and both institutions have committed seed funding to formalise the cooperation agreement.


Media Release
Issued by: Lacea Loader
Assistant Director: Media Liaison
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: loaderl.stg@ufs.ac.za  
13 August 2008
 

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