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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

UFS School of Nursing opens new frontiers at 40
2009-11-16

The opening of the virtual facility of the School of Nursing at the University of the Free State (UFS) and a gala dinner to celebrate the School’s 40th year of existence took place on the Main Campus in Bloemfontein this week. At the opening were, among others, from the left: Prof. Jonathan Jansen, Rector and Vice-Chancellor of the UFS; Dr Oluseyi Oyedele and Ms Viona Munjeri, both from The Atlantic Philanthropies; and Prof. Anita van der Merwe, Head of the School of Nursing at the UFS.
Photo: Leatitia Pienaar

All eyes in the nursing profession in South Africa were turned to the University of the Free State (UFS) when the School of Nursing opened a state-of-the-art virtual health training and learning facility and celebrated its 40th year of existence with a gala dinner on the Main Campus in Bloemfontein this week.

The lustrous events were attended by dignitaries from all spheres of the health-care fraternity in South Africa.

The new virtual facility, The Space, is made possible by a grant of R16 million from The Atlantic Philanthropies and R1 million from the UFS. The Atlantic Philanthropies organisation is an international philanthropic organisation that is going to inject R70 million into nursing in South African over the next four years. The initiative will enhance nursing education and step up the quality of health-care delivery in South Africa. Four major grants were made to universities in South Africa, of which the UFS is one.

With the facility at the UFS School of Nursing, nursing education is propelled into the future. Prof. Anita van der Merwe, Head of the School of Nursing, says, “The virtual learning facility is a very new way of thinking and teaching. At the moment, theory and practice are separated, as theory is often taught in the mornings, followed by practical settings later in the day. Learner nurses then also go to clinical facilities for their practicals where the quality of care is declining and human resources are a problem.

“We believe that with new technologies such as e-learning and high-tech computer-mediated equipment we can use the ‘virtual world’ to bridge the theory-practice gap in the same location.”

Prof. Van der Merwe says the project is essentially about transformation: taking a stand against stagnation in nursing education and practice and daring to be different.

In the new virtual facility nurses will have the best of three worlds – the expertise of the facilitator/educator, simulation technology, and a vast selection of on-line and off-line software, exposing them to blogs, broadcasting and enhancing computer literacy. This will attract both the new “millennial” generation, which tends to be technologically competent, as well as the older learner because of the unthreatening learning environment.

The core space will accommodate 40 to 60 students and is designed to encourage informal, collaborative learning and practice simultaneously. It will have a demarcated area for “patients” (such as advanced adult and baby patient simulators) and a “clinic space” allowing for role play.

At the gala dinner, Prof. Jonathan Jansen, Rector and Vice-Chancellor of the UFS commended nurses in South Africa for their caring role, but also expressed his concern that South African has lost its deep sense of care. South Africa is at a critical point and the country can be changed if a deep sense of care can be embedded again.

About forty nursing educators from all over South Africa attended an exploratory workshop in the facility today and the last meeting of the Forum of University Deans in South Africa (FUNDISA) also coincided with the festivities at the School of Nursing.

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
13 November 2009
 

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