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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

Ms Oprah Winfrey to receive an honorary doctorate in Education from our university
2011-06-10

 

Ms Oprah Winfrey

Invitation to the public (PDF document)
Invitation to UFS staff and students (PDF document)
Media accreditation (PDF document)
Street closures on 23 and 24 June 2011 (Bloemfontein Campus)
Map from the Bloemfontein Airport to the UFS (PDF document)
Map of the UFS (PDF document)


For more information, please contact:

Tel: 051 401 3000
E-mail: info@ufs.ac.za

Staff and students from our Qwaqwa Campus, please contact:
Dr Elias Malete's office
 


Our university will be awarding an honorary doctorate in Education to the global media icon, philanthropist and public educator, Ms Oprah Winfrey, on its Bloemfontein Campus on Friday, 24 June 2011.

Both the Council and Senate of our university gave strong support to awarding the honorary doctorate to Ms Winfrey.

By awarding the honorary doctorate, we want to recognise Ms Winfrey’s accomplishments and unparalleled work as a global media leader, as well as a philanthropist with vision and foresight in the field of education and development.

“It is a great privilege for us to be the first South African university to honour Ms Winfrey in this way and to be able to recognise a global icon of her stature,” says Prof. Jonathan Jansen, Vice-Chancellor and Rector of our university.

Ms Winfrey already holds honorary doctorates from Princeton University as well as Duke University in the United States, among others.

Reaching millions of viewers in more than 150 countries with her award-winning programme, “The Oprah Winfrey Show,” she has brought genuine change into the lives of ordinary people during its 25-year run.

Capitalising on the power of the media and her standing as a global icon, Ms Oprah Winfrey has brought a range of critical social and educational matters to the attention of her viewers. In 2000, she expanded her media reach through the successful creation of O, The Oprah Magazine, which then debuted in South Africa in 2002. Earlier this year, she extended her media influence through the launch of a US cable channel, OWN: Oprah Winfrey Network.

Her Book Club has had a dramatic and profound impact on the reading habits of America and those of people in other parts of the world, while her public charity, Oprah’s Angel Network, collected approximately $80 million over a period of twelve years in aid of building schools, women’s shelters and youth centres across the globe.

Through her private charity, The Oprah Winfrey Foundation, hundreds of grants have been awarded in support of empowering women, children and families, and The Oprah Winfrey Scholars Program, supports hundreds of university students, in the United States and elsewhere, who are committed to giving back and making a difference in their communities and country.

During a December 2000 visit to former president Nelson Mandela, Ms Winfrey pledged to build a school for girls in South Africa. This gift was to become the Oprah Winfrey Leadership Academy for Girls, which opened in 2007.

The Academy embodies her strong belief in the power of education to change the future. The Academy provides a unique educational opportunity to over 400 young girls, in Grades 7 through 12, from all over South Africa. These young women come from small rural towns and the big cities, but they share a common background in that they all come from poor families.

Ms Winfrey believes that the Academy can contribute to the development of a new generation of women leaders, deeply imbued with a sense of public service. The Academy stands as a beacon of hope in the educational landscape of this country.

More recently, Ms Winfrey has turned her attention to the failing public-school system in the United States and has brought the impact thereof on the lives of many people in America to the attention of the American public and policy-makers. Even more profoundly, she has highlighted how poor education entrenches poverty and social exclusion. In this sense, Ms Winfrey demonstrates the interconnection between education struggles in the USA and South Africa in powerful ways.

Both the Interim Director of our university’s International Institute for Studies in Race, Reconciliation and Social Justice, Mr John Samuel, and Prof. Jansen have worked for and with Ms Winfrey on matters of education at her school in Johannesburg, and in South Africa more broadly.

The South African public is invited to share in this occasion, and attend the award ceremony. A limited number of tickets will be available to the public from Wednesday, 15 June 2011 to Wednesday, 22 June 2011, and can be purchased from Computicket at an administrative cost of R10 a ticket.


Media Release

11 June 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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