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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

Space-based information plays vital role in disaster-risk reduction
2017-02-28

Africa is one of the continents most affected by disasters triggered by natural hazards. The result of climate change is a reality that affects every human being, whether it is extreme heat waves, cyclones, or the devastation of drought and floods. Climate change can provoke injuries or fatalities and affects the livelihoods of people in both rural communities and urban areas. It triggers damage and losses in various sectors of development, such as housing, road infrastructure, agriculture, health, education, telecommunications, energy, and affects routine economic processes leading to economic losses.

According to Dr Dumitru Dorin Prunariu, President of the Association of Space Explorers Europe, space programmes have become an important force defining challenges of the 21st century. “Space observation is essential for climate-change monitoring,” he said.

Dr Prunariu was the keynote speaker at a two-day symposium on climate resilience and water that was hosted by the Disaster Management Training and Education Centre for Africa (DiMTEC), at the University of the Free State (UFS). He participated in the Soviet Union’s Intercosmos programme and completed an eight day-mission on board Soyuz 40 and the Salyut 6 space laboratory, where he and fellow cosmonaut Leonid Popov completed scientific experiments in the fields of astrophysics, space radiation, space technology, space medicine, and biology. He is the 103rd human being to have travelled to outer space.

The focus of Dr Prunariu’s lecture was: Space activities in support of climate change mitigation and climate resilience.

Description: Dr Dumitriu Dorin Prunariu Tags: Dr Dumitriu Dorin Prunariu

Dr Dumitru Dorin Prunariu, the 103rd human
being in outer space and President of
the Association of Space Explorers Europe.
Photo: Charl Devenish

Space-based information, an extra eye that can detect a way out during disasters
“For governments to support communities affected by any disaster, precise and up-to-date information on its impacts is essential as a way to respond in a timely and effective way,” said Dr Prunariu.

Space-based information (derived using Earth observation, global navigation satellite systems, and satellite communications) can play a vital role in supporting disaster-risk reduction, response, and recovery efforts, by providing accurate and timely information to decision-makers.

“With space-based information, disaster management teams will be able to take note of recently established roads that may not appear in typical maps produced by National Geographic Institutes, but which could be used as emergency evacuation routes or as roads to deliver humanitarian assistance to those who require it in remote areas."

Space-based tools help decision-makers to improve planning
“Space-based tools and spatial data infrastructure is also crucial for policy planners and decision-makers in increasing the resilience of human settlements. Using geographic data and information collected before the occurrence of major disasters in combination with post-disaster data could yield important ideas for improved urban planning, especially in disaster-prone areas and highly-populated regions.

“In the recovery process, information on impact is used by governments to provide assistance to those affected, to plan the reconstruction process, and to restore the livelihoods of those affected,” said Dr Prunariu.

“Space observation is
essential for climate-
change monitoring.”

The symposium was attended by representatives from Liberia, Nigeria, Kenya, Ghana, Namibia, and Zimbabwe, with various international scientists from Europe imparting their expert knowledge on water and global resilience. The presence of these international experts strengthened global networks.

It isn't important in which sea or lake you observe a slick of pollution, or in the forests of which country a fire breaks out, or on which continent a hurricane arises, you are standing guard over the whole of our Earth. - Yuri Artyukhin: Soviet Russian cosmonaut and engineer who made a single flight into space.

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