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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

Minister praises the Faculty of Law
2009-02-13

 
At the launch of the Faculty of Law at the UFS's celebration of 100 years of jurisprudence, under the theme "Iurisprudentia 100", were, from the left: Judge Faan Hancke, Extraordinary Professor in the Department of Criminal and Medical Law and Chairperson of the UFS Council, Judge Lex Mpati, President of the Highest Court of Appeal, Mr Surty, Judge Hendrik Musi, Judge President of the High Court of the Free State, and Prof. Henning.
Photo: Stephen Collett
The Minister of Justice and Constitutional Development, Mr Enver Surty, has praised the Faculty of Law at the University of the Free State (UFS) for producing lawyers, academics, judges, etc. of great note.

Mr Surty was guest speaker this week on the Main Campus in Bloemfontein at the launch of the faculty’s celebration of a century of excellence in legal education, training and research at the UFS. The theme of the celebration is “Iurisprudentia 100”.

“The faculty has throughout its existence demonstrated its capability and capacity to produce scholars, legal practitioners, academics, judges, politicians etc, of great note. The university can take pride in the fact that, as an institution, you have done so well,” said Mr Surty.

Mr Surty said that our judiciary must be adequately qualified and it must be representative of our nation. “We must therefore have more aspiring judges in our midst and we must have a more representative judiciary – in race and gender. This is where an institution like the UFS can play an important role,” said Mr Surty.

Mr Surty also commented on the university’s engagement with its communities.
“The UFS has begun to recognise the importance of community engagement. Unless community engagement is part of your curricular activity we would not be able to produce the judges of the caliber we need who are better able to understand the social and economic context of our society,” he said.

According to Prof. Johan Henning, Dean of the Faculty of Law at the UFS, the faculty has a distinguished history of excellence in theoretical and practical legal education and training, which can be traced as far back as the establishment of the Grey University College in 1904.

Over the years, student numbers grew considerably and today the faculty has over 2 700 graduate and postgraduate students.

“The faculty prides itself on the fact that some of its students and lecturers went on to hold some of the highest offices in the country. Under its alumni are state presidents, ministers of state, administrators, judges of appeal, judges, rectors, professors and lecturers at the UFS as well as at other universities, advocates, attorneys and legal advisors – in private practice as well as in government,” said Prof. Henning.

The faculty’s “Iurisprudentia 100” celebrations will take place throughout the year with activities such as breakfasts for the various alumni groups of the faculty and a series of inaugural lectures. Cum Laude awards will also be
handed to Judge Lex Mpati, President of the Supreme Court of Appeal, and Judge Louis Harms, Deputy President of the Supreme Court Appeal. The celebrations will be concluded in November with a prestige dinner.

Celebration programme:

26 February 2009: Visit by Prof. Fernand de Varennes (of the Murdoch Law School, Perth, Australia),
13 March 2009: Breakfast for all candidate attorneys
18 March 2009: Breakfast for judges and Cum Laude awards
15 May 2009: Breakfast for labour law certificate alumni
11 September 2009: Breakfast for diploma alumni (CFP)
16 October 2009: Breakfast for attorneys and advocates
9-12 November 2009: Inaugural and public lectures
13 November 2009: Centenary dinner

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  
18 February 2009

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