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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

Mathematical methods used to detect and classify breast cancer masses

2016-08-10

Description: Breast lesions Tags: Breast lesions

Examples of Acho’s breast mass
segmentation identification

Breast cancer is the leading cause of female mortality in developing countries. According to the World Health Organization (WHO), the low survival rates in developing countries are mainly due to the lack of early detection and adequate diagnosis programs.

Seeing the picture more clearly

Susan Acho from the University of the Free State’s Department of Medical Physics, breast cancer research focuses on using mathematical methods to delineate and classify breast masses. Advancements in medical research have led to remarkable progress in breast cancer detection, however, according to Acho, the methods of diagnosis currently available commercially, lack a detailed finesse in accurately identifying the boundaries of breast mass lesions.

Inspiration drawn from pioneer

Drawing inspiration from the Mammography Computer Aided Diagnosis Development and Implementation (CAADI) project, which was the brainchild Prof William Rae, Head of the department of Medical Physics, Acho’s MMedSc thesis titled ‘Segmentation and Quantitative Characterisation of Breast Masses Imaged using Digital Mammography’ investigates classical segmentation algorithms, texture features and classification of breast masses in mammography. It is a rare research topic in South Africa.

Characterisation of breast masses, involves delineating and analysing the breast mass region on a mammogram in order to determine its shape, margin and texture composition. Computer-aided diagnosis (CAD) program detects the outline of the mass lesion, and uses this information together with its texture features to determine the clinical traits of the mass. CAD programs mark suspicious areas for second look or areas on a mammogram that the radiologist might have overlooked. It can act as an independent double reader of a mammogram in institutions where there is a shortage of trained mammogram readers.

Light at the end of the tunnel

Breast cancer is one of the most common malignancies among females in South Africa. “The challenge is being able to apply these mathematical methods in the medical field to help find solutions to specific medical problems, and that’s what I hope my research will do,” she says.

By using mathematics, physics and digital imaging to understand breast masses on mammograms, her research bridges the gap between these fields to provide algorithms which are applicable in medical image interpretation.

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