Gone are the days when students patronised the fantasy of medicine providing a comfortable life. Now, they are passed on as folklore. I remember a conversation with a friend who said, “Medicine is a jealous profession. It does not share its time and space”. The life of a medical student limits the time to explore numerous options for survival. Medical school is synonymous with sacrifice, particularly in our glorious country. You sacrifice sleep for study, volunteer your free time for clinical rotations, and often, our comfort is traded for survival. Among these sacrifices heavily spoken about is the financial burden of being a student in a volatile economy.
UIMSAites know this struggle too well. For years, students have had to juggle rigorous academic demands with financial uncertainty. Saving does little to help. After all, you can only save as much as you have. “Saving? Lol,” snarled Jayce, a third-year UIMSAite when speaking to the Press. Conversely, some students have issues with saving consistently. A student who chose to remain anonymous said, “The major financial mistake I made in 2024 was that I spent all my income without saving part of it to invest”. Whether medical students can achieve financial stability while in school sparked a lively debate which I extended to more people.
Sadly, the situation is further complicated by the rising cost of living and limited opportunities to earn in overcrowded fields. 2024 brought lessons, challenges and painful regrets, but as the year unfolds, many students are determined to chart a better financial course.
This article dives into the aspirations and insights of UIMSAites as they reflect on 2024 and set new financial goals for 2025. They share their stories, packed with struggles and triumphs, revealing a collective yearning for growth, independence and stability. At the end of the article, expect some tips and financial advice for a successful 2025.
2024 in Review, 2025 in Focus: UIMSAites Speak Up
We spoke with some UIMSAites who were more than pleased to share their experiences in 2024. Reflecting on the past year, most admitted to facing significant financial truffles. “It was tough”, Damilola, a fourth-year medical student, said bluntly. “There were months when I didn’t know how I’d make it to the next but I just did what I could and flowed with the tide.” For some, poor decisions compounded their struggles and laced their effort with strain. Peer pressure and impulsive spending emerged as a recurring theme among some students, emphasising the importance of discipline, self-awareness and as I would love to add, contentment. Jayce shared his experience, “I bought a shoe for 28,000 Naira because everyone else had something similar. It felt good at the moment but later, I regretted it.”
Although it may seem like 2024 was all gloom for many, some students took bold steps to improve their financial situations. Take Tife, a first-year medical student, who leveraged the three-week school break to earn about a hundred thousand naira through various side hustles. “It was hard work but it showed me that money is out there if you are willing to chase it”. Others like Ada, a second-year medical student, began exploring ways to diversify her financial portfolio and increase her income streams, understanding that a single source of money is no longer enough in today’s Nigeria.
As the year drew to a close, one might have expected students to be focused on making money for a detty December. Instead, their experiences in 2024 had a profound impact on their resolutions for 2025. The consensus is clear: mistakes are inevitable, but the key is to learn from them and avoid repetition. Planning, innovative strategies and diligent implementation are essential to achieve a more stable financial future.
Beyond the Lectures…Again: From Stethoscopes to Savings
Several concerns emerged when we asked students how they intended to balance their academic expenses with investments/savings. On one hand, there are intense demands of medical school. On the other hand, the harsh reality is that as a Nigerian, it’s difficult to rely solely on allowances or scholarships.
So, it is understandable to find ‘saving’ out of touch, just like Jayce did. He continued,“It’s as though every time you try to save for rainy days, thunder strikes and rain begins to fall. But of course, you can’t spend everything no matter what. It’s one of my survival instincts as a guy for me. In my opinion, the saving culture is one habit everyone has to inculcate. It’s discipline.” Ada stressed the importance of adaptability. “Relying on one source of income isn’t realistic anymore. You need to diversify, even if it’s just small streams here and there.” Uche, a final-year medical student, added that time management is critical. “Some people balance businesses and school just fine. The key is knowing your limits and focusing on what works for you”, she told the Press.
However, not everyone saw side hustles as the ultimate solution. Damilola emphasised the importance of building value. “Chasing money without a plan leads nowhere”, she said. “Focus on developing skills and offering something meaningful that’s what brings long-term rewards.”
Resolutions and Realities: UIMSAites Economic Comeback or Reset?
As 2025 began, UIMSAites are heeding the call, no longer playing by the rules for no man wants to be oppressed. The shared financial resolutions were a mixture of optimism and determination, with an undertone of caution. For many, the new year represented a fresh start – a chance to apply the lessons of 2024 and build a stronger foundation. For some, it’s a continuation. “Discipline is everything”, Ada stated firmly. “I’ve learned that if you can’t control your spending habits, no amount of income will ever be enough”
Others focused on the importance of planning. Budgeting emerged as one of the components of financial stability, with students emphasising the need to track their expenses and set clear goals. “If you don’t have a budget, you’re just setting yourself up for failure” one respondent noted. While setting goals is easy, staying committed is more challenging. Some acknowledged the risk of losing momentum mid-year, especially when faced with academic pressures. However, they were determined to persevere. “It’s all about consistency. Even small steps add up over time”, Tife said.
The current economic climate in Nigeria is debilitating. The challenges faced by many in the country are enormous. Anger and hardship are the new normal. With inflation pushing prices, everything—food, transport and clothing—is difficult. Even disciplined budgets feel the strain.
When asked how she aimed to navigate the situation of the Naira, Ada replied, “You can’t control the economy but you can control your habits. Prioritize your needs, avoid impulsive spending, and always save a little, no matter how small”. Others are embracing innovation. Content creation, freelancing, and small-scale businesses have become popular for students to generate income. Jayce plans to capitalise on his digital skills, turning some hobbies into profit. “The internet has made it easier to monetise your talents,” he said. Farouk, a 200-level student, stated his intentions to continue his side businesses. “Forex, PayPal services and educational services. Might add a few. I think land investments could be a good option. It always appreciates”.
Financial Advice/Blueprint for a Successful 2025 Vision
How many times have you heard someone say, “New Year, New Me?”, or how many times have you made new resolutions to cater to the previous year’s deficit to no end? This year, it is time for a different approach. From our conversation with the students, I was able to design a blueprint to succeed financially in 2025. Part of the core strategies they emphasised were discipline, education, community and resilience. I will highlight the main points in each:
- Discipline: This is the foundation of any financial plan. Without it, even the most thought-out budget or side hustle will fail. We go about this by; sticking to a budget and resisting the temptation of impulsive spending (trending clothes, shoes, hair, etc), tracking our expenses, setting limits, and avoiding peer pressure.
- Education: Financial literacy is like a compass. It guides you away from debt, poor decisions and unfavourable circumstances. Many students underestimate the importance of understanding how money works. All this can be changed with simple steps: Learn, unlearn and relearn skills that are flexible and profitable. Learn how to save and invest (No matter how small the amount is, it will yield a result in the future).
- Community: As medical students, we are encouraged to engage in study groups with like-minded individuals. The same logic can be applied to achieve financial freedom. Building a network of like-minded individuals eases the burden. There is someone who knows; what to do, who to meet and how to start. Just find the right person. Have a finance buddy to share your goals with. Challenge yourselves and hold yourselves accountable.
- Resilience: To overcome setbacks, you must be determined. Every journey has its ups and downs. The prayer of every striving man is the strength to persist. Reassess and reprioritise your goals frequently. Analyse what went wrong and do not dwell too much on your mistakes and successes. Remember your SMART goals. Study them every day and be focused.
Do not perceive setbacks as delimiting incidents, instead consider them as pointers. They are inevitable. “Every mistake is a lesson. What matters is how you bounce back”, Damilola said. The key to overcoming them is resilience. Ibadan medical students sure know how to persevere!
Conclusion
The year has already begun and navigating 2025 with financial stability will not be easy. The journey requires sacrifices, intention and willingness to adapt. With the right mindset, strategies and support, this year can mark the beginning of a new financial chapter. To every student and non-student reading this: You are not alone. Your peers face the same struggles, and together, we can overcome them.
In a sequel to this article, we will explore the top 10 skills/ideas UIMSAites can venture into, with insight from successful medipreneurs.
Ndidiamaka Okafor and Chisom Obah
