How Much Money Should I Save for my Final Year Project?

How much should I save for my final year project? How much will I spend on research materials? Do I need to get a loan for my project research? These are popular questions undergraduates usually seek answers to while getting ready for their final year research. You will accomplish more during your research when you plan for it. When you plan well, you know how much you need and save more.

Sincerely, it cost much more than just money to successfully conclude a presentable undergraduate project; indeed any research at all. Your time, commitment, focus, leisure and comfort are some of the sacrifices you need to make but since money is the actual focus here, you must be able to answer the following questions to be sure of how much you need to save for your project research.

How long will the research last   

The span of the research is a determinant of how much you need to save; all through the research period, there are other daily expenses you need to take care of including meals, hair-do (for ladies) and other things you may not have planned for. This certainly means dividing your income to fix these needs and keeping a good sum for you project. It may last for three months, six months, one year or more. You need to save more if it will take so long and maybe less if otherwise.

However, there are short term research that actually cost more than long term research; no matter what, you must learn to go back to the drawing board, set your priorities right and know which of the expenditure means more to you; your project or miscellaneous needs.

What’s your income plan like?

 Where do you intent to get all of the money you are planning to save; your allowance, your business or where exactly? Imagine your allowance isn’t just enough to take care of your daily needs, how do you go about saving; now that’s a question you must answer.

Meanwhile, it doesn’t really matter what your income plan looks like, if you start saving very early, a penny a day or even a week would amount to a huge sum in a long run. But if you have various streams of income, you also need to save atleast for unforeseen circumstances.

Which area of your research requires more money?    

This also covers the question of what exactly you are saving for. Obviously some areas of a typical undergraduate research require more money than the others. Let’s say you need to print your work and package it each time you want to present it in part to your instructor; money will be needed for this. Your transportation to your research location may become overwhelming along the line but if you have your savings planned out, you won’t feel much of the weight.

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