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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

New Academic Head at South Campus to expand distance learning programmes into the global arena
2016-02-10

“Critical area of focus: Diversify provision, based on open learning principles, to improve learning opportunities across the post-school education and training sector” - SA Department of Higher Education and Training Strategic Plan 2015/16-2019/20

Open and distance learning (ODL) programmes will play a critical role in shaping the landscape of higher education. Not only does the South African Department of Higher Education and Training emphasise the importance of ODL, it is also contained within the United Nations’ Sustainable Development Goals. And now the University of the Free State (UFS) is becoming a major role player in the field through the cutting-edge ODL programmes offered by the South Campus.

Description: Jean Grundling  Tags: Jean Grundling

Jean Grundling has recently been appointed as the Academic Head of the South Campus.

At the helm of these programmes is the recently-appointed Academic Head of the South Campus: Jean Grundling. According to the new organisational structure of the South Campus, the Academic Head reports directly to the Campus Principal: Dr Daniella Coetzee.

“My role,” says Grundling, “focuses on developing and monitoring processes that will enable effective and efficient implementation of the three pillars of ODL.” These three pillars consist of:

• the design and development of quality learner-centred learning materials and tools during their ODL journeys;
• the selection, appointment, and development of competent facilitators to guide, coach, tutor, and support students; and
• the integration of administrative processes that will enable and support students to study at their own pace, place, and in their own time.

“Goal 4: Ensure inclusive and equitable quality education, and promote lifelong learning opportunities for all.”
United Nations Sustainable Development Goals

As part of her personal vision, Grundling would like to see the South Campus grow and develop into an institution that offers quality ODL programmes not only nationally, but globally. “I would like the South Campus to become an agent of social transformation in South Africa.”

Ultimately, Grundling’s wish is for the South Campus to contribute to the development and empowerment of people so that they can play a positive role in society.

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