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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 facility helps with better clinical training
2012-09-06

 
The new Authentic Learning Space at the School of Nursing allows students to practice very important skills in their state-of-the-art patient simulation rooms.
Photo: Supplied.
4 September 2012

When you visit the School of Nursing at the Bloemfontein Campus of the University of the Free State (UFS), you will be alarmed by all the casualties and patients being treated here daily.

There are patients with serious penetration wounds, as well as open and laceration wounds which could be fatal if not attended to urgently.

In one ward a child is being treated for breathing difficulties and in the emergency ward a patient who suffered a heart attack has just been rushed in.

At the end of the session students pack up their textbooks and the ‘patients’ are re-programmed and prepared for the next group of nursing students to practice their clinical skills.

The School of Nursing recently had the official opening for their Authentic Learning Space where they showcased their state-of-the-art patient simulation rooms.

In each of the many examining rooms as well as in the high-care rooms there are simulation mannequins that can be programmed for certain medical conditions or for medical emergencies.

Speaking at the opening of the Authentic Learning Space, Prof. Driekie Hay, Vice-Rector: Academic, said universities are often accused of not preparing students adequately for their careers.

“We know students learn better by interaction. With access to authentic learning spaces, students are able to gain a deeper sense of a discipline and they can begin to grasp the unwritten knowledge of practice that is often used on a daily basis.”

 

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