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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

Wayde one of the Adidas faces for Rio 2016
2015-11-20

Wayde van Niekerk has not only been nominated for two awards at the SA Sports Awards. He will also be one of the Adidas world ambassadors for the 2016 Olympic Games in Rio de Janeiro.
Photo: Johan Roux

Wayde van Niekerk’s face may already adorn billboards at Pellies Park on the Bloemfontein Campus and other places around the University of the Free State, but it will now also be used for marketing campaigns worldwide.

The Kovsie athlete will be one of the Adidas world ambassadors for the 2016 Olympic Games in Rio de Janeiro. Adidas is sponsoring him.

According to a modest Van Niekerk, he has been with the clothing sponsor since 2010, and it is a great honour to be an ambassador for the Olympics in Rio

Other awards

After a dream year, being an Adidas ambassador is the latest honour to come his way.

He was also nominated for two awards in the SA Sports Awards, which will be held in the Sand du Plessis Theatre in Bloemfontein on Sunday 22 November 2015. He was nominated as Sportsman of the Year and in the People’s Choice category.

On 21 October 2015, Van Niekerk was named KovsieSport’s Sportsman of the Year for a third consecutive year.

He was recently also honoured at the Free State Schools Athletics Association’s Gold Medal event.

A world superstar

Van Niekerk says it’s good to be part of the legacy Adidas is building as a company.

“It is exciting for me, knowing that I am selected among such great athletes (being an Adidas ambassador), and not just South African athletes, but world athletes,” he says.

“It is the likes of the top Adidas athletes that are going to represent the company and be ambassadors for the company.”

“It is something I am looking forward to – being on posters and seeing my face on billboards and advertisements.”

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