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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 sets deadline for applications
2006-11-07

The University of the Free State (UFS) calls on all prospective students wishing to study at the UFS in 2007 to submit their applications for admission by no later than 30 November 2006. 
 
“This applies to first-time entering first-year students and senior students who have interrupted their studies for at least one year,” said Mr Vernon Collett, Registrar: Academic Student Services at the UFS.
 
According to Mr Collett students whose applications for admission are received after 30 November 2006 and until 15 January 2007 will be accepted subject to the availability of place on the programme they applied for. 
 
“No applications of transfer students from other tertiary institutions who wish to continue their studies at the UFS will be accepted after 31 October 2006. After 5 January 2007 no applications will be accepted from prospective students with conditional exemptions,” said Mr Collett.
 
Prospective students who want to apply must pay a non-refundable fee of R120 into a designated account, which will be provided when the application form is sent to them. 
 
The signed application form must be accompanied by a certified copy of the prospective student’s identity document or passport and a proof of payment of the application fee. The application form of a minor must be signed by his/her parent or guardian and the field of study should be clearly indicated.
 
“More than 25 000 students are registered at the UFS Main Campus for the 2006 academic year. We expect a considerable number of applications and foresee that our numbers for next year will be similar to what it is now,” said Mr Collett.
 
First-time entering first-year students on the Main Campus will be welcomed by the Rector and Vice-Chancellor of the UFS, Prof Frederick Fourie, on 13 January 2007 at 11:00 in the Callie Human Centre.
 
The registration of first-time entering first-year students will commence on 16 January 2007 and that of senior students on 22 January 2007 at the Callie Human Centre according to a programme. 
 
Students who applied for admission after 30 November 2006 and are accepted can register from 5 February 2007. 
 
Lectures will commence on 5 February 2007 and the registration process will end on 9 February 2007.
 
Prospective students who want to apply for admission or who have any enquiries can call (051) 401-3000 or visit the UFS web site at www.uovs.ac.za.
 
Media release
Issued by: Lacea Loader
Media Representative
Tel:   (051) 401-2584
Cell: 083 645 2454
31 October 2006
 

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