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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

Kovsie Alumni honoured
2011-09-05

 

Kovsie Cum Laude winner Maurice Carpede shows his award. With him is Naude de Klerk(left), Kovsie Alumni Chairperson. 
Photo: Foto 24

Dr John Purchase, Chief Executive of the Agricultural Chamber of Commerce, was honoured as Kovsie Alumnus of the Year by the University of the Free State (UFS) during the annual Kovsie Alumni Awards Dinner on 2 September 2011. Dr Purchase and four other former Kovsies were honoured for exceptional achievements and contributions made to the UFS at this glittering event.

The well-known columnist Mr Willem Theron who writes columns for Beeld and Volksblad, was honoured with the Kovsie Ambassador Award. Another well-known Kovsie, the radio and television personality Mr Maurice Carpede was honoured with the Kovsie Cum Laude Award. Carpede shares this award with Mr Koert Pretorius, Chief Executive of Mediclinic South Africa, they received the award jointly. Mr Arie van der Bijl, retired Financial Director of the UFS, was honoured with the Alumnus Award for exceptional service delivered to the UFS.
 
Dr Purchase, who was unable to attend the award ceremony, expressed his appreciation in a pre-recorded message. He said that Kovsies taught him how to be a leader. Theron, a marketer for the Kovsie Alumni Trust who received the Centenary Medal from the UFS in 2004, said in his acknowledgement speech that he feels humbled by this award. He said Kovsies became both his home and his family.
 
Both Carpede and Pretorius mentioned the impact Kovsies had on their lives. Carpede said he became a Kovsie in the years of transition, a time when words like “whites only” were printed on some doors, but despite all of that, he learnt that not all whites were bad. Pretorius, who was honoured for his contribution to private healthcare in the country, said that Kovsies were the key that unlocked several doors for him.  

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