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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

Maestros from the world stage now lecture at the Odeion School of Music
2014-02-19

 
Prof Ruth Goveia

 
Danré Strydom

 
George Foster

The Odeion School of Music (OSM) at the University of the Free State (UFS) recently endorsed its commitment to excellence with the appointment of three exceptional performing artists and lecturers.

Prof Ruth Goveia (piano), Danré Strydom (clarinet and saxophone) and George Foster (brass instruments) all hold international qualifications. In addition, all of them have received tutelage from world-renowned mentors and performed across the globe. Their respective CVs are awe-inspiring – to say the least.

Prof Goveia has been appointed as an associate professor at our university. She obtained her doctorate in Music in Piano from the Jacobs School of Music at the Indiana University, USA, after completing her master’s degree at the University of Cincinnati. Prof Goveia has gained immeasurable experience while holding positions at several prestigious institutions, including the Albion College in Michigan and the Indiana University.

As a soloist, Prof Goveia’s performances are staggering. She has appeared in a number of recitals across America and even performed as a guest artist at the Kalamazoo College of Music. She took part in the Chamber Music Project of the New York-based Artur Balsam Foundation, and collaborated with clarinetist Randall Paul on a duo tour of Georgia and Alabama.

Danré Strydom has been appointed as a junior lecturer in clarinet and saxophone. She will also co-ordinate the woodwind programme at the OSM. Her training began in Windhoek, Namibia, and continued on to the prestigious Jacobs School of Music in Indiana, USA. From there she joined the Ghent Conservatoire in Belgium, reading for two master’s degrees – completing both cum laude. Strydom has performed with several renowned orchestras ranging from the Vlaams Brabant Symphony (Belgium) to the Sinfonietta Breda (Netherlands).

George Foster is filling the position of a junior lecturer in brass instruments. He completed his BMus degree at the South African College of Music at the University of Cape Town where he received the Anton Rupert Merit prize. As former Fulbright scholar, Foster read for a master’s degree in Music at the University of North Texas. During his study period in the USA he was a member of the University of North Texas Wind Band, the Symphony Orchestra and the Chamber Orchestra. Here, he gained invaluable experience as a conductor as well.

Strydom and Foster are performing their duties at the Free State Symphony Orchestra (FSSO), as well as the OSM. They will both play an integral role as musicians and collaborators within the activities and initiatives of the FSSO, and serve as coaches and instructors for the Free State Youth Orchestra.

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