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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

What did they learn at Stanford University?
2015-11-04

    

Members of the cohort with the
Vice-Chancellor and Rector of the UFS,
Prof Jonathan Jansen

Every year, since 2012, six second-year Kovsies are selected to take part in the elite Stanford Sophomore College Programme at the prestigious Stanford University in the United States. The University of the Free State and Oxford University are the only non-Stanford members of this exclusive course.

From 31 August to 15 September 2015, Farzaana Adam, Cornel Vermaak, Precious Mokwala, Tristan Van Der Spuy, Anje Venter, and Naushad Mayat undertook a three-week long academic exploration of multidisciplinary topics. These students attended seminars aligned with their respective fields of study from which they accumulated a wealth of knowledge.

This year’s cohort reflects on what they learned at Stanford University:

The significance of analyzing technology

One of the key points gathered by Farzaana Adam from the seminar, ‘Great Ideas in Computer Science’, was the necessity not to approach technology at face value. “Computer science goes beyond the technological products and social networks. By analysing the concepts underlying these technologies, many discoveries which have benefitted many fields of study have been made possible.”

Critical thinking in Arts and Science


“By combining different fields of study, one can obtain a greater perspective on the relevant fields,” said Cornel Vermaak, about what he garnered from a seminar titled ‘An Exploration of Art Materials: An intersection between the Arts and Science’. “This greater perspective enables one to evaluate problems critically,” he added.

Visual media substitutes oral narratives

“We were also taught different ways in which to interpret images, and how images influence society. Photography is a way to tell a story without actually having to say anything,” reflected Precious Mokwala, on ‘Photography: truth or fiction’

A lesson in business economics


Tristan Van Der Spuy received pointers pertaining to the stock exchange market    in ‘A Random Walk Down Wall Street’. “We looked at stock markets, and what influenced the stock prices of multiple companies, taking note of what should be looked at when investing in a company.”

Race relations and representation

‘The New Millenium Mix: Crossings between Race and Culture’ exposed Anje Venter to a global perspective on identity. “We explored the new generation of people that have mixed races and cultures, and how they are depicted in media and art.  We analysed the discrepancies and stereotypes of these depictions through film, novel, and short story studies, as well as through field trips to museums and art exhibitions.”

Overcoming the HIV/AIDS endemic


Naushad Mayat realised that “more teamwork and transparency between governments, chemists, social workers, and clinicians will be required for us to stem the flow [of HIV/AIDS],” in view of what he learned in a seminar on ‘HIV/AIDS: A Response to the AIDS Epidemic in the Bay Area’. “It is a daunting task. For the current generation of youth to tackle this epidemic now, we must stand together and be counted,” he added.



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