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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

Lecturer’s debut novel wins ATKV Prize for Fiction
2015-10-14

Dr Francois Smith
Photo: Johan Roux

Kamphoer made its debut on the literary scene just over a year ago, and on 11 September 2015, it was declared the best novel by the Afrikaanse Taal en Kultuurvereniging (ATKV). This is not the first time Kamphoer has been recognised as literary gem. Earlier this year, the novel was shortlisted for the W A Hofmeyr Prize as well as the Huisgenoot Tempo Award.

Dr Francois Smith, the author, joined the University of the Free State (UFS) as a lecturer in the Department of Afrikaans and Dutch, German and French at the beginning of this year. Prior to entering the academic sphere, he dedicated about 11 years of his life to editing for a publishing house. Certainly, helping other people write and produce books thoroughly prepared him for authorship.

For three months, Smith spent eight hours a day creating his award-winning masterpiece. The secret of success lies in the ABC formula. “The ABC for writing is Apply Back to Chair. You have to go and sit down and start typing,” he says.

That is when passion meets imagination, albeit at times, one might also need inspiration. Smith applied this winning formula meticulously, and it has resulted in over 30 000 copies of Kamphoer being sold since July 2014.

He was taken aback by the novel’s warm reception. “I wrote a book, finished it, and knew that it wasn’t bad but I never for one moment imagined that it would be such a big commercial success,” he said.

About Kamphoer

The book which Smith describes as a good but not an easy read about a disturbing subject is the true story of a woman who was brutally raped during the South African War and left for dead.  After the traumatic experience, she dedicates her life to helping others deal with similar ordeals, re-encountering her rapists in the process.

About the award

Kamphoer emerged as an exceptional contribution amongst two other finalists. Kerneels Breytenbach’s Ester as well as Harry Kalmer’s ’n Duisend stories oor Johannesburg were also competing for the prestigious award.


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