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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

Students excel at National Championships for the Physically Disabled
2013-04-07

 

South African record-holder Danie Breitenbach (left) running with his guide at the 2013 Nedbank National Championships for the Physically Disabled.
Photo: Hetsie Veitch
10 April 2013

Six gold, one silver and two bronze medals. That is the number of medals students of the University of the Free State won at the 2013 Nedbank National Championships for the Physically Disabled, held in Pretoria. 

Louzanne Coetzee, Danie Breitenbach, Juanré Jenkinson and Diederich Kleynhans held the Kovsie flag high, winning medals in track and field events. Louzanne and Danie, both visually-impaired students, each won three gold medals, with Danie setting two new South African track records. Danie, who took part in the T11/F11 sports class for visually-impaired, totally blind athletes, set records in the 800 and 1 500 metre track events. This first-year BA student, who runs with a guide and has to wear a blindfold when running, also won a gold medal in the 400-metre track event. 
 
Louzanne also took part in the T11/F11 sports class and won gold medals in the 800-, 1 500- and 5 000-metre events. With her winning time of 2 minutes and 53,8 seconds in the 800 metres, Louzanne, a second-year BA Corporate and Marketing Communication student, reached the qualifying standard for international participation. She may be considered for a national team that will compete internationally. 
 
Diederich and Juanré took part in the F37 and F38 sports class for physically-impaired athletes and won medals in the field events. Juanré, a fourth-year Education student, and Diederich, a master’s degree Theology student, won bronze and silver medals in shotput. Diederich also won a bronze medal in discus. 
 
Also taking part in the national championships, were Sidwell Monyane, a final-year B Public Management (Human Resource Management) student. Sidwell was part of the Free State Boccia team. Boccia is a target-ball sport for athletes with disabilities, which has a major impact on motor skills.

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