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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

CDS receives another international grant from the NIH
2015-12-11

 

Dr Carla Sharp

The Centre for Development Support (CDS) is partner to another international research grant from the National Institutes of Health (NIH) in the United States. The new project follows an earlier project funded by the NIH, which focused on the mental health of orphans and vulnerable children.

The new project is to focus on investigating possible improvements in the mental health and cognitive development of orphaned and vulnerable children aged between seven and eleven years, by means of improved community-based care in the Mangaung Township area in Bloemfontein.  The project will stretch over three years and has a budget of approximately R10 million.

“We shall use the Mediational Intervention of Sensitizing Caregivers (MISC) approach and it will be applied by community-based organisations,” says Dr Deidre van Rooyen, Acting Director of the CDS. 

MISC applied by caregivers has produced good results elsewhere in the world. “This is the first time MISC will be tested by community-based organisations,” says Prof Lochner Marais of the CDS, who is also the principal investigator in South Africa.

“In addition to working with four community-based organisations in Mangaung, Childline Free State will also be actively involved in the project,” Marais added.

The project is being conducted in collaboration with Dr Carla Sharp as principal investigator at the University of Houston, and Prof Michael Boivin (an international expert on MISC) at the Michigan State University. Dr Sharp was recently appointed visiting professor at the CDS. 

“It is indeed a great privilege to be working with the CDS on yet another project,” Dr Sharp remarked, also noting that “the project is preliminary in nature and could evolve into a much bigger research project in future”.

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