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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 is the most integrated campus in the country
2010-01-29

 
 Judge Ian van der Merwe, Chairperson of the University of the Free State's (UFS) Council and Prof. Jonathan Jansen, Rector and Vice-Chancellor of the UFS at the official opening ceremony.
Photo: Hannes Pieterse

“The University of the Free State’s (UFS) Main Campus is the most integrated campus in the country.”

This was said by Prof. Jonathan Jansen, Rector and Vice-Chancellor of the UFS during the university’s official opening on its Main Campus in Bloemfontein today.

Addressing staff and students, Prof. Jansen said that the first-year students in the majority of the residences are now fully integrated on a 50/50 basis. “The majority of our house committees are now also integrated,” he said.

He used the ladies residence Welwitschia as an example. “When I walked into to this residence last year it consisted only of black female students. When I visited them again this year I could not believe what I saw: the residence is fully integrated and there are white and black students living together. This is an example of our young people’s willingness to live together and we must believe in their potential,” he said.

Prof. Jansen said that the UFS does not want to be good because “good is the enemy of great” (from Jim Collins in his book Good to Great). “We want to be great. This is the year in which our staff and students’ lives will change and this university will change as we take the first steps in making the leap from good to great,” he said.

Prof. Jansen said that there have been many developments at the UFS so far this year. “We have attracted some of the best scholars in the country and other parts of the world to this university, and we will be selecting from among them in the next two weeks. We have also attracted some of the best athletes in the country in our first-year class, including some of the best hockey players,” he said.

Prof. Jansen outlined the following as his priorities for 2010:

  • The phasing in of compulsory class attendance as a way to drastically improve the quality of teaching at the UFS. “This will also enhance our throughput. However, before we can to this, we are going to accelerate the building of larger classrooms to accommodate all our students,” he said.
  • The appointment of a senior vice-rector in the near future, who will manage the day to day operations of the UFS;
  • To market the UFS to the best and most promising schools in South Africa. “This will start next week when I will be visiting schools in the Eastern Cape.”
  • To raise R100 million to enable more students with talent to study at the UFS, and to build an endowment to be proud of for the future of the university;
  • To upgrade the infrastructure in the residences;
  • To require every member of the university’s academic staff to publish every year;
  • To train administrative and support staff so that a world-class service culture can be created which takes every student, every parent and every staff member seriously; and
  • To insist that the conditions of service of staff working for agencies outside the UFS be improved by increasing the minimum remuneration dramatically and by making study benefits available to them as well. “We will not renew our tenders with outside agencies unless they raise the minimum wage of their staff,” he said.

Prof. Jansen said that he was extremely proud of the Student Representative Council’s (SRC) leadership and what they have achieved so far during their term. He also thanked the staff for their hard work and the excellence they bring to the UFS.
 

Media release
Issued by: Lacea Loader
Director: Strategic Communication (actg)
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: loaderl@ufs.ac.za  
29 January 2010
 

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