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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

Planetarium now open to the public
2013-11-27

The Naval Hill Planetarium

The Naval Hill Planetarium, the first digital planetarium in sub-Saharan Africa, will now screen regular shows and is inviting members of the public to attend shows every Friday from 29 November 2013.

This planetarium was inaugurated on Friday 1 November 2013 and the response has been overwhelming.

Prof Matie Hoffmann from the Department of Physics at the University of the Free State, says the public and visitors in Bloemfontein are very eager to visit the planetarium to learn more about the night sky.

The highly-rated full dome show, Space Junk, will be screened on Friday 29 November 2013 and Friday 6 December 2013 at the Naval Hill Planetarium.

The Space Junk show at the planetarium collides head-on with Gravity, the blockbuster science-fiction thriller and space drama that was on circuit in movie theatres in South Africa during the past few weeks!

In 2014 the planetarium will provide a regular public programme as from 13 January 2014.

In the meantime, people can book for programmes on Friday evenings at 19:00 until Friday 13 December. Group appointments can also be made by special arrangement.

For more information please contact Yolandie Loots at ficky@ufs.ac.za for more information.

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