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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

Dean of the Faculty of Law delivers farewell lecture
2013-12-04

Prof Johan Henning, Dean of the Faculty of Law at the University of the Free State (UFS), delivered his farewell lecture during an event attended by distinguished guests from law circles in Bloemfontein, staff from the faculty, as well as family and friends.

The topic of his farewell lecture was: From leonine to universal partnerships. This theme was also the focus of his inaugural lecture and his later research. “It was a privilege to have been part of the development of universal partnership law,” Prof Henning said.

During the event, Prof Henning was honoured by colleagues, as well as members of the law profession, for his contribution to the academy. Prof Jonathan Jansen, Vice-Chancellor and Rector of the UFS, thanked Prof Henning for his part in preparing a new generation of academics for the future.

Prof Elizabeth Snyman-Van Deventer from the Department of Mercantile Law, described Prof Henning as someone with an excellent knowledge of history, especially with regard to the Anglo-Boer War and the World Wars. “He is also one of only a few academics of which four postgraduate students became professors. He has lots of empathy with other people and, despite his long list of academic achievements, he is a very humble man. Two of his outstanding characteristics are his humanity and his modesty,” said Prof Snyman-Van Deventer.

Judge Faan Hancke, former chairperson of the UFS Council and Judge of the Supreme Court, said Prof Henning is a multi-faceted person. “He is an incredible academic who has published widely and is the author of several textbooks. He is also editor of a number of journals and serves on the editorial board of several publications. I have great admiration for his academic excellence and his absolute knowledge of partnership law. He is the best in South Africa and is also highly regarded internationally in this aspect of the law (he was, among others, director of the Centre for Comparative Partnership and Company Law at the Institute of Advanced Legal Studies of the University of London). He is the ideal academic, who has achieved the highest rating in his specialist field of Mercantile Law in South Africa, namely a B1 received in 2012, and he is an excellent dean,” Judge Hancke said.

Prof Henning has a long association with the UFS. In 1968 he reported as a first-year student. Later, in 1974, he was appointed in the Department of Mercantile Law on a temporary basis. In 1998 he was appointed as Dean of the Faculty of Law. Some of the highlights in his career include his appointment as African representative of CIDOEC, Jesus College, Cambridge, and becoming the first South African being awarded an honorary fellowship to the Society of Advanced Legal Studies in Brittain, as well as the American Order of the Coif.

Prof Henning will continue his partnership with the university in 2014, acting as dean and continuing his research.

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