Latest News Archive

Please select Category, Year, and then Month to display items
Categories
UFS News Media Release Research
Years
2017 2018 2019 2020 2021 2022 2023 2024
Months
January February March April May June July August September October November December
Previous Archive
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

First-years at South Campus step into a bright future
2015-02-05

Photo: Stefan Lotter

This is the first step to a bright future.

This was the resounding message that welcomed first-year students to the South Campus. “Remember,” Tshegofatso Setilo, Manager of the University Preparation Programme said, “a journey of a thousand miles begins with the first step.” But please do not get discouraged on your way, she urged, because “this is your first step to a bright future.

In his welcoming message, Prof Nicky Morgan, Vice-Rector: Operations at the UFS referred to the South Campus as the giant of the south. “This is one of the trailblazing campuses of the university,” he said. “No doubt what you’ll experience on this campus, you’ll never forget.”

This year, the South Campus boasts with 1 200 first-year students taking part in our University Preparation and Extended Programmes. These programmes allow students – whose matric marks did not reach the required total – the opportunity to study at the University of the Free State (UFS). The result? An astounding rise in pass rates. Some of the students on the South Campus outperform their peers studying at the Bloemfontein Campus, Prof Morgan remarked.

“You’ve got it in yourself. You’ve got the potential to unleash yourself on the world,” Prof Morgan said. You do not always realise the value of something that has come your way, he said. So, every moment you get an opportunity, he advised, use it to shape your future.

Addressing the newcomers’ fears, Prof Morgan urged each student to open themselves to the good and new experiences waiting for them. “When you find yourself in a new space, it always begins with you,” he said. Learn to understand how to live in harmony in different spaces.

Prof Morgan placed great emphasis on his closing remark: “At university, the more questions you seek to have answered – they’re worth more than the answers you have.”

 

We use cookies to make interactions with our websites and services easy and meaningful. To better understand how they are used, read more about the UFS cookie policy. By continuing to use this site you are giving us your consent to do this.

Accept