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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

UFS council appoints new representatives
2006-06-14

From the left are Dr Vicky le Roux and Mr Jan Grobler, both are former members of the Executive Committee of the Council, Judge Faan Hancke, chairperson of the Council, and Prof. Frederick Fourie, Rector and Vice-Chancellor of the UFS.
Photo: Stephen Collett

UFS council appoints new representatives   

Three new representatives were elected on the University of the Free State’s (UFS) Council during its second seating for 2006.  This includes representatives from the religious community, alumni, donors and the Minister of Education.

Ms Cheryl Gillwald, former Deputy Minister of Correctional Services, has been appointed by the Minister of Education as ministerial representative in the place of Prof Shirley Walters and will serve for the rest of Prof Walters’ term.

Father Patrick Towe, Roman Catholic priest from Bloemfontein, was appointed as representative of the religious community.  Father Towe is member of the Missionary Oblates of Mary Immaculate and chairperson of the UFS Campus Ministries. 

Adv Mauritz Randlehoff, joint deputy chairperson of the national Kovsie-Alumni Association and deputy chairperson of the Kovsie-Alumni Trust, was elected as one of the three representatives out of UFS alumni on the Council.  Judge Faan Hancke was re-elected as representative of the alumni for a second term.

Mr Klippies Steenkamp as representative of the UFS donors has also been re-elected.  He was, among others, chairperson of the Kovsie-Alumni Association and founding member of the Kovsie-Alumni Trust’s council of trustees.

The university also bid farewell to two members of Council, Dr Vicky le Roux and Mr Jan Grobler.  Both were members of the Executive Committee of the Council.  Mr Grobler represented the UFS Council in the Institutional Forum and Dr le Roux was a representative of the Council in the Institutional Forum and the Senate. Together they have serve thirty nine years on the Council.

Media release
Issued by: Lacea Loader
Media Representative
Tel: (051) 401-2584
Cell: 083 645 2454
E-mail: loaderl.stg@mail.uovs.ac.za
13 June 2006


 

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