Studying abroad is an investment which you would not ever regret. But it will cost a lot if you have not planned well in advance. Most people think that it is all about gathering money for a plane ticket, program fees, and tuition. But it is all about dwelling in a new place to survive comfortably while focusing on your studies. Before going, it is always good to prepare an abroad budget if you do not have any clue where to start. In this post, let us check some tips which would help you in planning both revenue and investment.
How am I going to pay for this?
According to statistics, it costs $31,270 per semester on an average. One must really need to figure out how he/she is going to afford to study abroad. Firstly, check if you can get a part-time job on or off campus. Remember it’s never too late to start conserving for that semester in abroad. Always keep in mind that every bit you save now can help you later and even if not, there are many other ways to pay your time 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. Not only for tuition fee, you will also need investment for 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, cash is the most common form of money in Japan. Whereas in some other countries, plastic money will 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 ATM’s. 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 will it cost to live there?
It will be better for you to do some research on the cost you will be incurring. 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 their 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!
When you try to live like a local, you can save a lot of money while studying abroad. 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? Talk to locals and understand how they do save money on groceries, transportation etc. Check the local newspaper or websites for exciting deals. Above all, as an international student, you can gain from student discounts with the efficient use of your university card as well as your international student identity card.
Return vs Investment
It is always good to calculate in how many years you can make the investment in terms of return. Calculate based on the average salary you will be getting on starting a job after the course. This will help you to plan better for your future and control your expenses for tomorrow.
The above-mentioned factors will be quite beneficial when you do your investment vs return analysis. It is said that: “Saving Always Results Fruitful”. So, follow this advice for a better tomorrow.
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In case you feel that you would require more help in doing return vs investments analysis before going abroad, always feel free to reach out to us @ [email protected] or +91-120-653-3966.