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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

Memorial lecture: Repositioning of the Free State Provincial Government
2005-08-29

The repositioning of the Free State Provincial Government to respond to the 21st century demands is the topic of the University of the Free State’s (UFS) JN Boshoff Memorial Lecture that takes place on campus next week.

The lecture will be delivered by Dr Charles Nwaila, Director-General of the Free State Provincial Government and Vice-Chairperson of the UFS Council and will take place on Thursday 8 September 2005 at 18:00 in the CR Swart Auditorium on campus.

The title of the lecture is Free State Government repositioning itself to respond to the 21st century demands with special focus on the human capital edge.

Dr Nwaila obtained his BA in 1984 at the University of the North, his BA Honors (English) in 1987 at Wits University, his MA (English) in 1990 at Durham University (UK) and D Litt (English) in 1997 from the University of Pretoria.  

Dr Nwaila is also Chairperson of the Forum of Heads of Departments, Governance and Administration and Secretary of the Executive Council.

Previously, Dr Nwaila was the Superintendent-General of the Free State Department of Education from 2002 to February 2005. Dr Nwaila also served in government as Chief Director in the Gauteng Department of Education. Dr Nwaila is highly experienced and his career includes serving as a headmaster in rural and urban schools, lecturer at the Soweto College of Education, and supervisor at ABET centres.

Enquiries can be directed to Ms Joan Nel at (051) 401-9301.

Media release

Issued by:  Lacea Loader
   Media Representative
   Tel:  (051) 401-2584
   Cell:  083 645 2454
   E-mail:  loaderl.stg@mail.uovs.ac.za

29 August 2005

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