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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

Badminton: Kovsies rule the national students championships
2006-04-11

Kovsies' badminton players again, as in the past few years, rule the national students championships currently being presented in Pretoria by TUT and UP.

 The men, Chris Dednam, Roelof Dednam, Wiaan Viljoen and Raymond Ronne, had no other serious competition and were left to each other's rivalry.  Especially Roelof Dednam performed excellent by surprisingly going through to the finals in beating Viljoen in the singles, and with Elaine Lues also Chris Dednam and Liansa Coetzee in the mixed doubles.

 In the absence of Annari Viljoen (injured) and Sone Strauss (retired), the less experienced girls, Liansa Coetzee and Lizl Janse van Rensburg, had to uphold the Kovsie name.  They performed excellent by taking third and fourth positions.

In the team competition which now takes place,  Kovsies should make a clean sweep.

It is a pity that, through financial restraints, Kovsies players will not in October strengthen the SASSU team to the world student championships in China.

Results of the individual championships:

Men's singles:  winner - Chris Dednam (UFS), runner-up - Roelof Dednam (UFS), third - Wiaan Viljoen (UFS), fourth - Raymond Ronne (UFS);

Men's doubles:  winners - Chris Dednam / Roelof Dednam (UFS), runners-up- Wiaan Viljoen / Raymond Ronne (UFS);

Women's singles:  winner - Kerry-Lee Harrington (KZN), runner-up - Christina English (TUT), third - Liansa Coetzee (UFS), fourth - Liezl Janse van Rensburg (UFS);

Women's doubles:  winners - Kerry-Lee Harrington (KZN) / Christina English (TUT), runners-up - Liansa Coetzee (UFS) / Maret Visser (NW), quarter-finals - Elaine Lues / Anel Vorster (UFS), Liezl Janse van Rensburg (UFS) / Sarah Rice (Wits);

Mixed doubles:  winners - Andre van Schalkwyk / Christina English (TUT), runners-up - Roelof Dednam / Elaine Lues (UFS), third - Chris Dednam / Liansa Coetzee (UFS), fourth - Wiaan Viljoen / Liezl Janse van Rensburg (UFS).

 

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