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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

Read a book SA encourages South Africans to read one book a month
2012-09-20

Campus Principal Dr Elias Malete on the left and Tebogo Ditshego's. With them are Betsy Eister, UFS Director: Library and Information Services and Mathene Mahanke from the Department of Sport, Arts, Culture and Recreation.
20 September 2012

'Read a book SA's" objective is to bring reading into the everyday lives of South Africans. Speaking at Writers’ Day on the Qwaqwa Campus of the University of the Free State last Thursday, Ditshego said reading was essential. “Of all the skills that anyone can ever have, reading is the most fundamental of them all. It improves one's attention, confidence and discipline, amongst others.”

Ditshego asked why South Africa is presently faced with a 25,2% unemployment rate compared to Germany's 6-8%, despite South Africa having more and better natural resources. The answer, according to him, rests with lack of knowledge and critical skills in South Africans.

“Out of 144 countries, South Africa is ranked 133th in as far as the delivery of quality education is concerned. The reason for this is that South Africans lack knowledge, as they do not read enough. Most South Africans read for information, which is different from knowledge,” Ditshego argued.

In his welcoming remarks, Campus Principal Dr Elias Malete challenged authors to continue reminding society of their responsibilities.

“It is also your duty and responsibility to teach diplomacy lessons, to teach about effective leadership that is accountable, fair and transparent,” said Dr Malete.

Amongst the established authors who shared their wisdom with budding writers was Dr KPD Maphalla, a Sesotho literature guru and custodian of Sesotho language and culture. UFS students and learners from Sekgutlong and Tiisetsang secondary schools had the opportunity to showcase their writing skills. They also received expert advice on manuscript development and publishing from Mathene Mahanke from the Free State's Department of Sport, Arts, Culture and Recreation.

The annual Writers' Day is a joint venture of the Campus Principal and the Library and Information Services (LIS).

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