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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

Intervarsity get-together in Potch
2005-07-26

The largest and most enjoyable Kovsie get-together of all times will be held in Potchefstroom on 12 August. Kovsies from everywhere will attend the Kovsie Intervarsity Reunion in Potchefstroom so that everybody can know, once and for all, that the UFS’s Shimlas are better than the PUKKE. The reunion will be held at the Clubhouse of the Potchefstroon Town Rugby Club at Olien Park at 18:30 on Friday 12 August (and for those with real stamina the whole weekend long).

The cost of R65 per person includes a delicious barbecued meal. A cash bar will also be available. Most of the other old Kovsies you would like to see again will be there, so do not miss out on this event!
There is also a camping site for caravans and tents are available on the site for those who wish to watch sports events and visit the whole weekend long.  Please feel free to contact Anton Mostert at 082 467 1702 to reserve accommodation.

To book your place, contact Jeannette Boshoff-Jansen at 051-401-3594.

Make sure that you do not miss the Kovsie get-together of the year!!!
 

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