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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

New SRC constitution for UFS main campus agreed upon by all organisations
2005-07-20

University of the Free State Fact Sheet

1. The Council of the University of the Free State (UFS) unanimously approved an amendment to the SRC constitution for the main campus to allow for the introduction of proportional representation (PR) alongside a first-past-the-post electoral system.

2. This decision was taken by the UFS Council on 10 June 2005 at the same meeting where it also approved the establishment of a Central SRC for the three campuses of the UFS.

3. The new main campus SRC constitution is the result of consensus reached during a lengthy negotiation process involving diverse student formations such as Sasco, the ANC Youth League, the Young Communist League, the ACDP, HEREXVII, KovsieAlliance, as well as the democratically elected SRC members of the main campus. Independent persons such as Mr Jack Klaas and Mr Kobus van Loggerenberg facilitated the negotiation process.

4. The consensus reached during this process, and the subsequent decision by Council, represent a major breakthrough for student governance and transformation of the UFS main campus and constitutes a legitimate basis for the democratic participation of all students at the UFS main campus in the governance of the university.

5. The introduction of the proportional representation system follows earlier calls by some student formations, notably Sasco and the ANC Youth League, for such a system to be introduced at the UFS main campus in Bloemfontein.

6. In terms of the amendments to the main campus SRC constitution, nine of the 18 SRC members are to elected by means of proportional representation and nine on the basis of an direct, first-past-the-post election.

7. The following portfolios of the main campus SRC will be contested by individual candidates on the basis of “first past the post”:
• president
• secretary
• academic affairs
• legal and constitutional affairs
• student development
• arts and culture
• men’s internal liaison
• ladies internal liaison
• media, marketing and liaison

8. The following nine portfolios will be contested by affiliated organizations on a proportional representation basis.
• two vice-presidents
• treasurer
• dialogue and associations
• transformation
• campus affairs and recreation
• sport
• international affairs
• community service

9. These two decisions regarding student governance represent a breakthrough in that, for the first time in many years, all SRC constitutional changes were processed and approved by the June meeting of the Council, well in time for the scheduled August SRC election; in addition, all relevant student organizations have been part of the process and all have accepted the outcome of the process.

20 July 2005
 

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