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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 sympathises with exchange students from Virginia Tech
2007-04-18

The University of the Free State (UFS) is shocked by the news of the tragedy that happened yesterday at Virginia Tech in the United States of America (USA).

Sixteen (16) students from Virginia Tech are currently studying at the Main Campus of the UFS in Bloemfontein on an exchange programme of six months.

The students are devastated because of the loss of their friends who were killed when an armed man opened fire on a hostel and classroom on the Blacksburg Campus of Virginia Tech, killing at least 33 people.

“The exchange programme between the UFS and Virginia Tech, which was implemented in 1998, stipulates that selected students from both institutions will study at the other institution for six months on an annual basis as part of the completion of their undergraduate studies. Approximately 120 students from both institutions have taken part in the exchange programme over the past couple of years,” said Prof. Izak Groenewald, co-ordinator of the agreement and Director of the UFS Centre for Sustainable Agriculture and Rural Development.

According to Prof. Groenewald no students from the UFS are currently studying at Virginia Tech. “The students from Virginia Tech who are currently studying on the Main Campus are all in their third-year in agriculture and the biological sciences. They will be staying here until the completion of the June examinations, when they will return to Virginia Tech,” said Prof. Groenewald.

According to the Rector and Vice-Chancellor, Prof. Frederick Fourie, the UFS has already made the necessary arrangements for the students to receive pastoral and psychological counselling. “We are doing everything in our power to support them and to bring them in touch with their friends on the Blacksburg Campus,” said Prof. Fourie.

According to Prof. Groenewald the American Ambassador in South Africa, Mr Eric M. Bost, will be talking telephonically to the students this afternoon (17 April 2007).

Media release
Issued by: Lacea Loader
Assistant Director: Media Liaison
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: loaderl@ufs.ac.za
17 April 2007
 

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