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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

SAFOS seeks to integrate folklore studies into education
2015-10-15

From the left are: Bahedile Letlala, Dr Elias Malete, Hannetjie du Toit, Dr Sara Motsei, Dr Edwin Mohatlane and Prof Mogomme Masoga.

The University of the Free State was proud to host the national conference of the Southern African Folklore Society which took place on 7-9 October 2015 on the Bloemfontein Campus. The focus of the conference was on how to integrate folklore studies into the 21st century.

Keynote speakers for the conference included Prof Antoinette Tidjani-Alou (Professor of French and Comparative Literature at University Abdou Moumouni), Prof Mogomme Alpheus Masoga (University of Venda), and Prof Mohlomi Moleleki (University of the Free State).

The speakers approached their subjects in great detail, tackling issues surrounding identity, social cohesion, and orality on the African context. One of the main co-ordinators of this event, Dr Elias Malete from the Department of African Languages at the UFS, highlighted one of the speaker’s topics, which focused on the importance of harnessing a collectivistic culture, as the African context does not entertain individualism. When asked about how such a conference fits into the UFS context, and where it could be applied, Malete mentioned the burning issue of the language policy review. He believes that: “The language should be inclusive, in as much as our theme says we cannot entertain individualistic approaches, but need to include everybody.” This is achieved through working with the Language Departments,” he said.

In particular, the topic presented by Prof Moleleki from the Department of African Languages, explored how the self-perception of an African, both as an integral member of his society as well as an independent individual, not only informs but also underpins his identity.

In all the topic discussed, the importance of coherence, transparency, and correctness was noted.

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