You cannot be a spendthrift anymore. Do you understand that? Because you are heading towards your journey abroad, and you need to save every penny. Studying abroad is not easy – it involves a lot of money. Probably it might involve a lifetime savings of your (or your parents) money. If you have enough of it, you are lucky; if you have at least what is required, you can easily chalk out a plan to help yourself from getting into debts and unnecessary constraints.
A long-term investment!
Studying abroad is not just restricted to your institution’s admissions fees. It also includes your accommodation, living expenses, food expenses, travel costs, exchange rate and miscellaneous. Thus, you need to plan well ahead and be prepared for this long-term investment that you make.
Some tips from us to help you with planning your study abroad cost!
- Open a savings account with high interest rates before you proceed to your study destination. Save your living expenses in that account and use them when time comes.
- Try to buy currency when the exchange rate is good. This will help you avoid high currency rates.
- Look for bursaries and scholarships at your study destination. Be in touch with the seniors, if any, of the institution you wish to study at, to know more about various scholarships. Keep an eye on the university website to get updates on various financial aids.
- Always have a ‘small’ plan B, in case you find it difficult to support your education at a highly reputed institution. Small colleges and universities could be equally good as the big ones so don’t be rigid on your choices.
- Pay your tuition fees when the exchange rate is favourable. You can use an app like the Currency Coverter (Google) to get an accurate conversion. This routine will help you save a lot and pay less.
- Check carefully if the fees at your institution are liable to change at any given time. Validate all details regarding the fee structure before you proceed to your journey.
- Don’t just rely on credit cards because no matter how much money you use now, you have to repay later.
- Get in touch with your alums. It is always good to be in touch with the alums of your programme so that you get a hint of how much money you are required to spend abroad.
- Plan a budget for yourself and work on it. You need to make sure that you act smartly while spending your money.
- Learn to cook – this is equally important like all other tasks that you do. Learning to cook will save you from spending extra on eating outside and binge eating. Spending wisely on healthy eating habits will save you a lot of money.