Latest News Archive

Please select Category, Year, and then Month to display items
Categories
UFS News Media Release Research
Years
2017 2018 2019 2020 2021 2022 2023 2024
Months
January February March April May June July August September October November December
Previous Archive
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

Regional winner designing her way to Architectural Student of the Year Award
2016-03-09

Description: Corobrik award Tags: Corobrik award

Musa Shangase, Corobrik Commercial and Marketing Director, and Nilene van Niekerk.

For 29 years, Corobrik has been celebrating the most outstanding architectural talent in South Africa. This year, Nilene van Niekerk – a master’s graduate of the University of the Free State (UFS) Department of Architecture – features as one of the regional winners.

Deciding on a dissertation topic, Nilene contemplated how she could use architecture as a tool to address a non-architectural contemporary problem specific to post-apartheid democratic South Africa. Her answer was born from her passion for freedom of speech. “Freedom of speech and the intimidation of journalists by the controversial Secrecy Bill were at the forefront these past few years,” Nilene says. “Although freedom of expression are generally protected practices in South Africa’s constitution, the persistent role of the government to protect state information is a substantial threat to citizens’ constitutional right of freedom of expression.”

This resulted in Nilene’s dissertation topic, Freedom of Expression Forum. This architectural concept envision a building, in the vicinity of Constitutional Hill, that symbolises protest against the Secrecy Bill. The building will provide “protection to journalists and become a pivotal point where classified information can be sent and archived. It will also establish a public space that encourages communication – all in the name of fostering the right of freedom of expression within this human rights precinct,” Nilene says.

Nilene will now go on to compete for the national title at the Corobrik Student Architect of the Year Awards in Johannesburg in May 2016.

“The project also rethinks the idea of sustainability as it focuses on how to contribute to a sustainable political future in South Africa. I believe that we as architects, especially in a third world country, should think beyond the normative boundaries of sustainability,” Nilene says.

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