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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

Qwaqwa Campus’s Teaching and Learning Champs scoop up award
2014-10-24



Dr Elize Smuts (right) proudly displaying the UFS Vice-Chancellor’s Team Award. Equally ecstatic, is Qwaqwa Campus’s CTL Manager, Fred Mudavanhu.
Photo: Thabo Kessah
Action research to improve classroom practice and student success rates, recently received a boost when the Qwaqwa Campus’s Teaching and Learning (TL) Champions were honoured with the prestigious UFS Vice-Chancellor’s Team Award. The award was in recognition of the team’s efforts to enhance professional development and was accompanied by a R50 000 prize that will be utilised to further encourage and develop a scholarly culture on the Qwaqwa Campus.

“An active learning community has developed over the past four years, which led to the creation of a scholarly forum for sharing problems, experiences and new knowledge”, revealed Dr Elize Smuts, who has been the pillar of strength in the development of TL Champs.

“This”, Dr Smuts said, “has continuously motivated the group to persevere in challenging and often under-resourced circumstances.”

 “Over a four-year period, 44 projects were undertaken, many with great success. Thirteen scholars participated in a pilot of CLASSE (Classroom Assessment of Student Engagement) in 2013. This survey, contextualised by staff from the Centre for Teaching and Learning, was a first in South Africa,” said Dr Smuts.

“The team undertook extensive literature reviews and attended numerous workshops on principles and practices of good teaching, research and writing. The two summarising booklets they prepared from two publications (How Learning Works: 7 Research-based Principles for Smart Teaching and Student Engagement Techniques) in 2013, will serve as guides and inspiration for the larger academic community of the UFS for many years.”

Since the formation of this team, TL scholars have presented 25 papers at 12 national and two international conferences.

“Taking into consideration that it is not easy to get an abstract accepted for presentation, these are impressive achievements,” Dr Smuts said.

“Some of the immediate results of scholars engaged in this project, include improved student success rates averaging 20% compared to only 8% improvement by academics who are not part of the project.”
 
“In 2013, one TL scholar reported student success rates that increased by 29%; another reported 80% on average; and another reported an increase from 65% to 95% in a class bigger than previous years.”

In congratulating the team, Centre for Teaching and Learning’s (CTL) Prof Annette Wilkinson said that she was very proud of the team.
 
“The team’s dedication and growth in scholarly practice – amidst challenging circumstances – are in my mind, the outstanding features of the project. I am very proud of the entire team”, said Prof Wilkinson.

The two presentations at international conferences were delivered by Ms Lea Koenig at the 32nd Annual Conference on the First-Year-Experience in Orlando, Florida and by Dr Elize Smuts in North Carolina. Both of these were presented in 2013.


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