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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 medical students reach out to the community
2011-04-16

 

The smiles on the children at Beyang Bana Pele Creche in Mangaung were blindingly bright, after their new classrooms and playground were unveiled on Friday 15 April. The creche was renovated by a group of third-year medical students from the UFS.
Photo: Earl Coetzee

A group of third-year medical students from the University of the Free State was responsible for many smiling little faces when they unveiled a entirely renovated crèche to its little students on Friday, 15 April.

Reinhardt Erasmus, Fathima Vawda, Veneshree Govender, Antoi Roets, Riaan Calitz, Motlalepula Mabizela, Tertius Potgieter and Chanel van der Westhuizen were the students responsible for the massive renovation work that went into the Beyang Bana Pele Creché in Mangaung.

The students tackled the project as part of a community service project and ensured that the 30 children who attend the crèche can look forward to coming to a safe healthy environment every day.

According to Riaan Calitz, they started the project at the beginning of the year by doing a needs analysis and talking to the children’s parents and teachers. They also involved the aid of an architect and quantity surveyor to calculate the needs of the crèche.

Next, they had to search for sponsors for their work, and struck it lucky when the Windmill Casino agreed to donate R100 000 to their project. They also managed to raise a further R5 000 as well as approximately R50 000 in goods and services donated by various other companies.

This money was enough to improve the safety at the crèche, install safe gas equipment in the kitchen, improve the insulation to ensure a warm winter, install new playground equipment and host several health and safety workshops.

“It took a lot of late nights and early mornings,” Calitz said. “Some of us also had to return from our holiday early, but it was worth it.”

He says the gratitude from the school’s children and teachers, as well as community members, who would stop and thank them for their help while they were busy working, makes it all worthwhile.

The students plan to stay involved with the crèche and say the renovation plan was drafted in such a way that when they move along, another group can simply pick up from their work with ease.

Mrs Sarah Mothoana, the crèche matron, thanked the students as well as everyone who assisted them in “creating a wonderful, safe and healthy environment for the children.”
 

 

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