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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

Kovsie tennis team wins gold at nationals
2012-12-12

 
Members of Kovsies winning tennis team.
13 December 2012

For the sixth time in a row, the tennis team of the University of the Free State won gold at the tennis championships of the University Sports South Africa (USSA) tournament. The tournament was held from Monday 3 December 2012 until Friday 7 December 2012 at the University of Pretoria, where 21 teams from 20 tertiary academic institutions participated.

The team participated in a round robin during the first three days where they beat the University of KwaZulu-Natal, the University of Johannesburg, the Nelson Mandela Metropolitan University and North-West University (Potchefstroom Campus). On Thursday, the team played in the semi-finals against the University of Pretoria and won the tiebreak 8-2. Friday’s final was against the Stellenbosch University and after eight singles matches, Kovsies was already 8-0 up. There was thus no need to play the doubles and mixed matches.

After the USSA tournament, four Kovsie players were included in a training group to take part in training camps, tournaments and trials in preparation for the World Student Games (Universiade) in Russia in 2013. These four students are Duke Munro, Christi Potgieter, Elizna Barnard and Hendri Steyn. The coach and team manager of the Kovsie team, Marnus Kleinhans and Janine de Kock, were also appointed coach and manager of the South African Student team for the World Student Games.

At the Annual General Meeting of USSA Tennis, Janine de Kock was re-elected as chairperson and Marnus Kleinhans as technical advisor. The captain of Kovsies, Christi Potgieter was also selected as vice-chairperson.

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