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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

Applications for the Vice-Chancellor's Prestige Programme for 2013/2014 now open
2012-12-06

This highly prestigious programme, led by the Vice-Chancellor of the University of the Free State, seeks to identify, develop and promote the next cohort of the most promising and talented UFS academic members of staff who obtained a doctoral degree within the last five years. These are young scholars who have chosen academic careers and who are focused and determined to become senior academics in their respective disciplines.

Once identified, these scholars will be put through an intensive programme of academic and scholarship support that includes an advanced residential programme, exposure to leading scholars, intensive reading and writing programmes, high-level seminar participation and presentation, nuanced publication schedules and personal mentoring and advice.

The selection process is highly competitive, and aimed at those young scholars with the potential to obtain upper-level ratings (Y1 and P).  The selection criteria include the following:(1)

1. Recently obtained a PhD degree.
2. Evidence of an active publication record.
3. Early recognition of scholarly work, e.g. successful funding/grant applications and academic awards.
4. The early development of a post-doctoral intellectual project that shows evidence of scholarly “potential” (defined by the NRF Y-category).
5. Indication of the young scholar’s understanding of what their envisaged postdoctoral endeavours will contribute to the body of knowledge.
 
This period of support will run over a cycle of two years after which a new intake of next generation professors will be selected.
 
While this cohort will be selected for an intensive programme, ongoing development and support of all young scholars will continue. The selected scholars will reflect a balance of young academics from the humanities (broadly defined, including education, law, theology and the social sciences) and the natural sciences (broadly defined, including the agricultural and health sciences).
 
Call for Applications
This is a call for applications for the Vice-Chancellor’s Prestige Programme for 2013/2014. Candidates are invited to submit applications. No nomination is required, but deans and heads of department will also be asked to invite young scholars to apply.  Complete applications are due by Monday 21 January 2013. A full application will include the following documentation:

1. A complete curriculum vitae of the candidate.
2. A complete exercise of intent comprising the following:
2.1   Select two journal articles (copies of which to accompany the application) in the area you have identified for your intellectual focus post PhD. These articles have to be selected from journals of international standing in your field.
2.2   The articles need to be summarised (250 words each), and
2.3   Two questions have to be identified that you would want to pursue in relation to your intended project. 
2.4   This is followed by a brief, critical summary of a hundred lines maximum to indicate how these articles inform, integrate or provoke your planned future research.

Submission and contact address
A paper copy of the application must be submitted to the Vice-Chancellor’s secretary, Ms Melissa Coetzee, in the Main Building by 16:00 on Monday 21 January 2013 and an electronic copy of your entire application to the administrative assistant, Mr Albert Nell:nella@ufs.ac.za. You will be contacted to acknowledge receipt. Candidates will be informed of the outcome in February. Further information on the Vice-Chancellor’s Prestige Scholar Programme can be directed at any of the following co-directors (in alphabetical order):

Prof Jackie du Toit, Prof Neil Roos, Prof Aldo Stroebel or Prof Corli Witthuhn.
 
[1] The VC reserves the right to nominate young scholars to the programme and also to invite scholars to a panel interview to evaluate personal qualities, professional commitment and academic ambition.

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