Financing ones education is difficult these days, especially with the current global crisis and high rates of inflation. However, there are a number of techniques and procedures which students can use to manage their financial position and successfully complete their studies.
Tip number 1: Try to get a scholarship. This is a common option for most above average performing students. Before applying to your institution of choice, research and gather information on other institutions that offer scholarships. Identify the scholarship that best suits your qualifications and apply for it as soon as possible. A large number of institutions close their application dates early November or even in October for courses commencing the next year. Be quick, do not wait for anything or anyone. In addition, find other scholarships that you may not meet the requirements for 100%. Sometimes students do get these as there may be ample space available. Treat it like a lottery, apply for all relevant ones and hope for the best.
Some organisations such as the AusAid also provide scholarships. Again, research is important so please spend about two or three days just researching and identifying the institutions and organisations which can help you.
If you can, try and talk personally to the contact persons to establish a relationship. This will help in getting an insight on the scholarship requirements and how to apply. Some students do have the qualifications to satisfy all the requirements but because of simple errors on application forms, lose out. Get as much information as you need before filling in the application.
Tip number 2: Get a student loan. Many students can apply for student loans as they are available widely on non academic merits ,that is, to students who have average or below average grades, which makes it easier to get. Again, do not wait for the last moment, apply as soon as possible and do your research. Apply for as many as possible.
Tip number 3: If you are earning or even dependent on your parents financial assistance, make a budget. Budgeting is very important and can make a difference between a student completing his/her course or not. If you are not well acquainted with budgeting, below is my simple budget for a week, proportioned to include my course fees so I do not face financial difficulties:
- Income: $500
- Travel: $20
- Food: $30
- Accommodation: $180
- Course Fee/week: $150
- Miscellaneous: $50
- Savings: $70
As shown, after including a $150 provision for my next course, I still end up with a saving of $70. Your budget should be made in a similar manner and importantly, it should be followed. Make sure you stick to your budget if you want to succeed. Open a student bank account if optioned or a normal bank account. Deposit 50% or more of your weekly savings, keeping some on you in case of emergencies. Strictly follow your budget until you have saved enough money to fully finance your studies. This tip should be followed during a persons time as a student as well as before and after that.
Tip number 4: Purchase second hand books and course materials. Before a semester or term ends, make your decision on which courses you will undertake the next semester. Print advertisements and ask students if they would like to sell their books. Second hand books and materials are much cheaper and can help a student save a lot. If someone does not agree to sell, try and borrow or rent the books from them. This will again be less expensive.
Tip number 5: Do not opt for a credit or ATM card. Both credit cards and ATM cards encourage impulse buying which is detrimental to ones financial health. Try and stick to cash purchasing, if you have it in your pocket, you buy things, if not, then you do not. In case you not like to carry cash on you all the time, having two bank accounts can help. Have one account for your savings and one as a spending account. The 50% which is left after you have deposited your weekly savings in your savings account, you deposit it in your spending account and for this account only, get an ATM card.
Never go for a credit card.
Tip number 6: Food is expensive at campuses and at restaurants so please cook your own. Buy groceries on a weekly basis and cook your every meal. This will significantly reduce expenses and boost savings. Also, eating home cooked, fresh meals is important for a student's mental health.
Tip number 7: Accommodation is expensive as well. If you want to live at the campus, please get a shared room as they cost less than single rooms. In addition, sometimes its cheaper to flat out with friends so check for houses and flats around your institution that are available for rent. Not only does sharing flats with friends helps to reduce rent expenses, it also keeps you around people which is very important as you may get home sick staying away from your family. Further, sharing flats allows you to assign certain duties to each person making the household work load less as it is shared amongst the flatters.
Tip number 8: Keep socialising to a minimal. Often I have noticed that students get into the habit of socialising or simply "going out" extensively. Although socialising is not a bad thing and I would encourage it, but too much of it will certainly affect your expenses and savings, as well as your studies. Thus, making socialising only a once in a month event will seem appropriate.
Tip number 9: If you are dependent on your parents financial assistance/student loan/scholarship, getting a part-time job will be wise. You will have more funds available to you which if saved and appropriately used, can strengthen your financial health and allow for further studies or better choices of courses and institutions. It will be extremely advantageous if you can get a part-time job that relates to your course or programme of study. It will provide you with practical experience and increase your future job prospects after you have graduated.
Tip number 10: Never give up and try your best. Whether it be financial difficulties or difficulties with your studies, stay focused on your goal. Being financially unstable is an adverse factor however, its not something that can not be overcome. Set your priorities and your goals, write them out and read them at least once a day. No matter what happens, try and achieve each. It may take time and some hard work, but nothing is impossible.
Therefore, although not exhaustive, the above are some tips that students or future students can use to successfully fund their education. The most important factor being the sufficient control and management of expenses and savings. Other being getting a scholarship, loan, not using credit or ATM cards, getting part-time jobs, sharing accommodation, cooking for oneself and keeping social activities to a minimal.