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Study Abroad: Here are the Pro Tips to Keep in Mind!

Study Abroad

Thinking about studying abroad? It is not all about daydreaming but to actually make it happen! Studying abroad is seen as an investment you wouldn’t ever regret. However, studying abroad does cost hefty which should be planned in advance. Some people think that it is all about gathering money for a plane ticket, program fees and tuition. Actually, it is truly about dwelling in a new place to survive comfortably while focusing on your studies. An abroad budget should be prepared if you don’t have any clue where to start. Let us check out some tips which would help in planning both revenue and investment analysis, along with aspects of divergence.

Study Abroad: Here are the Pro Tips to Keep in Mind!

How am I going to pay for this?

 

According to statistics, it cost $31,270 per semester on an average. One must really need to figure out how he/she is going to afford studying abroad. Firstly, check if you have a part-time job on or off campus. Remember it’s never too late to start conserving for that semester in abroad. Even if you’re not saving that much, always keep a note that every little bit helps and there are several ways you can pay for your period abroad. Do not forget to visit your university’s financial aid office and check whether you qualify for any study abroad scholarships, grants or loans. Further, do mark that even before you reach there, you still need investment for important things like airfare, travel insurance, as well as visa costs.

 

Cash or Card: What currency works there?

 

When you plan to study in a different land, do check what kind of money one can use there. For example, do you know in Japan cash is the prominent form of money. In other countries, plastic money would be your perfect companion. If you’re moving to study abroad for one year or less, do carry your home debit/credit cards to avoid the hassle of opening a foreign bank account. Why? Many banks in your home country might be holding agreements with banks in foreign countries, which mean you pay little or no fees to access hard cash in foreign ATMs.

Also, don’t swipe too often as the fees do add up. Take out money which you require to spend for the month and plan a budget accordingly.

 

How much it actually cost to live there?

 

One important aspect before you leave for abroad is to do some research. Try to find out the exchange rate and get a rough idea regarding the cost of living in the country you’ll be living in. You can also contact the university or people you know have already pursued theirs studies from the same place. A safe and easy option to gain such information is by joining expat or student forums which allow you to chat online with people who live there.

Gather essential info like the average rent of a dorm room as well as a single apartment. Moreover, learn about the prices of cell phone plans, transportation, groceries etc. Also, check out details regarding fun stuff like cinema tickets and nightlife. Lastly, do not miss out on start-up costs, such as paying the complete semester’s rent, buying warm clothes, or buying furniture for your apartment or room.

 

Live like the locals!

 

One of the perfect ways you can save money while studying abroad is doing like the locals do. For example, if you are studying in Vietnam, instead of searching for Mexican food and buying imported taco shells, why not opt for the cheapest and tastiest local cuisine? Interact with locals on how they save money on groceries, transportation etc. Analyze the local newspaper or websites for interesting deals. Above all, don’t forget that as an international student, you can gain from student discounts with the efficient use of your university card as well as an international student identity card.

The above mentioned factors are quite beneficial so as to assist you in saving money for studying overseas. “Saving always results fruitful”, so follow this advice sensibly to reach your goals.

 

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About the Author

Rachit believes in the power of education and has studied from the top institutes of IIIT Allahabad, IIM Calcutta, and Francois Rabelias in France. He has worked as Software Developer with Microsoft and Adobe. Post his MBA, he worked with the world’s # 1 consulting firm, The Boston Consulting Group across multiple geographies US, South-East Asia and Europe.

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