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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

'Physical education at school level important,' says Minister
2010-09-16

At the conference were, from the left: Monique de Milander, Prof. Johan Bloemhoff, Rev. Makhenkesi Stofile, Emile Langeveld and Riaan Schoeman.

A record number of four staff members from the Department of Exercise and Sport Sciences at the University of the Free State (UFS) presented papers at the South African Sport and Recreation Conference (SASreCon). This conference was presented by Sport and Recreation South Africa (SRSA) from the National Department of Sport and Recreation. This is South Africa’s primary national conference on sport and exercise science.

The conference, that was hosted by the University of KwaZulu-Natal in Durban with the theme Sport, Recreation and Physical Education – An Essential Triad, highlighted the important triangular relationship between sports science, recreation and physical education. A host of leading South African and international speakers presented papers on key topics that are relevant to the South African sports and exercise landscape.

The four staff members who attended also had the opportunity to meet the Minister of Sport and Recreation, Rev. Makhenkesi Stofile. The Minister reiterated the importance of physical education at school level to ensure that South Africa can compete against the best in the world at stadiums such as the iconic Moses Mabhida Stadium, where the function was hosted.
 

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