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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

Innovation the focus of 28th Sophia Gray Memorial Lecture
2016-09-06

Description: Stratford furniture design Tags: Stratford furniture design

Stratford never lost his passion for designing
furniture. Pictured here is some of his furniture
exhibited at the Oliewenhuis Art Museum.
Photo: Francois van Vuuren: iFlair Photography

Al Stratford, designer, inventor and architect, presented the 28th Sophia Gray Memorial Lecture on 25 August at the Reservoir at the Oliewenhuis Art Museum in Bloemfontein. The event, hosted by the Department of Architecture at the University of the Free State, was also the opening of an exhibition of Stratford’s work.

In his career of 40 years, Stratford has patented many products and won several awards in industrial design and architecture. He is known in South Africa for his development of innovative building technology such as the Winblok Precast Concrete Window System. In 2009 and 2010, he also served as president of the South African Institute of Architects.

The title of his lecture was: Reductive Innovation in Architecture. Throughout his career, Stratford endeavoured – through his designs and inventions – to apply the principle of “reduction” to the building material he used and technology he examined.

Stratford designs and builds smart buildings
Stratford says a home is the paradigm of self-expression. His career as architect started with the building of five houses in Gonubie, near East London. Everything he knew about architecture at that stage, he had taught himself by reading on the subject at the local library. Later on, he achieved great heights in his career by designing and building, among others, the Stratford Guesthouse; the sustainable and resourcefully designed campus buildings for the University of Fort Hare (an institutional building not utilising any electrical air-conditioning); the Edenvale Baptist Church; and a community hall.

His technology is widely used in the building industry

“The arrogance in me gets humiliated when I
see what other people and God has done.”


His technical drawing skills, acquired at an early age during his training as motor mechanic, are still practised years later, particularly in his inventions. Stratford is the inventor of technology commonly used in the building industry today. Of these, the Winblok window system which he patented in 1981, is one of his best known patents. The use of these windows is characteristic of many of the buildings he designed and built. Other technology he invented and patented, includes the Winstep stairs, the Windeck flooring system, and the StratFlex furniture technology.

Furniture designs win him awards
He likes to quote architect Ludwig Mies van der Rohe: “A chair is a very difficult object. A skyscraper is easier.” Stratford started designing and manufacturing his own furniture and never lost this passion. In 2013, he won the Innovation Award at the Design Indaba for his “flat pack” furniture technology.

The humble Stratford – designer, inventor, industrialist, and architect – says he is simply playing around with God’s creation. “The arrogance in me gets humiliated when I see what other people and God has done.”

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