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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

Co-architect of peace and reconciliation in Northern Ireland to present Annual Reconciliation Lecture today
2015-03-03

Colm McGivern, Director of the British Council in South Africa

To emphasise the University of the Free State’s Human Project, the UFS has positioned itself as an institution that is recognised across the world not only for excellence in academic achievement, but also in human reconciliation. The Annual Reconciliation Lecture, whose organising committee is chaired by Prof Pumla Gobodo-Madikizela, is a unique and major initiative to enhance this important vision of our university.

This year, Colm McGivern, Director of the British Council in South Africa, will present the Fourth Annual Reconciliation Lecture at the Centenary Hall on Thursday 5 March 2015.

Colm McGivern was brought up in Northern Ireland at the height of the conflict that has come to be known as the ‘Troubles.’ His early experiences of conflict, sectarianism, and living in a divided society have driven his career, and his personal commitment to peace-building and promoting reconciliation.  He was a student leader at Queen’s University in Belfast during the time of the first IRA Ceasefires in the 1990s, and then worked in the Higher and Further Education sectors, and at a community level with peace-building groups across Northern Ireland and internationally. He was Director of the British Council in Northern Ireland for four years and, in that role, facilitated discussions between divided communities before and during the Ceasefires and Peace Process, with a particular focus on bringing young people together across Ireland.

In his role as Director of the British Council, McGivern has created thousands of cultural and educational connections between the UK and SA. Every year, he ensures that young South Africans can get access to educational and cultural opportunities that are life-changing while deepening their connection with the UK.

A highlight of this year’s lecture will be a performance by musicians from the Odeion School of Music, Tumi Ntantiso (soprano), Bertha Menyatso (mezzo-soprano), Malefetsane Mofokeng (baritone), and Cezarre Strydom (piano). They will be performing works from ‘Tales of Hoffmann’ by Jacques Offenbach, among others.

Members of the public and media are welcome.

RSVP: Jo-Anne Naidoo, e-mail: Naidooja@ufs.ac.za

Date: Thursday 5 March 2015
Time: 17:30 (please be seated by 17:15)
Venue: Centenary Complex, Bloemfontein Campus

 

The event will be streamed live on: http://livestream.ufs.ac.za/

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