Latest News Archive

Please select Category, Year, and then Month to display items
Previous Archive
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

Colloquium focuses on rural education
2012-10-10

Some of the international delegates during the second annual colloquium on rural education recently held at the Qwaqwa Campus.
10 October 2012

 The second edition of the Sustainable Rural Learning Ecologies (SuRLEc) Colloquium was held at the University of the Free State's Qwaqwa Campus this week. This three-day international event provided the Faculty of Education's postgraduate students with a platform to present their research and to learn from experienced researchers from all over the world.

In his opening address, the Faculty's Programme Head, Dr Dipane Hlalele, challenged all delegates to translate their research into achievable goals to address all the challenges facing rural education.

"Excellence in teaching and learning in a rural context remains a challenge for all sectors and levels of the education endeavour," Dr Hlalele said.

"Urban and metropolitan schools, colleges and universities may unintentionally structure their learning programmes in such a manner that they neglect rural attributes. This results in the marginalising of learners and students from rural environments. To complete the loop, these institutions are more likely to fail in preparing graduates for decisive contributions to sustainable rural learning ecologies," Dr Hlalele added.

The colloquium was officially opened by the Vice-Rector: External Relations, Dr Choice Makhetha, who highlighted the fact that the UFS was already doing its bit in levelling the learning playfields in higher education.

"We are aware that many of our students who come from disadvantaged backgrounds find it hard to cope at university. As a result, we are not waiting for them to come through to us. We are already in partnership with a number of schools where we help learners to improve their results," Dr Makhetha said.

The crucial role played by rural teachers was celebrated during a gala dinner to honour and acknowledge their efforts despite a myriad of daily challenges.

Ms Jabulile Mabaso (The Mills Primary Farm School) was honoured for 'Excellence in multi-grade teaching in Foundation and Intermediate phases'. Ms Rekha Mathew (Sibonakaliso Primary Farm School) and Mr Andries Motsoere (Tshebedisano Primary Farm School) were awarded for 'Excellence in managing multi-grade curriculum'.

The 2012 SuRLEc Honorary Award went to Ms Motshedisi Damane for her valuable contribution to the development of rural education in the Thabo Mofutsanyana Education District. Last year's recipient was the Dean of the Faculty of Education, Professor Dennis Francis.

Delegates and keynote speakers came from Thailand, Malaysia, the Unites States of America as well as the SADC countries of Botswana, Zimbabwe and Lesotho. South Africa was represented by the Universities of the North-West, Limpopo, KwaZulu-Natal and CUT, amongst others.

 

We use cookies to make interactions with our websites and services easy and meaningful. To better understand how they are used, read more about the UFS cookie policy. By continuing to use this site you are giving us your consent to do this.

Accept