Latest News Archive

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

Student Finance: How to manage your money

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

Triumph of the Human Spirit – a symbol of hope

2015-08-24

Ahmed Kathrada discusses his latest book, Triumph of the Human Spirit.
Photo: Johan Roux

“A triumph of courage and determination over human frailty and weakness; a triumph of the new South Africa over the old.” – Ahmed Kathrada

Ahmed Kathrada, stalwart of South Africa’s liberation struggle, visited the Bloemfontein Campus on 18 August 2015 to launch his latest book, Triumph of the Human Spirit. Turning page after page, the reader travels back with Uncle Kathy – as he is fondly known – to revisit Robben Island with the more than 300 guests he has accompanied since 1994. With each photo – be it a celebrity or school child, head of state or famous artist, friend or royalty – the significance of the island is eternalised, right alongside Ahmed Kathrada.

Message of triumph
“Why this specific title for the book?” Prof André Keet, Director of the Institute for Reconciliation and Social Justice (IRSJ), asked during the book launch. “Robben Island,” Kathrada answered, “should not be remembered only as a place of suffering – that’s history. But the message of Robben Island is the message of triumph – triumph of the human spirit over all sorts of adversities.”

Speaking about Kathrada’s quiet but profound impact, Zaakirah Vadi, editor of the book, said “I think Uncle Kathy does not realise what an inspiration his own strength of spirit is”. The fight for human values and dignity was “honed and perfected in the cells of Robben Island,” she said. “It created the vision for a new South Africa and, as Uncle Kathy puts it, the triumph of the new South Africa over the old.”

UFS surprises Ahmed Kathrada with a birthday cake.
Photo: Johan Roux

Freedom was sacrifice
This triumph was not achieved without a cost, though. “No freedom comes on a platter,” Kathrada said. “Freedom was fought for. Freedom was sacrifice. Through the sacrifices of those who did not survive, we are still here to tell the story.”

And that is exactly what Triumph of the Human Spirit does. As Kgalema Motlanthe writes in the foreword, “This book serves as a preservation of history and a symbol of hope.”

Birthday celebration
Just as the event seemed to come to a close, members of the Student Representative Council carried a candle-lit cake – shaped in the number 86 – toward Kathrada. This surprise was organised by the UFS to celebrate his birthday on 21 August 2015. And, as the audience cheered and sang, Kathrada’s smile spread like a light across the hall.

Back

Economic and Management Sciences

Education

Health Sciences

The Humanities

Law

Natural and Agricultural Sciences

Theology and Religion

Open Distance Learning

Business School

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