Figuring Out Finances While Studying Abroad

India is witnessing an unprecedented surge of its students opting for international students. Researchers claim that every year, over 8 lakh students travel to foreign countries for higher studies and spend around $28 billion every year. While it takes a lot of planning on the academic domain, finance planning also plays a major role. 

Devising your financial plans, both for funding your studies and funding yourself while living there are totally different things. While taking an education loan might sustain you in doing your course, there’s also expenditures that have to be met while you live in a foreign country. Here are some tips that you could use to plan your finances while studying abroad:

Prepare a budget

Assess your current financial status and create a practical budget. Make sure to include all the necessary expenses such as monthly rent and food, bills & groceries, transportation, study materials etc. 

Work part-time

In most of the countries, it is allowed to work up to 20 hours per week and full-time during term breaks. Check if your student permit allows you to work and find a job accordingly. This would help you manage your expenses while also adding to your work skills. Make sure you properly check your country’s regulations about part-time working since every country has their own rules. 

Act accordingly

If you are finding it difficult to sustain yourself, find out ways that can actually match your situation. For eg. If you cannot save up for your study materials, try to get used books or digital copies. Make a priority list to check off the very important ones first. Maintaining relationships with the locals/ native people living in your area would be of great help since they know the place and its knacks very well. Shopping during sales and using your student discount cards are some other ways. 

Use your student card

Try to get yourself a student card as early as possible. This card will help you avail discounts in restaurants, shops, movie tickets, commute and various cultural events. Some countries even provide you with discounts for traveling to tourist destinations. 

Explore in minimal cost

Every destination is loaded with adventures and fun places to visit. So when you explore the country, try to do it at minimal cost. You can explore the place by foot or use public transport facilities. Grabbing a bike would be cost effective, healthy and environment-friendly. 

Open a local bank account

Opening a bank account in the country of your stay is a better idea since transactions are easier between two local banks. Remember to withdraw a large sum because local banks may charge you. If you’re planning to study and work abroad, getting a local bank account will be a necessity because employers have a strong preference to credit money to local bank accounts. Remain updated about the exchange rate while transferring money. 

Scholarships & University grants

Certain countries offer you a scholarship in the second year of your study. If you are funding your studies by yourself and are looking for aid, this might help you. 

Planning your study abroad itself is a money draining, hectic process. Meeting your expenses while staying there will be more of a burden on you. Using these tips and tricks might help you plan your budget more effortlessly.