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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 holds Family Math and Science summit
2009-10-06

 

At the summit were, from the left: Ms Lorraine Botha(CED); Susan Koen (Coordinator: Frances Baard, Northern Cape); Prof Daniella Coetzee-Manning (Director: CED); Elizna Prinsloo (Project Coordinator: CED); Magriet Fourie (Coordinator: Qwa-Qwa); Anne-Marie Lochner (Coordinator: Namakwa).
Photo: Mangaliso Radebe
 

The Centre for Education Development (CED) at the University of the Free State launched its Family Math & Family Science roll-out initiative in the Free State and Northern Cape Province at the beginning of 2009. As part of the quality assurance process, a Family Math & Family Science Summit was recently held at the CED to reflect upon the roll-out strategy during 2009. Delegates as far as Qwaqwa in the Free State and De Aar and Springbok in the Northern Cape province, sponsors and other role-players attended the summit to share information regarding the impact and best practices of the roll-out strategy.

The mission of the project is to demystify Math and Science for learners in the early school years by raising their levels of understanding and changing their attitudes towards Sciences and Mathematics. This is done by exposing learners to Family Math & Family Science activities on a regular basis in the classroom and integrating the activities into the curriculum.

A total number of 5112 learners from predominately rural communities in the Free State and Northern Cape provinces were actively involved in doing Math and Science activities during the first 3 terms of 2009. To achieve this, the CED trained 9 Subject Advisors to act as coordinators in their respective regions with the responsibility of training and supporting local teachers in the implementation of the progamme. One of the key elements of the success of the project is the fact that the CED also manufactures and issues the 134 participating teachers with sufficient training material like manipulatives and other activity material to be utilized in the classroom. Without the support of the sponsors, ABSA and SANRAL, the latter would not have been possible.

It is envisaged to include as many schools as possible in the Free State and Northern Cape province in the programme, depending on sponsorships received.

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