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Student Finance: How to manage your money

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

Researcher works on finding practical solutions to plant diseases for farmers

2017-10-03

Lisa Ann Rothman, researcher in the Department of
Plant Sciences.
Photo: Supplied

Plant disease epidemics have wreaked havoc for many centuries. Notable examples are the devastating Great Famine in Ireland and the Witches of Salem.

Plant diseases form, due to a reaction to suitable environments, when a susceptible host and viable disease causal organism are present. If the interactions between these three factors are monitored over space and time the outcome has the ability to form a “simplification of reality”. This is more formally known as a plant disease model. Lisa Ann Rothman, a researcher in the Department of Plant Sciences at the University of the Free State (UFS) participated in the Three Minute Thesis competition in which she presented on Using mathematical models to predict plant disease.

Forecast models provide promise fighting plant diseases
The aim of Lisa’s study is to identify weather and other driving variables that interact with critical host growth stages and pathogens to favour disease incidence and severity, for future development of risk forecasting models. Lisa used the disease, sorghum grain mold, caused by colonisation of Fusarium graminearum, and concomitant mycotoxin production to illustrate the modelling process.

She said: “Internationally, forecasting models for many plant diseases exist and are applied commercially for important agricultural crops. The application of these models in a South African context has been limited, but provides promise for effective disease intervention technologies.

Contributing to the betterment of society
“My BSc Agric (Plant Pathology) undergraduate degree was completed in combination with Agrometeorology, agricultural weather science. I knew that I wanted to combine my love for weather science with my primary interest, Plant Pathology.
“My research is built on the statement of Lord Kelvin: ‘To measure is to know and if you cannot measure it, you cannot improve it’. Measuring the changes in plant disease epidemics allows for these models to be developed and ultimately provide practical solutions for our farmers. Plant disease prediction models have the potential ability to reduce the risk for famers, allowing the timing of fungicide applications to be optimised, thus protecting their yields and ultimately their livelihoods. I am continuing my studies in agriculture in the hope of contributing to the betterment of society.”

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