Latest News Archive

Please select Category, Year, and then Month to display items

Student Finance: How to manage your money

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 extends footprint abroad

2015-12-14

In its constant pursuit of research excellence, the UFS has this year performed well in mainly two areas.

Apart from the research done by the UFS on national level, e.g. the involvement of its researchers with the SKA telescope, the pioneering work they do with the satellite tracking of giraffes, as well as research on trauma, forgiveness and reconciliation – to name but a few of the research areas, the university also has a research focus abroad.

Japan, Europe, America and Botswana. These are just some of the places where academics from the university are involved in research abroad.

Japan

Dr Dirk Opperman, Senior Lecturer at the Department of Microbial, Biochemical and Food Biotechnology, and Carmien Tolmie, a PhD student in the same department, visited the Okinawa Institute of Science and Technology in Onna, Japan, during November and December 2014. During the visit, experiments were performed in the Microbiology and Biochemistry of Secondary Metabolite Unit of Dr Holger Jenke-Kodama.

This formed part of a larger NRF-funded project on carcinogenic toxins produced in certain Aspergillus fungi. These fungi infect food and feedstuff and are a big concern in developing countries because it may lead to severe economic losses. The research ultimately aims to find inhibitors to block the production of these fungal toxins.

Europe and America

In 2012, an international network was established in the frame of the FP7-PEOPLE-2011-IRSES programme, called hERG-related risk assessment of botanicals (hERGscreen). The South African group included Dr Susan Bonnet and Dr Anke Wilhelm, both from the UFS Department of Chemistry.

Extracts from more than 450 South African plant species have been investigated systematically to assess the potential cardiotoxic risk of commonly consumed botanicals and supplements. The idea of the project, funded by the European Commission, is to identify safety liabilities of botanicals.

Other international partners included the University of Innsbruck, National and Kapodistrian University of Athens, Biomedical Research Foundation of the Academy of Athens, University of Basel, University of Vienna, University of Florida, Universidade Federal do Rio Grande do Sul, Universidade Federal de Santa Catarina.

Botswana

A memorandum of understanding was signed between the UFS and Botho University in Botswana in September 2015, which will be valid for three years.

The agreement, includes student and staff exchange programmes, collaborative research, teaching and learning and community engagement activities, sharing of results, and PhD/ MPhil guidance.

Young researchers

Another research focus of the UFS is the development of its young researchers. In 2015, the UFS has delivered 13 Y-rated researchers. Ten of the researchers are from the Faculty of Natural and Agricultural Sciences and three from the Faculty of the Humanities. Three of them received an Y1 rating from the NRF.

Back

Economic and Management Sciences

Education

Health Sciences

The Humanities

Law

Natural and Agricultural Sciences

Theology and Religion

Open Distance Learning

Business School

We use cookies to make interactions with our websites and services easy and meaningful. To better understand how they are used, read more about the UFS cookie policy. By continuing to use this site you are giving us your consent to do this.

Accept