How To Plan Your Budget Before Opting To Study Abroad
Planning to move abroad to do your higher studies?
It is a great decision that comes with a lot of positives that will benefit your career and future. Studying in an institution abroad will help you meet and be part of different cultures, make friends, and get work experience. As a person, you will become more confident and upfront.
To study in an overseas institution, it is crucial to have a secure budget. It should be able to cover all the requirements you need to complete your studies and a small balance amount should remain in your bank after you are done.
You must secure finances for the following requirements:
1. Tuition fees
2. Accommodation
3. Travel expenses
4. International calls
5. Food and dining
6. Clothes and other utilities
7. Books and other utilities needed for school
8. Healthcare-related expenses
9. Lifestyle
Oftentimes students make a horrifying mistake by securing money only for tuition fees and travel. They might end up in trouble when it comes to accommodation or health-related finances. Also, life in a university is not just about studying. People should be able to have fun every once in a while. People should go watch a movie, go to a concert, buy a book, go for a date, etc.
So, it is important to keep the following things in mind:
● Certain universities will ask for documents related to financial security, notably the universities in Canada and it’s not just about tuition fees.
● Expenses are different based on the course, university, country, etc.
● Students should be prepared to face a possible challenge that can affect their education or finances.
● Students shouldn't compromise or overspend while planning expenses for transit, travel, food, phone bill, and healthcare.
If you are going to a country, you have never been to before then a proper financial security is what will guarantee you a proper navigation and confidence to do the same.
Here are the ways in which you can plan your funds to do studies abroad:
Do proper research
If you are planning to move to a particular country, do research about the culture, rates, universities, courses, tuition fees, and others. If you have a friend or a relative who is living in the country, contact them to get an idea. An Education Consultant can help through this process.
Get details about education expenses
There is no doubt that you must regard education expenses as a priority while planning the budget. If you are considering a particular university in a country, for example in Canada, then get all the details linked to tuition fees and other expenses like the rate of books, and utilities. You shouldn't be in a situation where you can't pay for the books or lab fees (if it's required).
Find a cost-friendly accommodation
Certain universities, notably the ones in the United Kingdom, will provide packages to international students, including accommodation. If you find a suitable one that falls within your budget then go for it. It will be a lot better if you have a friend or a relative living in the country you are moving to. Otherwise, you can find cost-friendly hostels, motels, apartments, or other facilities.
Even if you are not moving in with your relatives, you can stay in touch with them for the sake of security.
Travel
When you select a particular university, calculate how far it is from the place where you are staying and how much it will cost for the travel. The closer you are, the better it is for you financially. Always keep extra money with you in case you must plan an emergency trip back home.
Food
When it comes to food, it is imperative that you don't overspend. Chances are that you will find yourself spending a lot of time in cafes. Keep a tab on how much you might spend on food by breaking it into three meals: breakfast, lunch, and dinner. Ensure that it is well covered.
Phone bills
Buy a new sim that will permit international calls on your phone. Keep a chunk of your budget aside for international calls alone. You can download apps like skype to do free video calls through phones or laptops. You can do both audio and video calls through WhatsApp.
Healthcare
You can try international student health insurance for healthcare. Otherwise, save a large chunk of money for your healthcare-related purposes alone. For the safety of international students, most universities will provide some form of health insurance. While doing research, check if it’s there or not.
Other expenses
You must be able to enjoy your time there so leave some money in your bank for ad hoc charges.
When you plan your budget write down how much money will go for tuition fees, monthly bills, and other expenses. You must be able to sustain at least 10% extra money in your bank account towards the end of your education.
How to secure a budget
● Are your parents financing your studies? Do they have all the funds ready? If that is the case, then take a look at how much they are willing to invest. Divide it into all the required sections like tuition fees, travel expenses, bills, etc.
● You can check if the college or university is providing scholarships. Several Canadian and UK-based institutions provide scholarships to international students including Indians.
● Try for an education loan. It is better to get the loan because it will be enough to secure your tuition fees, accommodation, and related expenses. You can use your parents' funds for other bills and ad hoc charges.
● If you can find a part-time job that will help cover these ad hoc expenses, then it will be good for you. Part-time jobs will be a great addition to your resume, especially in the UK.
Looking forward to studying in the UK or Canada?
Contact our team in Scholab to get overseas education constancy. We are the best team you can find in the country. We will guide you through each and every step including the preparation of documents.