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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 staff and students clean campus together
2011-09-02

 

Kovsies are not black or white, we are green, says Prof. Jonathan Jansen, our Vice-Chancellor and Rector. Here are some of the students and staff who helped to pick up garbage on our Bloemfontein Campus.
Photo: Leonie Bolleurs

A group consisting of students, staff and members of the management team of the University of the Free State (UFS) proved that they are not only talking about sustainability and the importance of keeping the campus clean, but they actually put their words to action by taking up a garbage bag and helping to pick up garbage.

According to Ms Martie Bitzer, Head of the Sustainability Committee of the UFS, the UFS followed the lead of higher education throughout the world by joining the movement for sustainability and took the plunge in addressing sustainability issues with both short- and long-term planning. One of the short-term plans is to make staff and students aware of the importance of a “green” lifestyle. This week’s activities, including the picking up of garbage and planting a tree on the Bloemfontein Campus of the UFS, is the result thereof.

Prof. Jonathan Jansen, Vice-Chancellor and Rector of the UFS, who also helped to pick up garbage, told the group of staff and students that many universities around the world are implementing sustainability initiatives and are keeping their campuses clean, because they care for the environment. He thanked the group for their contribution to this process.

“By cleaning up around us, we show respect towards ourselves and towards our campus,” said Prof. Jansen.

To encourage students to keep the campus clean, Student Affairs at the UFS will launch a competition to see which residence can pick up the most garbage on 8 September 2011. A Clean Thakaneng Bridge Campaign will also be launched later on.
 

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