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Self-financing your education can be very challenging, especially in an economy that does not favor you. Things are so expensive now. Tuition fees, and living expenses which include feeding, taking care of some basic things, and others.
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If we are to be honest, it is not easy. Some students have the privilege of relying on their parents for financial aid. But the fingers are not equal. Not everybody gets such luxury.
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Many students finance themselves in school and struggle to make ends meet. If a student is lucky, then he gets to have access to scholarships and grants that can further help lessen the burden of fending for yourself.
However, there are still strategies you can utilize to self-finance your education and achieve financial independence.
Provide Sincere Answers to These Questions
Before I go on to lay out strategies for you to be financially independent, I want you to ask yourself these questions. They will help you to access yourself.
How well do you evaluate your current financial state? I mean, do you try to check your income source compared to your expenses?
I believe if you fully understand that, you will know how to manage and make good choices when you want to finance your education.
Have you explored funding opportunities around you?
There are platforms where people apply for scholarships and student loans. You need to check them out to know the criteria that will make you eligible.
How realistic is your budget?
You don't just say you have a budget without having considered so many things that will make it well-detailed.
Does your budget include food, transport, accommodation, and even miscellaneous costs?
You have to take all these into consideration.
Once you can answer these questions genuinely, you can proceed to implement all these below strategies to self-finance your education and achieve financial independence.
1. Minimize education costs
There are many ways you can reduce your education expenses even before you start. The cost of education is increasing at a fast pace. Explore them.
There are affordable public schools you could attend, federal universities especially. They are good to consider if you are on a low budget.
You could also consider going to online schools. There are E-learning platforms nowadays and you will have no issue with getting your certificates. It makes things way easier for you.
Instead of buying textbooks, look for your seniors who have them and use theirs. It will save you costs.
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2. Take advantage of financial aid
Many people have been beneficiaries of scholarships and government grants. You might just want to consider applying for this, too. Keep your ears open to such opportunities when they come around so you don't miss them.
Don't procrastinate in processing the application, provide all necessary documents as required, and be diligent with it. The outside source you get can go a long way in helping you. Doing this increases your chance of getting financial aid.
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3. Consider work-study options
"Part-time" is what they often call it in this part of the world. Apply for programs that allow you to learn and earn income at the same time, without affecting your studies.
What you will do is check your academic schedule and pick a time that will be convenient for you at the job you want to apply for.
Most times, these work-study options are government-funded. You earn money while pursuing your degree, too. It is sort of a financial assistance program that aids students.
4. Frugal living is the way
In this situation, you can not afford to spend just anyhow. It takes a great deal of conscious effort to spend less money. You have to avoid unnecessary purchases. Cook your food, instead of buying.
Instead of taking transport at times, trek the distance. You have to be able to value your money judiciously and spend the money economically.
If you have to make use of the scale of preference, why not? It requires a lot of discipline. You are not impressing anyone, so you don't spend your money to do so.
You will consider more quality than quantity - something that will last longer. In the long run, your aim is to save more money.
5. Learn a skill
The world is fast-changing rapidly. Relying on white-collar jobs alone can be disadvantageous for you. Learning a skill can help you to have an upper hand in the world of job hunting.
Why? Because you would have gained the necessary knowledge required of you when it comes to job hunting. You might think everybody is already doing that skill you want, but nowadays, new companies are emerging, and more and more technologies are being developed. They need you.
The world has moved from learning just physical skills. There are a lot of digital skills you can learn, too. Put yourself out there to learn. Have a growth mindset. Learn the skill, be dangerously good at it, create a good portfolio, and apply for gigs. Some of the skills are graphics designing, copywriting, affiliate marketing, etc. They are very lucrative.
6. Seek for Employment
Even as a student, there are jobs you can apply for where you will be employed, especially when you have what they are looking for. You can apply for paid internships.
I know of a young lady who worked as an intern in an organization. She was getting her money and also going to school. Working as an intern is a good way to apply for jobs.
Freelancing, and tutoring (in areas where you are good at), are other ways you can seek employment.
All you will need is to learn how to balance your work life with your school life. One must not suffer for the other.
7. Family is key
There are times you will be stuck after trying all you can. No money, no job, no student grants. You are all by yourself. You can meet your family and friends for help. They are always willing to help. They are your family members after all. They are capable of providing emotional support for you as well. Don't hesitate to reach out to them.
8. Start a business
There are so many students today. You are a student and you also have a business you run. Baking, selling goods, etc., are good businesses you can get into and make your money.
You can always start small and be economical about it. Think of a business that will bring in quick cash for you, something that would not affect you or be too burdensome for you.
Another advantage of this is that school will not teach you some valuable lessons you will learn in business. There are a whole lot of benefits to starting a business when you are a student.
By the time you finish and you start filling up your resumé or filling up your CV, it is more built up. It will not be sparse.
All you need is to identify what you can do. How well can you commit to the business? You need to consider all of these.
9. Work during holidays
Your break period is the best time to gather money. When your mates are traveling during holidays, you can look for jobs that will get you money.
The money you earn should be saved for your next session in school. You are freer during breaks, isn't it? Why not make use of their free time to make money? Prioritize building up your earnings.
Even if it is a job not relatable to the career you're building, it can give you an insight into a favorable skill.
Another thing, if you are found to be a resourceful person at work, you know you can apply again and you will be employed. That is a way of building relationships, too.
Life skills that you didn't pay for too are learned. Such as time management at work, teamwork, and being polite and respectful.
10. Go for financial counseling
There are some issues you might be facing that are peculiar to you.
Seeking a counselor would work best in this case. Financial counselors are skilled professionals who provide advice and support to people struggling with bills.
This person will be able to attend to you specifically and give you advice on how you can go about getting your financial independence.
Note that, lack of money is associated with a lot of mental stress people face today such as depression, anxiety, and low self-esteem.
The counselor will be able to play the role of a therapist for you as well, not just solve your financial problems.
Final Thought on Self-Financing Your Education: A Guide to Student Financial Independence
Financial independence requires a lot of discipline and sacrifice for you.
You have to learn how to close your eyes to some things and let them go. If not, these strategies might not be effective.
You also have to be willing to apply these strategies and work towards making them workable for you. Your aim is to be educated with less financial burdens, so my message is "Manage Your Finances".
Getting quality education can be discouraging when there is no finance. Some people even resort to deferring their admission due to the lack of money. Education is an investment, you can be financially independent.