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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

Nutrition congress to be held at the UFS
2012-09-21

About 1 000 experts, researchers, nutritionists and policy makers in nutrition and feeding from all over Africa and some abroad will gather at the University of the Free State for the Nutrition Congress Africa 2012.

This congress will take place at the Bloemfontein Campus from 1 to 4 October 2012 where various national and international experts will deliver presentations on the latest research and developments on nutrition and dietetics in Africa.

The Nutrition Congress Africa 2012 is a joint scientific meeting of the 24th congress of the Nutrition Society of South Africa, the 12th congress of the Association for Dietetics in South Africa and the 5th African Nutrition Epidemiology Congress .

The theme for the congress is “Transforming the Nutrition Landscape in Africa” and it motivates nutrition experts and scientists to take action and apply knowledge and skills to improve nutrition in Africa.

Plenary, as well as five parallel sessions will be presented over four days,  covering  topics which include amongst others addressing poverty and food insecurity, food regulatory and labelling issues, the food industry, HIV and nutrition, the sports nutrition industry, nutritional management of renal and GI-related diseases, food security, maternal and infant nutrition.

“We believe that working together as nutrition experts will strengthen professional networks and allow us to share expertise and exchange experiences to the benefit of all,” says Dr Ronette Lategan, chairperson of the Nutrition 2012 congress and lecturer at the UFS’ Department of Nutrition and Dietetics.

“Nutrition is a fast developing science and a wide spectrum of topics with the latest research and developments will be included in the programme.

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