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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

Science school of excellence for Grade 11 learners launched
2009-04-21

 
At the launch of the Science School of Excellence were, from the left: Prof. Neil Heideman, Vice-Dean: Faculty of Natural and Agricultural Sciences at the UFS, Mr John Davids, General Manager, Volksblad, Ms Lorraine Botha, Chief Professional Officer, Centre for Education Development at the UFS, and Rev Kiepie Jaftha, Chief Director: Community Service at the UFS.
Photo: Dalene Harris

Science school of excellence for Grade 11 learners launched

The Faculty of Natural and Agricultural Sciences at the University of the Free State (UFS) has launched a project to give top Grade 11 learners an idea of what the faculty has to offer by giving them a ‘university-type’ experience.

The Science School of Excellence Project was launched last week during a function where the university’s schools support programmes were introduced to the management and members of staff.

The project is aimed at Grade 11 learners in the Free State who obtained an overall average of 80% in the 2008 Grade 10 final examinations. This includes a minimum score of 80% (Level 7) in Mathematics and a minimum score of 80% (Level 7) in Physical or Life Science during the same examination. It will be presented on the Main Campus in Bloemfontein from 6-9 July 2009. The closing date for applications is 8 May 2009.

“By presenting this project we want to stimulate learners’ interest in the natural and agricultural sciences, give them an idea of what we have to offer, raise their interest to come and study at the UFS and let them know that we cherish them as role models in their schools and as academic leaders of the future,” said Prof. Neil Heideman, Vice-Dean of the Faculty of Natural and Agricultural Sciences at the UFS.

According to Prof. Heideman the Science School of Excellence will take on the form of small lab and field projects which the learners will carry out under the supervision of staff and postgraduate students. An application fee of R50 per learner must be paid by the school and a maximum of 80 learners can be accommodated. The 80 learners will be selected on a first come, first served basis and a registration fee of R200 per learner has to be paid after they have received notice that they have been accepted. Letters in this regard have been sent to principals of secondary schools in the Free State. “We will also include 10 learners from disadvantaged rural schools, who will be fully sponsored,” said Prof. Heideman.

“Fourteen of our departments will be presenting programmes, during which learners will engage in challenging exercises that will be ‘out of school’ experiences involving laboratory experiments and research activities typical of our faculty,” said Prof. Heideman.

Five other schools support programmes of the UFS were also presented during last week’s launch function. They were the Itjhoriseng Project, which is a skills development course in Mathematics and Physical Sciences for teachers in the Further Education phase; the Science for the Future Project that aims to encourage more learners to enter into science-related studies and careers; the Qwaqwa School Support Programme that aims to improve the year-end results of Grade 12 learners and a project by the South African Foundation for Economic and Financial Education (SAFEFE) and the National Council of Economic Education (NCEE),which aims to improve the economic and financial literacy of teachers.

“The university’s role in the development of teachers and learners in various subject fields has increased tremendously over the past couple of years. Learners are our students of the future. As a university we must do as much as we can to equip them and their teachers with the necessary skills to better themselves,” said Rev. Kiepie Jaftha, Chief Director: Community Service at the UFS at the launch of the Science Schools for Excellence Project.

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  
20 April 2009

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