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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

UFS community proud of Wayde’s hat trick of awards
2015-11-24

 

The Kovsie athlete Wayde van Niekerk received a hat trick of awards at the SA Sports Awards on Sunday 22 November 2015. He was named Sports Star of the Year, Sportsman of the Year, and was crowned as winner in the People’s Choice category.
Photo: Charl Devenish

Wayde changed the game – Naidoo

For a long time, AB de Villiers and Chad le Clos have dominated fan support in South Africa, but Wayde van Niekerk changed the game.

This was what Kass Naidoo, well-known sports journalist and cricket commentator, tweeted after the Kovsie athlete, Wayde van Niekerk, made a clean sweep at the tenth SA Sports Awards in his home town, Bloemfontein, on Sunday 22 November 2015.

According to Naidoo, the golden boy from the University of the Free State (UFS) is now the hottest property in South Africa, and should be watched during the 2016 Olympic Games in Rio de Janeiro.

Hat trick for Kovsie athlete
Naidoo was one of several celebrities to congratulate Van Niekerk on Twitter after Wayde received a hat trick of awards in the Sand du Plessis Theatre. The 400 m athlete was named Sports Star of the Year, Sportsman of the Year, and was crowned as winner in the People’s Choice category.

Apart from this, a humble Van Niekerk received total prize money of R1,1 million and two luxury Mercedes Benz vehicles - one for Sports Star of the Year and one as People’s Choice winner.

Big names outperformed
What makes his awards even more remarkable is the fact that he has outperformed several big names.
In addition to De Villiers and Le Clos, the tennis player, Kevin Anderson, the swimmer, Cameron van der Burgh, and the athlete, Caroline Wöstmann, were all nominated for Sports Star of the Year.

For the People’s Choice Award, Van Niekerk beat De Villiers, the cyclist, Ashleigh Moolman-Pasio, (who was crowned Sportswoman of the Year), Le Clos, and the wheelchair tennis player, Lucas Sithole. The public voted for this award.

Le Clos was nominated with the mountain biker, Greg Minnaar, for Sportsman of the Year.

Best is yet to come
“I don't think we have seen the best of Wayde. Hopefully that will come in Rio next year, along with a gold medal,” Naidoo tweeted.

The Springbok winger, JP Pietersen, also congratulated Van Niekerk on the social network, saying that he deserved his award as Sportsman of the Year.

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