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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

Plant scientist, Prof Zakkie Pretorius, contributes to food security with his research

2014-08-26

Many plant pathologists spend entire careers trying to outwit microbes, in particular those that cause diseases of economically important plants. In some cases control measures are simple and successful. In others, disease management remains an ongoing battle.

Prof Zakkie Pretorius, Professor in the Department of Plant Sciences, works on a group of wheat diseases known as rusts. The name is derived from the powdery and brown appearance of these fungi.

Over the course of history wheat rusts have undergone what are notoriously known as boom and bust cycles. During boom periods the disease is controlled by means of heritable resistance in a variety, resulting in good yields. This resistance, though, is more often than not busted by the appearance of new rust strains with novel parasitic abilities. For resistance to remain durable, complex combinations of effective genes and chromosome regions have to be added in a single wheat variety.

In recent years, Prof Pretorius has focused on identifying and characterising resistance sources that have the potential to endure the onslaught of new rust races. His group has made great progress in the control of stripe rust – where several chromosome regions conditioning effective resistance have been identified.

Dr Renée Prins of CenGen and an affiliated UFS staff member, developed molecular markers for these resistance sources. These are now routinely applied in wheat breeding programmes in South Africa. In addition, Prof Pretorius collaborates with several countries to transfer newly discovered stem rust resistance genes to wheat, and in characterising effective sources of resistance in existing wheat collections.

His work is closely supported by research conducted by UFS colleagues, students and other partners on the genetics of the various wheat rust pathogens. These studies aim to answer questions about:
• the origin and relatedness of rust races,
• their highly successful parasitic ability, and
• their adaptation in different environments.

The UFS wheat rust programme adds significantly to the development of resistant varieties and thus more sustainable production of this important crop.

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