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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

New arrangements for diploma and graduation ceremony
2009-03-30

The University of the Free State’s (UFS) autumn diploma and graduation ceremony will this year be held in the Arena on the South Campus (formerly known as the Vista Campus).
This arrangement has been made because of the large-scale renovations to the Callie Human Centre on the Main Campus.

The various graduation ceremonies will take place on 20, 21, 23 and 24 April 2009.

There will be no graduation ceremony on Wednesday, 22 April 2009 because of the national elections.

A total of 3 390 degrees, 640 diplomas and 25 doctorates will be conferred.


The full programme is as follows:

  • Monday, 20 April 2009:

    - From 08:30, a total of 365 degrees and one doctorate will be awarded to students from the Faculty of Education.
    - At 14:30 on the same day 586 degrees and nine doctorates will be awarded to students in the Faculty of the Humanities.

     
  • Tuesday, 21 April 2009:

    - From 08:30, 107 students in the Faculty of Economic and Management Sciences will graduate. This includes students in BML, B.Admin., B.Pub. and related Honours degrees and all Master’s and Doctoral degrees.
    - At 14:30, 617 students in B.Com., B.Acc. and related Honours degrees will graduate.

     
  • Thursday, 23 April 2009:

    - A total of 297 degrees and four doctorates will be awarded to students in the Faculty of Natural and Agricultural Sciences’ fields of Agricultural and Building Sciences at 08:30.
    - At 14:30, 447 degrees and six doctoral students in the same Faculty’s field of Natural Sciences will receive their degrees.

     
  • Friday, 24 April 2009:

    - From 08:30, 331 students and five doctorates in the Faculties of Health Sciences, Law and Theology will graduate.

    - At 14:30 on the same day, 640 diplomas will be awarded in all seven of the university’s faculties.

Academic dress can be collected from Monday, 6 April 2009 at the gown store in Rector’s Avenue (opposite Armentum Residence) weekdays between 08:00-16:00.

  • Academic dress will not be available on the South Campus.

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
30 March 2009
 

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