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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

Wag-’n-Bietjie dominates for sixth consecutive year
2016-01-22

Description: First-year athletics Roosmaryn Tags: First-year athletics, Roosmaryn

The First-year Athletics event was a celebration of colour and fun. Besides the athletics on and around the track at Pellies Park on the Bloemfontein Campus, the first-years encouraged their different residences with great enthusiasm.
Photo: Johan Roux

Six out of six.

This is the proud record Wag-’n-Bietjie can boast of after the residence walked away with the women's athletics trophy for the sixth year in a row during the University of the Free State's first-year athletics meeting.

This year's men's winner, Vishuis, attained a hat trick on 20 January 2016 at Pellies Park on the Bloemfontein Campus when the residence was once again named as the athletics champion. Vishuis also won in 2014 and 2015.

What makes Wag-’n-Bietjie's triumph even more remarkable is the fact that the residence ran the fastest, jumped and threw the farthest in eight out of the past nine years. Marjolein won in 2010.

Sonnedou was second, with Roosmaryn and Soetdoring collectively the third women's residences. In the men's division, Legatum and Armentum were second and third respectively.

Sonnedou has the best spirit

The event, a celebration of colour and fun, was characterised by groups of singing first-years yelling their lungs out. The UFS Student Representative Council judges the winners of the different Spirit trophies.

Sonnedou was the overall winner of the Spirit trophy – something even more important than the action on and around the track for some residences.

Sonnedou was named the winner in the division for women's residences, after which the residence was also crowned as overall winner. Welwitschia and Vergeet-My-Nie were second and third respectively in the women's division.

In the men's division, Armentum, who continued singing even when it was raining later in the evening, was the well-deserved winner of the Spirit trophy. Villa Bravado was second with Tswelopele third.

Conlaurês won the Spirit trophy for Co-ed residences, with Imperium and Kagiso second and third respectively.

Wayde a special guest

The Kovsie athlete, Wayde van Niekerk, who also participated in the first-year athletics meeting in his day, was a special guest.

The 400 m athlete, who will represent South Africa at the 2016 Olympics in Rio de Janeiro, was presented to the first-years during the official welcoming ceremony.

Van Niekerk is still the Kovsie record holder in some events, including the 200 m and the 400 m, as well as the 4 x 100 m team relay event.

Team and individual results for the event.

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