Latest News Archive

Please select Category, Year, and then Month to display items
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

UFS presents symposium on serious violent crime
2007-02-28

The Faculty of Law at the University of the Free State (UFS) is hosting a symposium on serious violent crime in South Africa on Wednesday, 7 March 2007.
 
“The symposium aims to provide stakeholders the opportunity to deliberate on and propose solutions to combat violent crime in South Africa,” said Prof Johan Henning, Dean of the Faculty of Law at the UFS.
 
According to Prof Henning perspectives on violent crimes from a psychological, business, constitutional and agricultural perspective will be given. “The themes to be discussed are amongst others the nature and extent of serious and violent crime in South Africa and the effect thereof, the reasons for violent crime and the role of the Constitution. Possible solutions will be put to the table to combat serious violent crime and there will also be an open session for input from the general public,” said Prof Henning.
 
Speakers who already confirmed to participate in the symposium include Dr  Matthews Phosa (former politician and now businessman), Mr Roelf Meyer (former minister of constitutional affairs and chairperson of the Civil Community Initiative), Dr Leon Wessels (National Commissioner of the South African Human Rights Commission), Judge Nathan Erasmus (Inspecting Judge of Prison Services), Mr Kiewiet Ferreira (convener of law and order from AGRISA) and Commissioner André Pruis (Deputy Commissioner of Operational Services at the South African Police Services).
 
Appeal court judge Fritz Brand and Judge Faan Hancke, chairperson of the UFS Council, will be the chairpersons of the symposium.
 
The symposium will be presented from 08:00-13:30 in the CR Swart Auditorium on the Main Campus in Bloemfontein. Attendance is free of charge. Those who are interested can call Prof Elizabeth Snyman-Van Deventer (051 401 2268) or Adv Jaco de Bruin (051 401 2433) to book a seat.
 
Media release
Issued by: Lacea Loader
Media Representative
Tel: 051 401 2584
Cell: 083 645 2454
6 February 2007
 

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