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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

Researcher wins prize for her work to reduce environmental pollution
2016-12-26

Description: Josepha Zielke Tags: Josepha Zielke 

Prof Danie Vermeulen, Dean of the Faculty of Natural
and Agricultural Sciences, and Josepha Zielke, a
PhD student at the Institute for Groundwater studies at the
University of the Free State.
Photo: Leonie Bolleurs

Josepha Zielke, a PhD student at the Institute for Groundwater Studies at the University of the Free State (UFS), received the prize for the best student presentation at the International Mine Water Association (IMWA) symposium in Leipzig, Germany, this year. Her paper was titled Fine Ash Leaching in Tailings Dams – An Impact on the Underlying Aquifers?
 
Zielke said: “It is an honour to receive this prize as a student. IMWA is a big association which allows you to establish a network with other scientists, to exchange opinions and ideas and to gain new inspiration for your own work. It was exciting and informative to hear about the research conducted around the world and to meet the researchers themselves.”
 
Born in Germany, Zielke always wanted to study overseas. During an exchange year in Grade 11, she visited South Africa. When she had to make a decision about in which country to complete her studies, South Africa was first choice as she was familiar with the people and the country.
 
Zielke joins leading institute on groundwater research in the country
She completed her BSc Hons in Geology at the Nelson Mandela Metropolitan University. After working for a year in exploration, she decided to focus her studies on water-related problems which  has been a growing issue, not only in South Africa, but in many places around the world. Zielke heard that the UFS Institute for Groundwater Studies was the leading institute on groundwater research in the country, and decided to join the university.
 
After completing her MSc research, An analysis of the geochemical weathering profile within a fine ash tailings dam, Mpumalanga, South Africa, Zielke started the research for her PhD project on groundwater pollution along a fault system in Mpumalanga.
 
Research adding value to the environment by reducing pollution
She explains the focus of her research: “Several production plants and mine waste facilities are located on or near these geological structures which could be a possible cause of ground and surface water pollution. With the aid of geophysical ground surveys (using electromagnetics and electrical resistivity tomography), aquifer and tracer tests, we are trying to determine where the pollution is coming from, how far it has been distributed and to model the potential risks.
 
“This research will add value to the environment by preventing or at least reducing pollution leaking into the environment. Industrial sites always have a negative footprint on the environment but at least we try and contain it by finding the cause of ground and surface water pollution. Thereafter we try and solve the pollution problem or at least mitigate the damage to prevent the spreading of ground and surface water pollution in the area.”

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