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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

Afrikaans place names were not only given by Afrikaner people, says professor.
2012-09-25

Prof. Peter Raper delivering his lecture on South African place names.
25 September 2012

 Prof. Peter Raper, honorary professor at the Department of Linguistics and Language Practice, delivered a public lecture in Clarens earlier this month. The theme of the lecture was “From Stone Age to GPS: The fourth edition of the South African Place Names Dictionary”.

Prof. Raper shared the historical development of the project as well as the challenges and other interesting observations associated with the topic. He elaborated on the dramatic change in the focus of his research on place names in South Africa.

It was previously assumed that all of the Afrikaans place names were given by the Afrikaner people and that changing these place names was consistent with the mandate of the South African Geographical Names Council (SAGNC) to transform place names. Prof. Raper said more in-depth research revealed that a significant number of place names are actually translations of original San names – into Afrikaans, Khoi and the Bantu languages. He told the audience that given the constitutional stipulation that no cultural group’s heritage may be removed, this discovery calls into the question the modus operandi of the SAGNC.

Prof. Raper’s lecture was part of the conference programme of the Third International MIDP IV Symposium that took place on the Qwaqwa campus. The MIDP (Multilingual Information Development Programme) is a project sponsored by the Province of Antwerp. The theme for this year’s symposium was “Multilingualism for Empowerment” and was presented in collaboration with the University of Antwerp.

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