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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

UFS takes steps to address power shedding
2008-01-31

The problem of power shedding was urgently discussed by the Executive Committee of the Executive Management (Exco) during its meeting yesterday.

A report was presented by Ms Edma Pelzer, Director: Physical Resources and Special Projects, and a consulting electrical engineer about possible short, medium and long term solutions for the UFS.

This includes (a) the possible installation of equipment (eg. power generators) and (b) operating procedures to ensure the UFS’s functionality despite power shedding.

We are also in contact with Centlec to bring about the best possible arrangements for the UFS regarding the power shedding. It is possible that refined power shedding schedules will be implemented within a few weeks or a month to ensure that there is minimal disruptions at the UFS (especially during evening lectures).

In the long term it is unaffordable to generate power for the whole campus to meet everyone’s electricity needs. Only critical points will be supplied with emergency power generators.

Emergency power generation for certain critical points have already been provided for (eg. the Callie Human Centre, the evacuation of large halls, computer services, critical long term research projects, etc.). We have been doing surveys since 2006 to determine the UFS’s preparedness for “normal” power failures. The extent of the current situation has, however, taken the whole country by surprise.

Certain urgent steps were decided on yesterday. A decision was made to immediately design emergency power systems and supply it to the new examination centre and large lecture halls such as the Stabilis, Flippie Groenewoud, Agriculture building, and possibly the West Block. The delivery and installation of these systems will, however, take from three to six months.

The UFS will have to manage despite the power shedding, even after the emergency power systems have been installed and we will not be able to function as normal. Every division must devise operating procedures to deal with the power shedding without jeopardising the quality of core functions.

Bloemfontein is luckier than many other cities because Centlec is able (so far) to keep to the published schedule to a large extent.

Plans are also being made to keep staff and students continuously informed via the UFS web site about expected power shedding schedules and risks of power shedding in the course of a day.

Exco requests every faculty and support service to think about suitable operational solutions for managing their work and meetings during a power shedding.

Every line head has instructions to urgently determine the situation and needs in his or her division and indicate what practical arrangements can and must be made to schedule work around the power shedding. Every line head must provide Exco with a status report within a week.

In this way critical areas in terms of core functions and high quality service delivery will be determined and receive attention. Security systems and the safety of staff and students will also receive specific attention - this includes the residences.

In the mean time the Department of Physical Resources will carry on with a wide-ranging investigation into the extent of needs and plans and will compile a budget for the solution thereof.

Prof. Teuns Verschoor, Vice-Rector: Academic Operations, and the deans had a meeting yesterday to discuss problems and possible solutions around the power shedding in eg. computer rooms, during evening lectures, and practical classes.

Options may include eg. alternative time slots (eg. weekends) or alternative halls (eg. at the Vista Campus) for evening lectures which are affected by power shedding, or adjusted teaching methods.

Staff is requested not to install their own power generators under any circumstances. It can be very dangerous when such apparatus are linked to a building’s electrical system. The safety of staff and students and the risks of fire or injuries must also be the highest priority under all circumstances.

The Department of Physical Resources is also in the process of investigating options such as smaller power generators or ‘UPS’ apparatus as part of a broader evaluation of needs and potential solutions.

Exco wants to ensure all staff and students that this matter is receiving urgent attention and will keep on receiving it.

If there are any practical solutions about dealing with the power shedding (such as alternative ways of working) you are invited to send an e-mail to: lightsout@ufs.ac.za  

 

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