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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 receives an award from the World Universities Forum
2011-01-11

The University of the Free State (UFS) has received the World Universities Forum (WUF) Award for Best Practice in Higher Education during 2010.

The Best Practice Award recognises the most significant practices of the year around the world. The UFS’s implementation of a number of interlocking innovations to transform the institution is recognised with the award.
 
These innovations include:
  • campus-wide racial integration among students;
  • the reinvigoration of the academic culture;
  • the nurturing of the most promising young scholars by means of the Vice-Chancellor's Prestige Young Scholars Programme;
  • sending 71 first-year students to top American universities to assist with their development into non-racial campus leaders;
  • the revision of the undergraduate curriculum to promote a cross-disciplinary approach to key societal problems;
  • raising the entry requirements;
  • the facilitation of open access to campus leadership through sessions with the Vice-Chancellor and Rector, Prof. Jonathan  Jansen – providing opportunities for public discussion between senior leadership, staff and students;
  • the UFS also extended this spirit of dialogue internationally through the inauguration of its International Advisory Council consisting of key thinkers and practitioners;
  • the identification of 20 of the most dysfunctional high schools in the Free State Province and the building of relationships with those schools. This university-school partnership is based on a strict contract of reciprocal commitments to increase the chances of black children attending university. The WUF applauded this as the most innovative step.
 
“We at the UFS are humbled, but encouraged by the recognition of academic excellence and institutional transformation that comes with this prestigious international award,” said Prof. Jansen.
 
The WUF said in a statement that these innovations demonstrate the profound impact higher education practices can have when they are well conceived and implemented.  “We applaud these innovations and the ways in which they promote racial harmony, student success and overall academic vitality,” the statement reads.
 
The Best Practice Award will be announced formally at this year’s World Universities Forum, which will be held at the Hong Kong Institute of Education from 14-16 January 2011. 
 
 A message of appreciation from Prof. Jansen will be read by Prof. Fazal Rizvi, Programme Convenor of the WUF 2011 during the award ceremony.


Media Release
10 January 2011
Issued by: Lacea Loader
Director: Strategic Communication (actg)
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: news@ufs.ac.za

 

 

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