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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

CED launches Family Science programme
2009-03-31

 
The Centre for Education Development (CED) at the University of the Free State recently launched a programme that will see 110 students from the Faculty of Education being trained in Family Science. These students will be empowered to assist parents and educators, through community workshops, in achieving further development of learners in the sciences, mathematics, technology and related issues in everyday life through the Family Science programmes that form part of the CED’s Science-For-The-Future project.

They will acquire skills to raise science literacy levels among young children by making use of everyday experiences in and around the home. Furthermore, they will be able to develop learning and teaching materials that are suitable and affordable for use in community workshops, as well as in the formal classroom situation. They will also learn to apply constructivist and hands-on methodology in the teaching of science for young children with different learning styles. As future teachers, they will then be in the privileged position to lay a firm foundation for their learners in the subject area of Natural Sciences, while at the same time reaching out to the community by presenting Family Science workshops that will qualify them for certificates. This project is sponsored by ABSA.

At the launch were, front from the left: Ms Mpai Motloli (Student Educator), Ms Elizna Prinsloo (Project Co-ordinator: CED) and Ms Zine Mogorosi (Regional Manager: ABSA Corporate Social Investment). Back: Mr Ledumile Monyake (Student Educator), Ms Lorraine Botha (Facilitator: CED), Prof Jack van der Linde (Director: CED) and Prof Gawie du Toit (Head of Department: Curriculum Studies).
Photo: Stephen Collett

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