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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

Kovsie Rugby best in town
2009-06-24

 
Photo: Volksblad 

 

The Shimlas and the Irawas, the first and second rugby teams of the University of the Free State (UFS), recently played in the final of the Bloemfontein city cup. According to Mr Dougie Heymans, Kovsie Rugby Manager and assistant couch of the Shimlas, it was a tough match and the Shimlas won 42-17. The last time that the Shimlas and Irawas played against each other was in 2004. On this day, against all expectations, the Irawas won the “Stadsbeker”.

The UFS’s U/21 team also played against the UFS third team, the Ritsims, in the final of the second league and won 22-14. It was the first time in history that the Ritsems played in the final of the Second League in the City League, and that against the UFS’s U/21 team.

All four the teams who competed in the final for the “Stadsbeker” and Second League of the “Stadsbeker”, are from the UFS’s Rugby Club.

The UFS will also for the first time since 2006 have a team in the national club championships.

The Shimlas are participating at the Universities Sport South Africa (USSA) rugby tournament that is currently being presented at the University of Johannesburg.

“We at Kovsie Rugby are proud of our teams, our couches and support staff,” said Mr Heymans.
 

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