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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

University recognised as leading Higher Education Institution for students with disabilities
2013-12-05

The University of the Free State has been lauded for creating an inclusive environment for persons with disabilities, winning the 2013 National Disability Higher Education Institution Award. The award was presented at the National Disabilities Awards held in Port Elizabeth as part of the celebrations for International Day of People with Disabilities.

The Deputy Minister for Women, Children and People with Disabilities, Hendrietta Ipeleng Bogopane-Zulu, commended the university during the event for standing out among South African institutes of higher education. She told the audience the award gives recognition to institutions that demonstrate, through their strategy and policy, the provision of an inclusive environment for persons with disabilities. This is done through the use of technology and accessibility at their premises.

It's not the first time the university received praise from the deputy minister. In 2012 she visited the Bloemfontein Campus as part of a nation-wide roadshow to assess disability compliance and support services at all universities and FET colleges. Impressed with the work of the Unit for Students with Disabilities (USD), she recommended that staff from various higher education institutions visit the campus to gain insight into what they are doing.

Receiving the award on behalf of the university, Hetsie Veitch, Director of the USD, says the award recognises the commitment of the university’s senior leadership, who support the USD in creating a learning environment that is welcoming and accessible to all students.

Rudi Buys, Dean of Student Affairs, says the university is appreciative of what the USD does and says the award is a great achievement for a unit that only started functioning on its own three years ago. “The role of our support unit for Students with Disabilities has since 2010 grown to hold not only a prominent place in our institutional reflection on and implementation of approaches of universal access, but also to stand as leading department in building and bearing witness to the commitment of the UFS to values of universal access.”

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