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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

SA must appoint competent judges
2009-05-08

 
At the inaugural lecture are, from the left: Prof. Teuns Verschoor, Acting Rector of the UFS, Judge Farlam and Prof. Johan Henning, Dean of the Faculty of Law at the UFS.

Supreme Court of Appeal Judge Ian Farlam has called on the South African government to appoint and continue to appoint competent, fair and experienced judicial officers to sit in the country’s courts.

He also emphasised the need to have an efficient and highly respected appellate division, which rightly enjoys the confidence of all.

Judge Farlam was speaking at the University of the Free State (UFS) where he delivered his inaugural lecture as Extraordinary Professor in Roman Law, Legal History and Comparative Law in the Faculty of Law.

He said there were important lessons that emanated from the study of legal history in the Free State, particularly including the lesson that there were courageous jurists who spoke up for what they believed to be right, and a legislature who listened and did the right thing when required.

“This is part of our South African heritage which is largely forgotten – even by those whose predecessors were directly responsible for it. It is something which they and the rest of us can remember with pride,” Judge Farlam said.

Addressing the topic, Cox and Constitutionalism: Aspects of Free State Legal History, Judge Farlam used the murder trial of Charles Cox, who was accused of killing his wife and both daughters, to illustrate several key points of legal history.

Cox was eventually found guilty and executed, however, the trial caused a deep rift between the Afrikaans and English speaking communities in the Free State.

Judge Farlam also emphasised that the Free State Constitution embodied the principle of constitutionalism, with the result that the Free State was a state where the Constitution and not the legislature was sovereign. He said it was unfortunate that this valuable principle was eliminated in the Free State after the Boer War and said that it took 94 years before it was reinstated.

Judge Farlam added, “Who knows what suffering and tragedy might not have been avoided if, instead of the Westminster system, which was patently unsuited to South African conditions, we had gone into Union in 1910 with what one can describe as the better Trekker tradition, the tradition of constitutionalism that the wise burghers of the Free State chose in 1854 to take over into their Constitution from what we would call today the constitutional best practice of their time?”

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
8 May 2009
             

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