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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

Dean of Law appointed for second term as acting judge in the Free State High Court
2017-02-17

Description: Prof Nicholson Tags: Prof Nicholson

Prof Caroline Nicholson, Dean of the Faculty of Law

The Dean of the Faculty of Law, Prof Caroline Nicholson, has been re-appointed by the Judge President of the Free State High Court, Judge Mahube Molemela, to serve a full term in 2017 as an acting judge. This will be her second term, as she served in the same position in early 2016, and it is such, a testament to her outstanding work. Her re-appointment is a source of pride not only to the University of the Free State, but the city of Bloemfontein, and the region as a whole.

Since taking up the position of Dean in 2015, Prof Nicholson has demonstrated exceptional leadership, and continues to take great strides in developing the Faculty’s internal and external programmes. “I am delighted that the University has facilitated my taking advantage of this opportunity. During this term, I will be exposed to a diversity of legal matters both civil and criminal, some of which I was not exposed to during my previous acting period. The exposure to the practical aspects of the law from the perspective of the Bench will inform my decisions regarding curriculum review and development, at a time when the faculty is actively engaged in ensuring that curriculum content is both relevant and context-appropriate,” said Prof Nicholson.

She adds that her appointment as acting judge will strengthen the Faculty’s positive relationship with the legal profession and, especially with the Bench. It will also benefit the Faculty, its staff and students.  In 2015, the Faculty partnered with the International Association of Women Judges (Free State Chapter), to host a dinner, which will be hosted again this month. The association brought to the fore new ventures into the involvement of women judges in an advisory capacity and sharing of expertise. In 2016, members of the association began to enact this role.

Judge Molemela and Judge Azhar Cachalia of the Supreme Court of Appeal accepted appointments to the Advisory Board of the Free State Centre for Human Rights. Judge Khalipi “Jake” Moloi of the Free State High Court in Bloemfontein, gave trial advocacy tips to teachers, coaching the Schools Moot Court Competition. Prof Nicholson said: “It is hoped that more opportunities will arise to increase interaction between students and the judiciary, both are eager for this to happen. I am also learning a great deal and am once again enjoying the collegial and supportive environment that my colleagues create at the High Court.”

Prof Nicholson holds an LLD from University of South Africa, and has published several research articles in accredited journals, with a special interest in Family Law and children’s rights.

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