Managing Finances Overseas
Studying abroad can be a wonderful experience for a student. It gives them a great opportunity to experience a different education system, see new places and meet new people. Every student needs to learn as much as possible from their stay abroad, not just in terms of studying, but also aspects like time and fund management.
The first thing to do is make a budget and most importantly, adhere to it as closely as you can. But some factors are beyond our control. The tuition fee, for example, is a factor where the student has no say. But to overcome this situation, students can make fee payments each semester, if the university allows it. However, it is also wise to remember that universities offer a small discount if the entire course fee is paid up front.
Part-time jobs can also help students take care of some expenses. Most countries allow international students to work part-time, but it is important to ensure that it is permitted in the student visa. International students are allowed to work part-time on campus (and in certain cases, off-campus also) during their term and full-time during holidays and long breaks.
Sharing your accommodation with more number of people can also help reduce your expenses. Rent, gas, electricity, and water bills can be split equally between all the residents so that the burden is not borne by only one person.
Students can also avail of student discounts, especially on public transport to lessen their day-to-day costs.
One of the major expenses that students have to take care of is food. Although it is true that eating out and savouring local food is a great way to experience a new country and culture, students can save a lot by cooking their meals. Apart from reducing costs, it is also a simple way of keeping healthy.
Books are another article that students have to shell out a lot of money for. An easy way of saving money here is to buy books at second-hand stores or from your seniors.
A simple step to cut costs is to buy necessary items at discounted rates in grocery/department stores. You can also buy utilities/groceries in bulk to help cut costs.
Managing your finances while studying abroad is an essential aspect of the study abroad experience. Here are some tips to help you manage your finances effectively:
Create a budget: Before you go, create a budget that includes all your expenses, such as tuition fees, accommodation, food, transportation, and entertainment. Determine your income sources, such as scholarships, grants, part-time jobs, or savings. Track your spending to ensure you are sticking to your budget.
Research the cost of living: Research the cost of living in your destination country, including accommodation, food, transportation, and other expenses. Understanding the cost of living can help you plan your budget more effectively.
Use a local bank account: Open a local bank account to manage your finances while studying abroad. This can help you avoid international transaction fees and currency exchange charges. Research banking options and choose a bank that offers services that suit your needs.
Look for scholarships and grants: Look for scholarships and grants that can help cover your expenses while studying abroad. Research scholarship opportunities, both from the university and external organizations.
Part-time jobs: Consider working part-time while studying abroad to earn some extra money. Check the regulations regarding working as a student in your destination country and get a work permit if required.
Save on transportation: Use public transportation, such as buses or trains, to save money on transportation costs. Purchase monthly passes, if available, to save money on transportation expenses.
Cook your meals: Eating out can be expensive, so try to cook your meals to save money on food expenses. Look for local markets to purchase fresh produce and ingredients.
By following these tips, you can manage your finances effectively while studying abroad and make the most of your study abroad experience. Living alone abroad teaches you essential skills for managing personal finances. While it is exciting to lead an independent life, it also makes you financially responsible. It is the onus of the students to find a way to cut down expenses and make the best of what they have.
GRE/GMAT as we all know is a standardized test taken by prospective students as a part of their application for Masters Courses in Business, Management and MBA. The Universities use these test scores to assess an applicant’s potential.
How to choose the right university to study abroad
Choosing the right university to study abroad has always been a question with many different answers. Like earlier, we had discussed few points that need to be considered while making a university choice, but now we will guide you on how to choose the right university to study abroad and what other factors need to be taken under consideration.
What is IELTS? and Tips & Tricks to Crack IELTS Entrance Exam
IELTS (International English Language Testing System) is a language proficiency test given to individuals interested to work & study abroad where English is the primary language. In the previous article we discussed about myths & facts of English Proficiency exams.
Which Are The Top Courses to Study Abroad?
With numerous course options to study abroad, why are we still confused about what course to select? Selecting a top/trending course to study abroad is something that all of us want, but while choosing a top course, you need to plan a proper career path.
English Language Proficiency – Myths & Facts
In the previous article, we discussed study abroad myths and facts; now it’s time to discuss the entrance exams we need to take to study abroad.
Study Abroad Post Pandemic
After two years of the pandemic halt, we are now coming back to our routine, adapting to the ‘new normal’ and students are now free to travel to other countries following covid-19 regulations.
Myths & Facts About Studying Abroad
We have many questions about What, How & When to study abroad and make assumptions about it as well. No one ever said that studying abroad will be easy, it’s just about challenging yourself with unfamiliar situations.
Covid-19 Impact on Study Abroad Plans
Covid-19 has affected everyone but with increase in the number of cases everything is unpredictable. Given the current scenario, many international students are finding it difficult on how to face these challenges that has affected the education sector. In this…
Explore Study Abroad Options After Exam Cancellation
Explore Study Abroad Options After Exam Cancellation – Postponed Exam – Needless to say, even if the exams have been cancelled or postponed, we need to keep ourselves updated and plan about what’s next? Those who planned or were considering to study abroad especially, need to start planning. For …
Study Abroad in Sweden
Study Abroad in Sweden-In this episode Ms.Suchitra Surve talks on Sweden as a destination for studying abroad. Sweden is one of the largest country in Northern Europe, the third-largest country in the European Union and the fifth largest country in Europe by area. The..
Study Abroad in Norway
In this episode Ms. Suchitra Surve talks Study Abroad in Norway. Norway is a Scandinavian country encompassing mountains, glaciers and deep coastal fjords. Oslo, the capital, is the city of green spaces and museums. The country shares a long eastern border with…
Denmark as a Destination for Studying Abroad
In this episode Ms. Suchitra Surve talks on Denmark as a destination for studying abroad. Denmark is a Nordic country in the northern Europe. It consists of the largest island of Zealand, Funen and Lolland-Falster and 429 other named islands between the North Sea