Latest News Archive

Please select Category, Year, and then Month to display items
Previous Archive
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

Students get a place to rag
2008-01-16

 

A jol place where students from the University of the Free State (UFS) can socialise during events such as rag and intervarsity was officially handed over to the UFS by the builders this week.

The Jol place, which is situated on the Western Campus, has ten float building areas, each with its own power points (currently temporarily) and container (also temporarily). There are also outside taps and high-mast lights on the premises and a large area has been paved. The covered area includes an open stoep, kitchens, a bar, and a stage with artists’ dressing rooms as well as bathrooms for men and ladies and for persons with disabilities. The premises, that includes wooden and concrete benches, can accommodate 1 200 people.

The total project cost for this facility was R6,3 million, of which just over 50% was contributed by Absa.

Attending the hand over ceremony were, from the left: Prof. Frederick Fourie (Rector and Vice-Chancellor of the UFS), Mr Natie Botes (from the building company Ströhfeldt Sikeye Joint Ventures), Ms Edma Pelzer
(Director: Physical Resources and Special Projects and the UFS), Dr Natie Luyt (Dean of Student Services), and Jolice Neniëls (forth-year LL.B. student).

Photo: Leonie Bolleurs

We use cookies to make interactions with our websites and services easy and meaningful. To better understand how they are used, read more about the UFS cookie policy. By continuing to use this site you are giving us your consent to do this.

Accept