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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 gets equipment worth R3,9 million to do doping tests for the World Cup
2010-05-18

One of the new state-of-the-art machines to be used for dope testing.
Photo: Mangaliso Radebe


The South African Doping Control Laboratory (SADoCoL) at the University of the Free State (UFS) in Bloemfontein boasts new state-of-the-art equipment worth R3,9 million with which doping tests for next month’s 2010 FIFA World Cup will be done.

“Our new instruments are some of the best in the world,” said a proud Dr Pieter van der Merwe, Head of the laboratory.

SADoCoL, housed in the Department of Pharmacology at the UFS, has done doping analyses for many international sport events in South Africa and elsewhere in the world, including the 1995 Rugby World Cup and the Sevens Rugby World Cup in Dubai.

“Because of our international recognition and accreditation by the World Anti-Doping Agency (WADA) the laboratory was selected to be the official doping control facility of the 2010 FIFA World Cup,” he said.

“FIFA has entered into a contract with us and they will send all the urine and blood samples for the World Cup to this laboratory. I must hasten to say that it is not only for the World Cup. We will continue with the work that we have been doing all these years regarding doping analysis in South Africa.”

“It is an honour for the Department and the UFS to offer a world-class service to a world-class association like FIFA and to be associated with a tournament of this magnitude.”

Being the only one of its kind in South Africa, and one of only two in Africa (the other being in Tunisia), it is not surprising that FIFA has entered into this partnership with SADoCoL.

“It is a well-known fact that we have been, and still are, the official doping control testing facility in South Africa for many years now. So there is also a lot of African involvement in our laboratory where African countries send samples to us for analysis,” he said.

It is not for the first time, though, that SADoCoL is involved with FIFA. The laboratory did all the testing for the Confederations Cup that was held in South Africa in June 2009.

It had just been extended to accommodate the new equipment. An official viewing session of the new facility was held last week.

Media Release
Issued by: Mangaliso Radebe
Assistant Director: Media Liaison
Tel: 051 401 2828
Cell: 078 460 3320
E-mail: radebemt@ufs.ac.za  
18 May 2010
 

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