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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 hosts first SA Digital Sky Academy at the Naval Hill Planetarium
2015-10-02


From the left are: Prof Neil Heideman
(Dean: Faculty of Natural and Agricultural Sciences, UFS),
Jack White (Director: Sky-Skan Oceania),
Dr Michelle Cluver (Department of Astronomy, University of the Western Cape),
Martin Ratcliffe (Director: Professional Development, Sky-Skan).
Photo: Mart-Mari Duvenhage

South Africa hosts some of the world’s largest telescopes, and won the bid to co-host the SKA recently. So it’s not surprising that there is unprecedented interest in Astronomy in our country. Astronomy is seen as a gateway subject that attracts people to the sciences, while planetariums help to make Astronomy accessible to millions of people.  Digital planetariums are especially powerful teaching tools because they are versatile, offer an immersive experience, and explain and illustrate three-dimensional concepts effectively.  On the other hand, scientists, are eager to exploit a digital planetarium’s potential to represent and explore data visually, whether the data relate to medicine, astronomy, chemistry, the environment, or other fields of research.

The four-day ‘Digital Sky Academy’ (DSA) presented at the Naval Hill Planetarium in Bloemfontein from 18 - 22 September 2015 was an opportunity to offer training and first-hand experience of digital planetarium technology to representatives from other centres in South Africa. The Department of Physics at the University of the Free State (UFS) was the host of this event.

The Department of Science and Technology has designated the Naval Hill Planetarium as the South African hub for the training of digital planetarium presenters and operators. In addition to attracting interest from scientists and future planetarium operators and presenters, the DSA workshop provided an invaluable opportunity for our presenters to hone their skills.

A number of experienced and distinguished people attended the workshop. Among them was Dr Mark SubbaRao from Chicago in the United States, who shared information on data visualisation techniques used in the Adler Planetarium. Jack White, Director of Sky-Skan, one of the few companies that provide digital technology for planetariums throughout the world, coordinated the event in partnership with Prof Matie Hoffman from the Department of Physics at the UFS.

Jack travelled from Melbourne in Australia to oversee the workshop. Two Sky-Skan colleagues from the United States, Martin Weiss and Martin Ratcliffe, were on hand to share their expertise on digital planetarium hardware and software. The workshop programme included Skype conference calls with other US-based planetarium experts. Amongst the delegates to the DSA representatives from the SKA, the Iziko Museum, and five South Africa universities. They were here to gain experience, explore the capacity of the digital facility, and share ideas on future collaboration.

During the workshop, a public lecture was held on 19 September. Dr Michelle Cluver from the University of the Western Cape gave a presentation entitled, ‘More than the eye can see: the significance of infrared light in Astronomy.’

 

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