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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

Minister Jeff Radebe commends UFS for measures taken to address racial prejudices
2013-10-21

 

18 October 2013


  Photo Gallery
Minister Jeff Radebe lecture: YouTube video

Mr Jeff Radebe, Minister of Justice and Constitutional Development, last night delivered a lecture in the Prestige series of the Dean: Faculty of Law, at the Bloemfontein Campus of the University of the Free State (UFS).

In a packed hall with, among others, university students, staff and members of the judicial system, Minister Radebe said that many other academic institutions should look to the UFS when they deal with the challenges of racism in its various manifestations in their midst. “I commend the university for taking drastic measures to address the challenges of racial prejudices in its own backyard,” he said.

“Government can and must provide leadership, but it is the collective efforts of all our people that will ensure that we bridge the racial and historical divides that stand in contrast to our noble virtues as entailed in the Constitution,” the Minister said.

On the topic “Access to Justice” the Minister said that the Department of Justice and Constitutional Development has channelled more than 80% of its nearly R16 billion budget to the Access to Justice programme.

Minister Radebe talked about the reintroduction of the Sexual Offences Courts, which attests to the unrelenting resolve to eliminate the scourge of gender-based violence. “Fifty-seven of the department’s Regional Courts are being upgraded to operate as dedicated Sexual Offences courts during the 2013/2014 financial year. We believe that these sexual offences courts will help address the growing challenge of sexual offences in the country, particularly against vulnerable groups.”

The Minister also pleaded with law teachers to avail themselves to preside in the courts in our country to complement the decreasing number of presiding officers that are drawn from the attorneys’ and advocates’ profession. These services are normally rendered by the Commissioners pro bono as part of an endeavour to bring justice to all the people, including the poor.

A challenge that the UFS could help resolve,is the transformation of the legal profession. “We need to increase the number of Law students and in turn increase the number of attorneys and advocates in the pool from which we derive candidate judges,” Mr Radebe said.

The Legal Practice Bill and the transformation of the State Legal Service are the most important initiatives underway by which the Institutions of Higher Learning will make a contribution. “The Bill seeks to establish a single regulatory structure, which will be responsible for setting the norms and standards for all legal practitioners. Members of the public, as primary beneficiaries of the legal profession, will also be represented in this structure. Other important objectives of the Bill are the removal of barriers of entry to the profession for young law graduates who aspire to pursue a legal career, and the introduction of measures aimed at ensuring that fees chargeable for legal services are reasonable and within reach of ordinary citizens,” he said.

The Minister concluded: “Our courts must reflect both the race and gender demographics of our country and so must the university communities in their various capacities as a microcosm of the society we seek to build.”

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