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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

Learners to benefit from UFS Partnership for academic excellence
2013-02-21

 

Thokoana Makaota learners listening attentively during the launch of the partnership with the UFS.
Photo: Thabo Kessah
21 February 2013

The university’s quest for academic excellence in the education system paved the way for the Faculty of Education on the Qwaqwa Campus to enter into a mutually beneficial partnership with a local school, Thokoana Makaota Secondary.

This recently launched partnership will enable learners who are currently in grades 10-12 to attend supplementary classes on the campus.

“The aim of this partnership is to expose learners from the school to adequate tuition in subjects that are generally perceived as difficult. We want them to gain as much confidence as possible when tackling these subjects, therefore they will be using our well-equipped laboratories and classes”, said Dr Lekhooe Letsie, the Programme Coordinator.

“We will also benefit from this as our own final-year education students will act as tutors. This will help them gain confidence before they venture into the real job market next year,” Dr Letsie said.

Dr Letsie also revealed that the student-teachers will be closely monitored by their mentors to ensure maximum success.

The school’s Deputy Principal and UFS alumnus, Serame Sello, said that the school felt humbled by this gesture from the UFS.

“We are confident that this working relationship will yield very positive results for the school and enable us to improve on the 84% pass rate obtained in 2012,” Sello said.

“We did not do so well in the subjects that will be covered here. For instance, we obtained 43% and 61% in Physical Science and Mathematics respectively, but with this partnership we hope for improved results this year,” said Sello.

Other subjects to be covered include Geography, Life Sciences, Economics, and Accounting. The different grades will commute to and from campus on different afternoons.

 

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