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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 talks directly to South African ambassador to Japan
2011-03-16

Direct conversation between the UFS and the South African ambassador to Japan
Photo: Gerda-Marie Viviers

During a direct conversation with the South African ambassador to Japan, Mr Gert Grobler, today, the University of the Free State (UFS) expressed its compassion and solidarity with the people of Japan. The university also stated that it intended to support the country and its citizens in various ways.

This came after Japan was plunged into chaos the past week as a result of various earthquakes and consequential disasters. Mr Grobler, who participated in the conversation via Skype from Tokyo, welcomed this talk initiative initiated by Mr Rudi Buys, Dean: Student Affairs, and the Interim Student Committee (ISC). The talks formed part of a series of initiatives launched by students to promote solidarity with Japan, and which includes fund-raising projects and awareness campaigns.

Mr Grobler expressed his appreciation for the initiative: “The initiative by the UFS is greatly appreciated, and I shall do anything to promote partnerships between the UFS and Japan, particularly in collaboration with the ambassador for Japan in South Africa. The solidarity project is essential, because this is the worst crisis Japan has ever experienced in its history.”

In solidarity with Japan, the Student Committee envisages a mass march on Thursday, 17 March 2011 by means of which students will declare their unanimity with Japan and their support of human rights.

Prof. Jonathan Jansen, UFS Vice-Chancellor and Rector, also promised to send a message of support directly to the Japanese embassy in Pretoria, as well as extending a hand of support to Japanese universities in order to become part of discussions on how to render assistance, while making plans for students to visit the respective countries and share their experiences first-hand.

Mr Buys informed the ambassador that the university would support the rescue teams, which are departing for Japan in response to a request by Mr Grobler, by means of manpower.  In response to this, Mr Grobler, a Kovsie alumnus, welcomed this token of compassion and offer of assistance. “I am excited to see that South Africa cares so much for Japan.”
 

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

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