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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

Tim Noakes delivers lecture at UFS symposium
2014-08-04

 

Prof Tim Noakes
Photo: Renè-Jean van der Berg

The Metabolic Research Unit at the University of the Free State (UFS) held a symposium on diabetes, with Prof Tim Noakes as one of the guest speakers.

Prof Noakes, a professor in Sports Medicine at the University of Cape Town, became known mainly for his research and findings on nutrition and health and is also the person behind the infamous ‘Noakes diet’.

The ‘Noakes diet’ – or the Paleo diet – focuses on avoiding carbohydrates in favour of including high fat and oil content for a healthy diet.

During his lecture, Prof Noakes explained how this diet can actually help control certain stadia of diabetes and shared several success stories with the symposium.

Prof Noakes’ reasoning concerning the ‘traditional’ nutritional requirements known to everybody, is that it has never been studied before to determine its effectiveness.

According to this nutritional plan, often depicted as a food pyramid, carbohydrates should form the biggest part of a healthy diet and foods from the fats and oils group should be restricted.

Prof Noakes explained that the human body converts carbohydrates into glucose (sugar) to be able to digest it. It is this sugar that leads to weight and health problems in people, of which heart disease and diabetes are some of the most common. 
 

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