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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

Two degrees in three years for former teacher
2013-12-17

Jacqui Middleton

When Jacqui Middleton entered university in 2011, she did so alongside her daughter, both women enrolling for their first-year studies at the University of the Free State. Three years later and the mother of three have completed two degrees – a double feat achieved with distinction.

Middleton, a former teacher, will receive a BA degree in Corporate and Marketing Communications at the April 2014 graduation ceremony and a master’s degree in Sustainable Agriculture at the June graduation ceremony. With these two qualifications in the bag, Middleton will pursue her studies with a BCom Honours degree next year, as well as a PhD degree in Sustainable Agriculture.

“It was my first full-time studies since 1988,” says Middleton. “I was a teacher for 22 years and my husband kept saying that I needed to get out of the classroom and into the corporate world. I was reluctant because I was so passionate about education and my children were still at school.”

Things changed when Prof Jonathan Jansen, Vice-Chancellor and Rector of the UFS, visited the Ikanyegeng Primary and High School in Jacobsdal – where she was a teacher – to deliver a motivational talk. Middleton approached Prof Jansen about a bursary. The next year, with the support of her family, she moved to Bloemfontein and stayed on campus studying for two degrees.

“For me it was a major step of faith because we were relying on my salary and I had to give that up to study, so we had to believe there is something bigger beyond the three-year period.”

Something bigger definitely awaited. Her study record of the last three years reflects a dedicated student who passed most of her subjects with marks higher than 80%. 

With her new qualification, Middleton will follow a career in agriculture and farming with her husband. ”I am still passionate about education, but now I am passionate about educating farmers to assist with the land reform process. Land reform is crucial for food security in our country and at the moment we need more success stories of black farmers moving from emerging to commercial farming. I believe that whatever you studied in life should not be wasted.”

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