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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 eco-physiologist finds effective solutions for crop optimisation

2016-07-24

The bio-stimulant was tested on
this citrus. This is the first time
that the product has been tested
on a crop.

In a time characterised by society facing increasing population growth, food crises, and extreme climatic conditions such as drought, it is essential for farmers to integrate science with their work practices in order to optimise crops.

Role of photosynthesis and plant sap data

By knowing how to use photosynthesis and plant sap data for determining plant health, fast and effective solutions could be established for the optimisation of crops. This technique, which could help farmers utilise every bit of usable land effectively, is the focus of Marguerite Westcott’s PhD study. She is a junior lecturer and plant eco-physiologist in die Department of Plant Sciences at the University of the Free State.

Westcott uses this technique in her studies to prove that a newly-developed bio-stimulant stimulates plants in order to metabolise water and other nutrients better, yielding increased crops as a result.

Agricultural and mining sectors benefit from research

The greatest part of these projects focuses on the agricultural sector. Westcott and a colleague, Dr Gert Marais, are researching the physiology of pecan and citrus trees in order to optimise the growth of these crops, thus minimising disease through biological methods. Field trials are being conducted in actively-producing orchards in the Hartswater and Patensie areas in conjunction with the South African Pecan Nut Producers Association (SAPPA) amongst others.

The principles that Westcott applies in her research are also used in combination with the bio-stimulant in other studies on disturbed soil, such as mine-dump material, for establishing plants in areas where they would not grow normally. This is an economical way for both the agricultural and mining sectors to improve nutrient absorption, stimulate growth, and contribute to the sustainable utilisation of the soil.

The bio-stimulant contributes to the immunity of the plants.
It was tested in these pecan nut orchards (Hartswater).

Soil rehabilitation key aspect in research projects

“One of two things is happening in my research projects. Either the soil is rehabilitated to bring about the optimal growth of a plant, or the plants are used to rehabilitate the soil,” says Westcott.

Data surveys for her PhD studies began in 2015. “This will be a long-term project in which seasonal data will be collected continuously. The first set of complete field data, together with pot trial data, will be completed after the current crop harvest,” says Westcott.

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