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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

New Genetics building on Bloemfontein Campus spirals into new frontiers

2015-09-11

On Thursday 3 September 2015, the Department of Genetics hosted the official opening of its new offices on the Bloemfontein Campus of the University of the Free State (UFS).

Prof Jonathan Jansen, Vice-Chancellor and Rector of the UFS, Prof Neil Heideman, Dean of the Faculty of Natural and Agricultural Sciences, and Prof Paul Grobler, Head of the Department of Genetics cut the ribbon, symbolising the opening of this building with its state-of-the-art facilities.

The new genetics building boasts a new administration block with a reception area, seven offices, a small committee room, and a seminar room for 50 people. Furthermore, the undergraduate laboratory block provides a laboratory for 150 students. The research block has facilities for 30 researchers.

This building also hosts a chemical waste sorting and storage facility. This is a first for the university.

Several sites were investigated for the new building, but due to its size and envisaged second phase, a “green fields” site was found on the western side of the campus. The main entrance caters for visitors from the north, students on foot, and those using the parking area in front of the library. The secondary south entrance is for those who use the dedicated parking area south of the building. The link between these two entrances is the spine of the building, a helix with services/buildings spaced on either side. The helix will be extended in the second phase to keep the circulation and linkage of buildings as simple as possible.

In his opening speech, Prof Grobler gave a breakdown of the history of the Department of Genetics. Today, this department, which opened its doors at the UFS in 1960, is proud of its 131 students and 46 honours students.

According to Major-General Edward Ngokha, Head of the Forensic Science Laboratory, students who graduate from the UFS in the field of genetics make excellent employees. The Forensic Science Laboratory has employed 25 honours students since the BSc Honours degree in Genetics was implemented in 2010.

“The UFS delivers education of high quality and high standards. Thank you for your contribution toward fighting crime by delivering well-prepared, committed employees,” said Major-General Ngokha.

The department presents programmes on population conservation genetics, plant molecular genetics, cytogenetics, forensic genetics, forensic science, human genetics, and behavioural genetics.

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