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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

Moving towards creating a more accessible UFS for mobility-impaired students
2015-07-21


Centre for Universal Access and Disability Support’s logo for persons with mobility impairments.
Design: Karoo Republic

Hi, my name is Jackson, and I am a wheelchair user following an accident that left me paralysed.

We often take for granted the ability to navigate obstacles, and to move readily from place to place. Few people have to worry about mobility on campus, but for students with mobility impairments, it presents many challenges that few of us are aware of.

 

The biggest struggle for students with mobility impairments is often encountered in the lecture room/hall. Once they arrive at the class (often struggling to get there on time), their next challenge might be entering the classroom and finding a suitable place where they can sit comfortably. As it is, there are only a few loose tables in most lecture halls. Consequently, the students have to sit through the lecture taking notes and working with their laptops resting on their laps. Obviously, this is uncomfortable and not conducive to their learning process.

 

When students have limited hand function, the result is that they write more slowly and with difficulty. However, the UFS does offer assistance from scribes, adapted computer hardware/software, assistive devices, and/or modified furniture. Such adaptations can be arranged by the Centre for Universal Access and Disability Support (CUADS), which boasts an official test and examination venue where students with mobility impairments can proceed with their tests and exams if they prefer.

 

Students with Cerebral Palsy may experience difficulties with quick, sudden physical movements, and delayed processing of information. Stressful circumstances can result in their experiencing difficulty when having to write or process information quickly enough during test and examination situations. The Extra Time Panel, in collaboration with Student Counselling and Development, determines the time concession for those students with mobility impairments who have such needs.  

 

The importance of accessible parking spaces exclusively designated for wheelchair users not only involves such places being closer to a building entrance but also wide enough for a wheelchair user to get in and out of a vehicle safely.

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