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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

Postgraduates’ new Kovsies home
2013-05-10

 
Some of the guests attending the launch, included from left: Prof Driekie Hay, Vice-Rector: Academic, Dr Henriette van den Berg, Director: Postgraduate School and Prof Corli Witthuhn, Vice-Rector: Research.
10 May 2013
Photo: Johan Roux

Postgraduate students and their academic 'parents' at the University of the Free State (UFS) now have a dedicated physical, emotional and electronic space to provide for their specialised needs in order to further promote research excellence at the UFS.

The university's Postgraduate School was launched in May 2011, but ventured further in the quest to fulfil and expand its mandate with new initiatives. These different aspects of the school were launched on Wednesday 8 May 2013 in the CR Swart Auditorium on the Bloemfontein Campus. The postgraduate strategy, postgraduate prospectus, the website and the headquarters of the Postgraduate School in the Johannes Brill Building were all unveiled and launched.

Prof Driekie Hay, Vice-Rector: Academic, who was a major driving force behind the formation of the Postgraduate School, during her address at the opening emphasised the multifaceted and unique relationships which often exist between students and supervisors.

Prof Hay, who has a distinguished academic background in postgraduate teaching, made plain her expectations for the Postgraduate School. She said it aims to "create an intellectual space for postgraduate students and supervisors" in order to produce world-class intellectuals at this university.

She said the school will empower both students who often don't know what to expect from supervision, as well as supervisors who often lack supervision skills. Through this it will be possible to create healthy, productive relationships between the distinct pairs in often misunderstood, unbalanced and intricate interactions.

Dr Henriette van den Berg, Director of the Postgraduate School, introduced the strategic plan of the school and emphasised the great strides that have already been made and what still needs to be done at the UFS in terms of postgraduate teaching. According to her, the Postgraduate School aims towards "holistic development of postgraduate students with transferable skills," through a multi-level and institution-wide approach at the university.

"Our aim is to develop a one-step service for postgraduate students, involving all the different stakeholders," she said.

The new Postgraduate School website was also showcased during the event. Reachable through a number of avenues on the main website, the site offers a digital version of the Johannes Brill Building. Brimming with features catering specifically for local, international, current and prospective students, the website provides crucial information.

The Johannes Brill Building's refurbished interior, with staff offices, seminar rooms and social spaces, were also showcased to UFS' staff and students. The initial phase of the Supervisors' Wall of Fame was also unveiled. According to Dr van den Berg , the wall will after completion bestow much-deserved praise on a hand-picked group of 60 supervisors who have respectively been responsible for more than 300 and more than 500 successful PhD and master's candidates over the past decade.

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