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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 waives application fees for studies in 2016
2015-10-22

The University of the Free State (UFS) has waived application fees for all prospective undergraduate and postgraduate students - nationally and internationally - who want to study at the institution in 2016.

"Universities charge application fees that vary in amount. With 25 universities in South Africa, this fee becomes a burden for students who want to apply to more than one university. The university leadership has also realised that tens of thousands of students who qualify for university entrance stumble at the first hurdle: finding the money to apply,” says Prof Jonathan Jansen, Vice-Chancellor and Rector.

According to Prof Jansen, the UFS would like to set an example and a challenge to all public universities to scrap the application fee, so that many more young people from poor communities can realise their dream of accessing higher education. At the same time, the universities will benefit from more top talent coming into higher learning. "The more students that enrol and graduate, the stronger the financial position of universities will be; it is a win-win policy, and the university leadership has done the maths on this," he says.
 
The application fees for 2016 were R235 for South African students and R500 for international students. Prospective students, who have already applied for admission in 2016, will not be refunded. However, students who have already registered successfully for 2016 may apply to have the application fee credited to their tuition fee account after they have registered next year.
 
To support this initiative, UFS Marketing will be conducting an on-site application campaign by visiting East London, Port Elizabeth, Kimberley, Qwaqwa, Kathu, Pretoria, Johannesburg, Newcastle, Durban, Pietermaritzburg, and Ladysmith from 28 August 2015. Further details of the venues in each town will be available on the Kovsie2b Facebook page.

All prospective students currently doing their final-year undergraduate studies at either the UFS or any other university will also pay no registration fee if they want to continue with an Honours degree in 2016. The registration fee for 2016 was R950.
 
The closing date for applications for admission is 31 December 2015.

Apply for undergraduate or postgraduate studies at the UFS for 2016.

For enquiries, please call +27(0)51 401 9111.

 

 

 

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