FEATURE l Thesis on a Budget: Managing the Finances of a Group Research Project

Researching on a tight budget? Discover simple and strategic tips to keep your thesis expenses under control while still delivering excellent results. Incoming third-year DFM students, take note!

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As we all know, having a thesis or research project is a common yet important aspect of college. Creating, writing, and completing a research project requires several sacrifices. This is one of the most challenging experiences throughout our university journey. However, we cannot deny the fact that it has the potential to disrupt not only a student’s healthy routine but also their wallet.  

          Nowadays, it is important to consider how students can manage their finances in their respective research projects. It requires careful planning as it involves money, effort, and intelligence. However, we must also be aware that some students lack the resources and ability to maintain or support their financial needs when it comes to a research project or thesis. So, to ease the problem, here are some tips and suggestions that could help manage a thesis budget effectively:  

1. Consider creating and organizing a budget plan. This can be done by categorizing expenses and costs. Moreover, you can break down the amount of money you spend on printing questionnaires for data collection, travels or group meetings, paper materials, and other expenses.  

2. Use helpful tools for budget tracking. Tools like spreadsheets and other budget-tracking apps can be very beneficial in your goal of tracking your thesis budget efficiently.  

3. Know your possible sources of money. Find out where you can obtain funds. Try to estimate the possible costs of the items you might purchase.  

4. Try to use only free academic resources. If possible, you can inquire with your university library about their policy regarding the use of their academic resources that can support your group’s research. 

5. Encourage your thesis/research groupmates to communicate, collaborate, and share always. Try to hold frequent meetings to discuss the financial aspects of your group’s research project, especially if you decide to make a purchase. Additionally, you can also ask for support or assistance by getting their feedback on your group’s research project.   

   
   

A thesis or research project is such a crucial part of our college journey. It not only requires patience and understanding; it also needs exerting real effort and contributions. The five tips might be helpful, but it depends on what a person aims to achieve while also considering their limitations.  

Moreover, we cannot change the fact that managing all the finances of a research project is a challenging way to show the spirit of teamwork, master the art of being independent, and unveil how much you are willing to sacrifice and what you are willing to do to achieve not just the better, but the very best.   

So, for those students who are about to begin their journey into research or thesis writing, you must expect that there will be times when you will feel dissatisfaction and doubt. All you need to keep in mind is to start as early as you can, reach out if you need to, keep progressing, and believe in your potential.