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

Osaka University in Japan joins forces with UFS to discuss SA and Africa

2016-03-23

Yani Karavasilev of Osaka University speaking about political stability and Foreign Direct Investment in the Southern African Development Community on day-2 of the joint conference between Osaka University and the University of the Free State.
Photo: Dr Marina da Silva

Recently, international delegates convened for the annual Osaka University-University of the Free State (UFS) Conference to discuss issues that affect Africa. This high-profile conference was hosted by the UFS Department of Political Studies and Governance from 22-23 February 2016. The event focused its attention on the state of South Africa (SA) as well as conflict resolution on the African continent.

Topics of discussion

Scholars and policymakers proceed to map out the political, economic, social, and educational trajectory of SA and the African continent. Some of the topics of discussion included SA politics, democracy, economy, foreign policy, race, education, and peace. Delegates also looked at foreign direct investment in the Southern African development community and organisations such as the United Nations and the African Union.

Entangled in turmoil

At the conference, Prof Virgil Hawkins of the Osaka School of International Public Policy, (Osaka University) presented a paper entitled: The role of the local media in Burundi’s 2015 coup attempt. In his presentation, Prof Hawkins analysed the impact made by Radio Publique Africaine, Renaissance, Isanganiro, and Bonesharadio stations during the conflict. Had it not been for these private radio stations, the events leading to, during, and after the coup would not have received international coverage.

Prof Hawkins explained that prior to the coup, “key private radio representatives were called to Musaka military camp” by former intelligence chief, Major General Godefroid Niyombare. He informed them about the coup plot and urged them to report on it. The government in turn accused the independent media of colluding with the coup conspirators. As a result, the radio stations were attacked, coerced to go off-air, and subsequently destroyed. Despite overt efforts by the state to suppress the media’s freedom of expression, it did not succeed.

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