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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

Start your postgraduate journey: Open Day 2016
2016-06-13

Postgraduate Open Day
Programme

You find yourself in the final year of your studies and are keen to step out into the real world, or you are already earning a salary and want to advance yourself in the corporate world. However, the truth is that, if you want to stand out and be heard in a very noisy employment landscape, you have to improve your competitive advantage.

Postgraduate studies give you the edge, and open up a greater chance of opportunities, such as:

Quick fact:
Your B degree is no longer enough
to enable you to climb the corporate
ladder to success. The answer to
your dilemma is Postgraduate
Studies
.

•    Improving your employability
•    Earning a higher income
•    Developing your communication, critical-thinking
      and problem-solving skills
•    Inspiring change in your community
•    Networking with people of all ages and backgrounds

One of the major investments to enhance postgraduate studies at the University of the Free State (UFS), is the Postgraduate School. As an intellectual space, designed specifically with postgraduate students in mind, its main purpose is to make your life easier and the postgraduate road less bumpy by supporting and guiding you through:

•    Supervision
•    Writing skills training
•    Multiple seminars, conferences, webinars, and workshops on research and scholarship
•    Assistance to access funding opportunities

In order to assist you in selecting a postgraduate path, the UFS is hosting a Postgraduate Open Day.

Date: 22 June 2016
Time: Centenary Complex, UFS Bloemfontein Campus (Consult the map for directions)
Venue: 08:30-12:00
Contact details
Postgraduate Prospectus 2017

Join us to get the inside track on reshaping your future.

 

 

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