How Can I Save Enough Money for My Post-Graduate Plans?

We asked– “Is it possible to save enough money for postgraduate plans after my studies in Russia”.

PRECIOUS NNODI, (ANSSIR Treasurer 2023/2024) has this to share:

For final-year students, this is one of the many questions that come up while completing undergraduate studies. This article will address this question based on information from my research and individuals I have interacted with over time.

First, it indicates that I have probably thought about a few various career paths or things I would want to pursue if I am talking about saving money for my postgraduate plans after Russia. They may involve continuing my education in Russia or abroad, finding work there or elsewhere, travelling to see relatives, taking a vacation from school, starting a business, or enhancing one that currently exists. To be honest, the list might never end.

Yet despite all of these reflections of reality, one thing is certain: one needs money to succeed in anything, whether it is business, education, or taking a break. We must constantly and actively remind ourselves that the stipends will end after graduation.

1. Deciding on the Post-Graduate Pathway: 

This is the first important choice a student in the final year must make because it will have a major influence on their plans, where they will be, and how much financing they will need.

This makes doing careful research on what they intend to undertake crucially.

2. Make A Clear Plan: 

You do this after deciding what to do or where to go. In this situation, you might begin making a list of the elements that will make achieving your goal easier. They can take the shape of the nation you want to immigrate to (or not), the cost of living and educational expenses, online course enrollment, training sessions, as well as the creation of business prototypes. You can learn how much money you will need and what steps you can take to attain it by carrying out these.

3. Creating a Financial Plan:

I wish to shed some light on some information they should know because most final-year students would love to continue their education.

Let’s presume that you are reading this post with a certain location in mind. If you choose to study abroad in the UK or the United States, you should prepare a budget of between $25,000 and £40,000. The average cost of graduate school in the United States is $38,200 per year. These options take financial aid, grants, and living costs into account.

However, my goal is not to frighten you; rather, I want to make you aware of how things can be after graduate school and the ways you can save money, which will be discussed as you read more of this post.

4. Execution Strategies: 

I’ll outline a few strategies that some students in their last year have found successful. 

a) Securing A Job: The process of finding a job is not as straightforward as it may seem, and we must be aware that it may take some time and differ for various people. Thus, final-year students should secure employment to support themselves before setting aside FSB stipend money.

When seeking a job, platforms like HH, Profi.ru, LinkedIn, and Twitter can be helpful.

b) Save The Stipends: You can also save the stipends you are receiving to use towards graduate plans. It is acknowledged that due to inflation and the rise in insatiable needs, it might not be enough; therefore, cutting back on wasteful spending would be an alternative.

c) Entrepreneurship: As a final-year student, I understand that saving enough money for post-graduate plans in a short period may not be feasible. However, starting a business is a viable option. By considering factors such as expansion potential, the profits generated can be utilised to support various aspects of one’s life, thereby ensuring the smooth execution of postgraduate plans.

5. Alternative Options for Funding: 

a) Look For Greener Pastures: It’s wise to keep an eye out for chances that can lessen the financial burden, which depends on the choice made at the outset. You can apply for foreign jobs that sponsor work visas to the nation of your choosing or for fellowships, grants, and scholarships to the nation of your choice.

These fellowships might include OpenDoors, Gates Cambridge, Erasmus, Chevening, and others.

Another option is to pursue graduate studies in nations with low living expenses or free or affordable tuition, such as Germany, the Netherlands, Finland, Norway, France, and other European nations.

This option can also be used by people who plan to stay in Russia after completing their undergraduate education, even if it may be more advantageous for those who intend to study or work abroad.

b) Networking: Even though this may not be a straightforward way to earn or save money, the right connections can open the doors to your desired opportunities. I am aware that this is not an easy path, but we can only say that we gave it our best effort when we gave it everything we had. We should keep working toward our objectives because we are not the first graduates and we may learn from their mistakes.

I hope to see you on the other side of success and send you my best wishes!