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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

SRC drawing deeply from the African continent’s well of wisdom
2013-06-01

 

Some of the SRC members who are visiting Rwanda, Uganda and Kenya. From left are: Tshepang Lenka, Johan Steyn, Thabiso Molawude, William Clayton, Sibongile Mlotya, Tshepo Moli and Pieter Coetzee.
Photo: Thabo Kessah
14 June 2013

The student representative councils (SRC) from the Bloemfontein and Qwaqwa Campuses are currently visiting Rwanda, Uganda and Kenya as part of the university’s Global Leadership Programme (GLP). The student leaders left on 9 June 2013 for a two-week trip to these countries, meeting with NGO’s, businesses and political leaders to gain insight and leadership skills. Their trip will also include a visit to the Kigali and the Nyamata Genocide Museums.

The University of the Free State has a long history of mentoring and fostering student leadership through international partnerships.The GLP was established in 2011 by Prof Jonathan Jansen, Vice-Chancellor and Rector. The programme identifies the need for dynamic and innovative leadership in a country faced with many challenges.

During 2011 the SRC had the opportunity to tour the United States, but this year’s aim shifted to partnering with African Institutions. The focus is currently on the African continent and the lessons that can be learned from each of these countries. During the students’ visit to Rwanda – where they will spend six days – they will pay special attention to elements of leadership and reconciliation. This theme ties closely into the process of transformation and reconciliation at the Bloemfontein Campus.

The SRC has a travel-blog where they constantly post information, facts and their experiences during their visit to these African countries. They are set to return on Sunday 23 June 2013.

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