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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 Council adopts guidelines for the development of a new Language Policy
2015-12-04

The Council of the University of the Free State (UFS) adopted the following guidelines from the report by the Language Committee regarding the development of a new Language Policy for the UFS, based on the core values of inclusivity and multilingualism:

  1. that English becomes the primary medium of instruction in undergraduate education and, as largely exists already, in postgraduate education.
  2. that the UFS embeds and enables a language-rich environment committed to multilingualism, with particular attention to Afrikaans, Sesotho, isiZulu, and other languages represented on the three campuses.
  3. that an expanded tutorial system be available to especially first-year students in Afrikaans, Sesotho, isiZulu and other languages, in order to facilitate the transition to English instruction.
  4. that the parallel-medium policy continues in particular professional programmes, given the well-defined Afrikaans markets that, at the moment, still makes such language-specific graduate preparation relevant.
  5. that the language of administration be English.
  6. that the English-medium language policy be implemented with flexibility and understanding, rather than as a rigid rule disregarding the circumstances.

These guidelines were adopted at the Council meeting which took place on the Bloemfontein Campus on Friday 4 December 2015.

“This important and emotive matter was discussed in a high-quality, open debate and I am satisfied with the way the decision was reached,” says Judge Ian van der Merwe, Chairperson of the UFS Council.

The decision by Council comes after a mandate was given to the University Management on 4 June 2015 to conduct a review of the institutional Language Policy. A Language Committee was subsequently established by the University Management Committee (UMC) to undertake a comprehensive review of the existing parallel-medium policy and to make recommendations on the way forward with respect to the university's Language Policy.

The Language Committee conducted a comprehensive consultation process on the future of the Language Policy with all university stakeholders. This included multiple dialogue and submissions sessions, as well as an opinion poll on all three campuses.

Guided by the Council resolution of 4 December 2015, the UFS management will now proceed to design a Language Policy that would be presented to the UMC and Senate for voting purposes again, which vote would be formally presented to Council at one of its governance meetings in 2016. The Institutional Forum, a statutory body that represents all university stakeholders, would also advise Council at that stage, per its mandate, on the new Language Policy.

In the event that a new Language Policy is accepted by Council in 2016, the earliest possible date for implementation would be January 2017.


Related articles:

http://www.ufs.ac.za/templates/news-archive-item?news=6567 (26 November 2015)
http://www.ufs.ac.za/templates/news-archive-item?news=6540 (28 October 2015)
http://www.ufs.ac.za/templates/news-archive-item?news=6521 (20 October 2015)
http://www.ufs.ac.za/templates/news-archive-item?news=6469 (30 August 2015)
http://www.ufs.ac.za/templates/news-archive-item?news=6444 (25 August 2015)

 

 

 

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