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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 Psychologist honoured for lifelong contribution
2015-12-09

Prof Dap Louw, distinguished professor and forensic psychologist from the University of the Free State, receives a Lifelong Achievers Award from the University of Johannesburg. From left is: Prof Theo Veldsman, head of the Department of Industrial Psychology and People Management at UJ, prof Louw, prof Deon de Bruin, Department of Industrial Psychology and People Management at UJ, and prof Daneel van Lill, dean at Faculty of Management at UJ.
Photo: Jan Potgieter, UJ

 

It is always good to be honoured by your own university, but it is even more special to be honoured by another university, according to Prof Dap Louw, distinguished professor and forensic psychologist from the University of the Free State (UFS), on an award he received from the University of Johannesburg (UJ).

On 5 November 2015, Prof Louw received the prestigious Lifelong Achievers Award from the Department of Industrial Psychology and People Management at UJ in recognition of the major contribution he has made during his career in psychology. He was one of two recipients of the award during this year’s UJ Top Achievers Awards Ceremony.

Prof Louw had great appreciation for his students and colleagues at the UFS, without who he would have been “without arms”.

Worthy legacy

The Lifelong Achievers Award is presented to retired academics that have, over their careers, consistently made significant contributions to their field, nationally and/or internationally, and have left behind a worthy legacy.

According to the description for the award, the recipient has left behind a legacy in his or her specific field which is gratefully acknowledged by all past, present and upcoming professional colleagues, students, clients and other stakeholders.

This description concludes with: “We are a better science and profession because of you”.

Career full of highlights

Prof Louw is the author or co-author of over 100 articles in accredited national and international journals, and he is an accredited NRF researcher.

He is the principal author and editor of several textbooks currently prescribed by 12 universities in South and Southern Africa. It is estimated that, over the years, more than 100 000 students have received their training via textbooks he has written with his wife, Prof Anet Louw.

Prof Louw holds a master’s and doctoral degree in Criminology, and a master’s and doctoral degree in Psychology. He is the only person in South Africa with these qualifications.
During his career as forensic psychologist, Prof Louw has testified in many familiar criminal cases in South Africa and Namibia.

The Academy of Science of South Africa presented him with the Stals Award for Psychology and he was honoured by The National Honor Society in Psychology in the USA as well.

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