by The opportunity to study abroad has become one every student relishes. It comes with a world of new experiences. This includes experiencing a new culture, quality of education, and garnering a global network, and perspectives.
With these opportunities comes the important task of budgeting well. Being able to navigate the world of budgeting will make studying abroad that much easier. It eliminates the need to stress about finances while trying to put your full attention to learning.
To help students manage their finances effectively while studying abroad we have compiled a list of tips to follow:
1. Accurate Cost Estimations
Knowing what costs will apply to studying abroad is the first step in managing finances. Students have to factor in various expenses.
These expenses include many different costs. It includes tuition fees, accommodation, food, healthcare, insurance, and leisure expenses. If you need a more accurate account of the costs you may face, study abroad services can provide them.
- Tuition Fees
Tuition fees are the major cost of studying abroad. These costs vary depending on country, university, and course. Depending on the course, there could also be additional costs. Tuition costs of different institutes can be compared to find one within the budget. Also, look for financial aid in the form of scholarships or grants for international students.
- Accommodation
Accommodation costs form the second most bulk of study abroad costs. You often get the choice of dorms, private rentals, or homestays. Each option will attract a different cost which also fluctuates based on the locality and distance to campus. Private rentals are often the more expensive option.
- Food & Day-to-Day Expenses
Food is another area where students can budget to manage costs better. Avoid eating take-outs every day as it can rapidly deplete funds. Cooking meals at home is not only cost-efficient but also healthy. Try to buy grocery items in bulk to save. This category of costs also includes toiletries and other daily-use objects.
- Healthcare
When studying in another country, health insurance is usually a mandatory requirement. Ensure the coverage aligns with the host country’s requirements. Knowing you have healthcare is relieving and students shouldn’t make the mistake of not availing it.
- Insurance
Spare a thought for insurance coverage for travel in the case of unexpected situations. These may include flight cancellations or luggage loss. It may come off as an unnecessary cost, but it’s always better to be safe than sorry.
Travelling to and living in another country you are likely to become ill at some point and this is why health insurance is vital.
- Leisure Expenses
Despite being in another country to study you should also get to enjoy and experience the city’s culture. This requires you to set up a leisure budget as well. Choosing to experience the city with friends can reduce costs.
2. Save Up For Your Study Abroad Experience
Saving up as much money before you go is advisable. Saving up reduces your financial burden later on. Consider taking up a part-time job to save up more so you can cover some of the expenses. Any amount will be able to contribute to the study abroad costs.
3. Ask for Student Discounts
Most countries offer international students the ability to get discounts. You can get discounts on transportation, entertainment, and food. This will help to lower some of your living expenses. Thus, helping your finances extend for longer.
4. Exchange Currency at Banks
The rates at which you exchange your currency can greatly impact your financial state while you aim to get a study abroad degree. Exchanging it at the right place is not only safe but can yield more desirable exchange rates. Avoid doing it at popular destinations like airports and tourist locations.
Instead, opt to do it at your local bank to benefit from better exchange rates.
5. Avoid Debt
While you are studying abroad it is important to maintain a very simple lifestyle and avoid debt. Having a lavish lifestyle can be expensive and attract a long list of costs and debt that is not necessary at all!
Although you may have to struggle initially, the study abroad benefits are endless. The biggest one is the opportunity to gain a high-quality education in a foreign country. Students will not have to go it alone as they always have study abroad services to help them along the way.
Conclusion
As a student studying abroad, managing finances is a crucial responsibility. It can chart a path to a successful career and proves to be a powerful personal life skill. By understanding your costs, saving up, asking for discounts, exchanging at the proper places, and avoiding debt you gain better control of your finances as a study abroad student.
Without the stress of finances, you get to have a better education experience. Also, don’t forget you can utilize study abroad services to help you find success in managing finances while studying abroad.
