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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

Prof Van den Oever gives students a different perspective
2016-05-06

Description: Prof Van den Oever gives students a different perspective Tags: Prof Van den Oever gives students a different perspective

Prof Annie van den Oever from the Netherlands presented a series of guest lectures on media technologies to students of the Film and Visual Media Programme at the University of the Free State (UFS). Here from left is Chris Vorster, lecturer in Drama and Theatre Arts, Prof Van den Oever, and Dr Pieter Venter, Senior lecturer at Drama and Theatre Arts.
Photo: Jóhann Thormählen

She played a part in conceptualising the Film and Visual Media Programme at the University of the Free State (UFS), and sees film from a perspective different from most young South Africans.

According to Chris Vorster, lecturer of the UFS BA Honours degree in Film and Visual Media, this is one of the reasons why Prof Annie van den Oever’s visit is of such great value. The actor, who is a lecturer in Drama and Theatre Arts, believes it is important to expose his students to influences outside their normal experience.

Prof Van den Oever, an extraordinary professor at the UFS since 2011, presented a series of guest lectures on media technologies from 11-14 April 2016 at the Audio Visual Studio on the Bloemfontein Campus. She is a senior researcher for Film at the University of Groningen in the Netherlands, and an Associated Researcher for Film at Paris 1, Panthéon Sorbonne, in France.

Another milieu

“It is invaluable for students, in any field of study, to receive as many influences from the outside. Therefore, it is important to have someone here from another milieu and context. And academically, she is outstanding,” says Vorster.

Vorster’s students are also exposed to practical expertise from the industry in the country, not only academics.

Relationship with UFS

Prof Van den Oever says she usually visits the UFS twice a year. Her recent lecture series on media technologies was about the power of visual and film culture today, and how you can understand its powers. “Why strange effects work strongly and why the strange is inserted, because people respond strongly to them,” she says.

Prof van den Oever enjoys meeting new people, and often works with colleagues from the UFS on various projects. She also is full of praise for the management of the university. “It is great to work across cultures, and be part of a university in transition.”

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