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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 a much safer place
2011-09-20

 
First-year students Chuma Nyiko (left) and Mabasa Teleni next to one of the red poles installed on our Bloemfontein Campus.
Photo: Amanda Tongha

Students and staff at our Bloemfontein Campus can feel even safer, with several initiatives being put in place to ensure their safety.

The stop-and-search actions of the recent past, which are being carried out at all the main gates of our Bloemfontein Campus, seem to be successful, since car theft has decreased on the campus. Mr Willie Frankim, Head of Protection Services, says the stop-and-search actions are carried out sporadically, but have a definite effect on crime at the campus. Mr Frankim says only one vehicle has been stolen in the past two months as opposed to the many more that have been stolen in the past.

The message that safety is viewed in a serious light reaches as far as our university’s parking areas and walkways, which are being patrolled by security staff. Mr Frankim says a security officer is placed in all the large parking areas, while other personnel are distributed across the entire campus, especially at key areas, such as at the library and student centre.

Our university also recently installed more than 30 red poles across the entire campus. Each of these red poles is fitted with a panic button by means of which help can be summoned. Should a student or staff member feel unsafe, all they have to do is press the button and cameras, which are installed in the vicinity, will focus on the pole and Protection Services will send assistance. Twenty five of these poles are already working and ten more still have to be activated.

Students and staff can also phone Protection Services on 051 401 2911 if they feel uncomfortable about their safety. They can use this number, for example, to ask a security officer to accompany them to their car.
 

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