The beginning of a new year brings many new goals, new achievements and even unique inspiration in your life. However, if you are a student and want to prosper in an educational setting, you must not only focus on academic goals but also plan personal endeavors that improve your skills in every conceivable area. The main pillars behind New Year’s resolution for students are to develop a strong personality, maintain good physical and mental health, have a balanced diet, study efficiently, think out of the box, always be eager to learn and acquire new knowledge etc., which should be assimilated into a student’s personal, academic, or professional career. Here’s advice from industry professionals for students on how to prepare for their New Year’s resolutions for 2023.
Unicreds founder Amit Singh’s strategy
1. Start planning your overseas education now: Starting the process of planning your overseas education trip can seem daunting to many students. This can lead to delays, especially since the deadline for college applications can be months away on paper. However, the situation has evolved in the last one year. Interest in overseas education activities saw a huge resurgence this year, resulting in high demand for seats, accommodation, visas and student loans.
The best way for any student to avoid unnecessary complications and delays is to take the first step at the earliest and not to rush it unnecessarily. This also applies to student finances. By creating a road map for reducing the student-loan burden early on, students can avoid a lot of stress while studying abroad.
2. Take a deeper look at how student financing works: As students, the prospect of dealing with banks, collateral, and large amounts of capital to finance your education can be quite unnerving. While students can always rely on their parents or specialist financing services to ease the process, making the effort to learn about the financial steps involved can be a great asset in reducing future burdens. Fixed vs Static Interest Rates, NBFC vs Banks, Forex, etc. are important parts of one’s financial literacy which can be mastered if a student makes an effort to get directly involved in their financial planning from the very beginning.
3. Make friends abroad to plan your travels better: While it’s a cliché to tell students to ‘make new friends’ overseas, 2023 is a concrete goal for students to work towards. Economic conditions in popular study destinations are evolving due to various external and internal factors. For example, many popular destinations such as Canada, Germany, Australia and the UK changed their work-visa legislation to allow international students more freedom over how long they can work and in which industries.
This is a great opportunity for both financial stability as well as gaining work experience while studying abroad. The most practical way for students to discover and account for such factors is to build a network of friends who can offer advice on life and conditions in the destination through personal experience. A student who makes an effort to build such a network will be better informed about financial status, housing procedures, study workload, employment opportunities, etc.
Strategy by Mr. Ankit Mehra, CEO & Co-Founder, GyanDhan
New Year’s resolutions should be on the back of students’ minds. This is an excellent moment to develop a good habit or break one. In my view, a great New Year’s resolution for students would be to create a budget for 2023. The idea is not to compare yourself against others, but to make a realistic plan for yourself. Create a financial plan for 2023, and then track yourself against the plan on a monthly/quarterly basis. Commitment to a goal is the main idea behind a New Year’s resolution.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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