How to be financially smart in law school?

In Present
January 19, 2022

A recent survey found that around 47% of college students struggle with financial stress due to lack of financial literacy. Managing money has always remained a challenge for them. So here in this blog, we’ll try to guide you on how to be financially smart throughout your law school.

As you might know, the average fee of law schools in India is around 1 to 3 lakhs per annum, This is one of the elite courses for the elite minds and to be honest it’s a lot in a third-world country. These sky-high figures demand every student to be financially smart.

So, there are many ways by which one can be financially smart  for example,

1- Advantage of your college IDs –

Many students don’t even know the perks of the student’s “.edu” id which is given by almost every law school. This official email id comes with many benefits like

Free access to the Manupatra/SCC online etc. – Yes, you heard right your id comes with a free subscription of many legal research engines which will help you in your research and drafting work. However, if these are purchased separately then their subscriptions can cost you around 30k.

Free cloud storage- Maintaining and storing your work is now a challenging task because of limited storage on PC’s however, it can easily be rectified with a cloud storage subscription but it comes with a heavy price tag so here your student id kicks in with free unlimited cloud storage by google drive or Microsoft’s OneDrive which will help you to securely store and access your files, documents, notes, research papers anywhere.

Student discounts- if you’re planning to buy a laptop or cellphone then also your student id card will help you to get extra discounts exclusively for students like you from renowned brands like Apple and Samsung etc.

2- Budgeting-

The purpose of budgeting is to keep a check on your expenses. First start with noting down each and every expense you incur in law school, if you are spending more than your income or pocket money which you all get from your parents, then it’s the time to make adjustments to your expenses. Also, avoid spending on expensive club parties and various OTT platforms like Netflix, Amazon prime etc.

Cut down Unnecessary Expenses – Stay away from debts if possible and keep your expenses to bare minimum. Note down a list of your regular expenses and brainstorm ways to reduce them. Also, If possible borrow books from your seniors or you can even buy second hand books and if you are moving to an alien city for education, choose accommodation wisely after weighing all the options available. Calculate all the expenses you’ll incur and analyze if your basic requirements are met in the most suitable option you would choose.

3- Don’t hesitate to consider scholarships and financial aid offered by your law school-

Many students even don’t know if there exists any scheme for scholarships or financial aid offered by their respective colleges. Inquire about the same from administration or may be from your seniors, apply, and get benefits if you are an eligible candidate. Also, make sure that you will maintain a decent academic record for seeking benefits for the same for the long run.

4- Vouch for Money –

Earning while you are still learning the law might be hard but if you are dedicated, No one can stop you. It will come with twofold advantages, one being the practical experience and monetary benefits. One who possesses excellent writing skills along with their academic knowledge of the law can earn via freelancing, assisting a lawyer in the city with drafting work, or start learning and preparing rent agreements, sale deeds, and contracts for a startup or lawyers at a low price. Doing paid internships, You guys can also work with CLAT coaching for preparing study materials and question papers they will also pay you for this.  And If you are better with your communication skills, You can work with nearby coaching institutes as a part-time tutor.

Let’s say you don’t possess any skill at all that will make you sound with your pocket. In such a case I would suggest you go for a worthy unpaid internship and continue until you are confident about the quality of your work. Trust me It will help you a long way, you can also refer to free courses available on Coursera, Edx, forage, and several other websites that offer you quality materials. Your interest accompanied by your hard work and dedication will take you to heights. And yes as when your work ensures quality and satisfaction, employers do ask for rewards.

Act smart while spending money on bullshit story, but do keep in mind that you do not hesitate to spend on necessary requirements such as study materials and personal needs. Don’t waste your time and energy on stuff you are not interested in. Also don’t vouch for a paid internship if that internship is not making you employable in an area of your choice, until and unless it’s a necessity.

Settle down for nothing, but the best. Being financially smart will not only help you to manage money with more confidence but also ensure that you have a better chance of handling the inevitable ups and downs in your financial life by understanding how to prevent and manage issues as they arise.

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