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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

Partnership between UFS and Farmovs-Parexel strengthened
2004-12-09

The synthesizing of drug molecules to be used as reference standards during the quantitative analysis of drugs and metabolites in biological fluids, will from now on be done by the University of the Free State’s (UFS) Department of Chemistry.

This agreement was recently signed by the UFS’s Faculty of Natural and Agricultural Sciences and FARMOVS-PAREXEL.

To expand the collaboration between the two units further, FARMOVS-PAREXEL has donated instrumentation to the value of about R 2 million to the Department of Chemistry. These include a tandem liquid chromatograph/mass spectrometer and several other chromatographic systems.

The instruments will be used for research on both the synthesis of reference standards and bio-prospecting. They will play a major role in the training of students in the techniques of advanced mass spectrometry and chromatography at the UFS and will lead to publications in international scientific journals.

For a number of years FARMOVS-PAREXEL has presented Masters and PhD degrees in Bio-Analytical Chemistry. A new collaboration has now been reached where joint projects will be used for Masters and PhD degrees by the two institutions.

Two FARMOVS-PAREXEL staff members have enrolled for Ph D-degrees in the organic section of the UFS’s Department of Chemistry. Senior staff members of the two institutions will act as joint supervisors.

Media release
Issued by: Lacea Loader
Media Representative
Tel: (051) 401-2584
Cell: 083 645 2454
E-mail: loaderl.stg@mail.uovs.ac.za
9 December 2004

 

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