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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

Department Old Testament receives visiting professor from the USA
2009-05-19

 
Prof. Fanie Snyman (left) and Prof. Leder.


Prof. Arie Leder, professor in Old Testament at the Calvin Theological Seminary, Grand Rapids, Michigan in the United States of America (USA) set foot on the African continent for the first time when he visited Prof. Fanie Snyman of the Department Old Testament in the Faculty of Theology at the University of the Free State (UFS). Prof. Leder is a visiting professor at the Department of Old Testament.

During his two-week-long visit to the faculty he amongst others lectured to undergraduate and master’s students. The lectures addressed issues related to the first five books of the Old Testament with the focus on the interpretation of the Hebrew text. The mentioned historical books of the Old Testament were discussed with the postgraduate students of the faculty. During the meeting of the Discussion Group for Biblical Sciences, Prof. Leder presented a public lecture with the theme, “Lady Wisdom and Sir Folly: Preaching Esther for such a time as this”.

According to Prof. Snyman, the agreement with Prof. Leder was to present the same lectures as what he would have delivered at the Calvin Theological Seminary. “The aim was to compare the standards, course content and presentations of the lectures that are presented by the respective departments, with each other. We compare well with the Calvin Theological Seminary and we do not have to be ashamed of ourselves. The feedback of the students about the exposure to another lecturer from another institution was also positive,” said Prof. Snyman.

The possibility of future collaboration was also discussed, specifically with the objective of both institutions publishing articles in the respective journals of both institutions. A further positive result of Prof. Leder’s visit is that colleagues of the Calvin Theological Seminary will be approached to act as external examiners for postgraduate students,” said Prof. Snyman.

The Calvin Theological Seminary libraries are some of the best equipped theological libraries in the world and as a result of the collaboration between our two institutions, staff of this faculty will get the opportunity to visit the Calvin Institution and to utilise the facility.

Photo: Leonie Bolleurs

 

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