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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

Leading African Studies scholar to represent UFS as research fellow at Leiden University
2016-03-10

Description: Dr Stephanie Cawood Tags: Dr Stephanie Cawood

Dr Stephanie Cawood to devote three months at the African Studies Centre Leiden as a visiting research fellow to further her research on the rhetorical imprint of Nelson Mandela.
Photo: Supplied

Dr Stephanie Cawood, Programme Director and Senior Lecturer at the University of the Free State (UFS) Centre for Africa Studies has been offered a visiting research fellowship to the African Studies Centre Leiden (ASCL) at Leiden University in the Netherlands. The ASCL is entirely devoted to the study of Africa transcending multiple faculties and is known for its extensive library.

As a visiting research fellow from April to June 2016, Dr Cawood looks forward to expanding her network as well as intellectual horizons with the broad spectrum of knowledge archived by the ASCL. “Working so closely with the scholars at the African Studies Centre Leiden will enrich my research and broaden my international footprint as a scholar,” Dr Cawood says.

Her research at ASCL follows on her doctoral research on the former president of South Africa, Nelson Mandela’s rhetorical imprint, and will explore the conceptual, cultural, ideological and historical influences that shaped the thought and rhetoric of Nelson Mandela. She is particularly interested in studying the intertextual dynamics in Mandela’s rhetoric with historical figures such as Jawarharlal Nehru, Martin Luther King Jr and Winston Churchill.

According to Dr Cawood, this research “will deepen the understanding of Nelson Mandela’s rhetorical journey from struggle to liberation and unpack the various influences that made him the political figure he ultimately became.”

During her tenure at Leiden University, Dr Cawood will prepare a manuscript to be published by the ASCL as a working paper and also present seminars.

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