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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

Nine Kovsie students awarded NAC bursaries
2015-02-19

The UFS is proud to announce that nine of our Drama and Theatre Arts undergraduate students have been awarded National Arts Council (NAC) bursaries for their studies in 2015.

From the left in the photograph, these students are:

• Mbuyiselo Nqodi (first year)
• Marike Jonker (second year)
• Monique de Klerk (second year)
• Aldine van der Merwe (third year)
• Kado Cloete (third year)
• Rondo Mpiti (third year)
• Magnus McPhail (third year)
• Olivia Wyngaard (third year)
• Marica Laing (second year)

This year the amount awarded for the NAC busaries is R70 000.

Since 2005, the NAC has given bursaries to the UFS for the last 10 years. The amount varies from year to year.

“The number of undergraduate students who benefit varies depending on the amount allocated each year,” said Prof Nico Luwes, Head of the Drama and Theatre Arts Department at the UFS.

“Some years, the NAC prescribes how many students will be awarded a bursary and provides a profile of gender and academic prerequisites. Other years, such as the present one, there is no prescription and the UFS was able to cater for the applications submitted, and the number of students who will benefit, within the amount awarded. Normally, it is divided between successful candidates.”

The criteria according to which NAC bursaries are awarded to students every year include academic merit and, of course, their financial situation.”

“The full information of applicants from the Department of Drama and Theatre Arts is checked by the selection committee – all permanent members of staff in the department. The names are then sent to the NAC for approval.
UFS Finances ensures further that the bursary money is paid into the student’s class fees account. During the year and at the end, I report to the NAC on the progress shown by bursary holders. This, in turn, contributes to the excellent co-operation with the NAC so that the following year’s application is then generally successful,” says Luwes.

Bursary monies cover mainly registration and class fees for some or all modules, depending on the amount awarded.

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