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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

"Learning more about ourselves, our group and the world at large..."
2011-09-28

 

For the latest news from our students abroad, you can follow us on twitter and join us on facebook.

Photo gallery

A group of 98 first-year students from our university departed from the Bloemfontein Campus’s International Offices to the OR Tambo International Airport on Thursday 22 September 2011. From there, they will be flying to New York, USA, via Dubai. Shortly after their arrival in New York, they will be welcomed by Dr Anthony Marx, the president of the NYPL.

The programme, a first in South Africa, kicked off in 2010 with 71 students visiting the USA.

The programme gives students intense exposure to the academic, social, cultural and residential lives of students abroad. A total of 150 UFS students are now part of the programme. The rest of the group of 2011 will leave for universities in Europe and Asia in January 2012.
 

Facebook and twitter comments from our students (unedited):

Thabiso Mike Letselebe (27/09/2011)
"having fun flyin to cleveland"

Eddie Bob DeWet (27/09/2011)
"‎...The city that NEVER sleeps NYC- no jokes!!!"

Marco D. Smit (27/09/2011)
"The group travelling to Minnesota University... We are having a great time, learning more about ourselves, our group and the world at large. Thank you for the grate opportunity!"

Vusi Mesatywa (27/09/2011)
"by Sherilyn Roelofse - Apart from the amazing beauty of the JMU campus (Harrisonburg, Virginia), I am taking in so much! It is amazing to see how everything functions here. I am astounded by the way the food system of the university works - it's so organised! I also love how there is always something happening on campus. For example, tonight we attended a session hosted by the Harrisonburg Fire Department and we had to move through a smoke filled room. drag a deadweight-dummy, and put out a fire. And yes, we have discovered that the American campus life is pretty much exactly what it looks like on movies! ;)"

Cecile Boshoff (26/09/2011)
"Appalacian State University is the best place ever!!!! We are all in love with this place!"
 

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