How to Save Money While Studying Abroad?

Want to save money while studying abroad, you have two possible options.

choose an affordable study destination and manage your finances.

Choosing an Affordable Study Destination

If you have financial restraints, it’s essential to plan your study abroad destination with a logical approach. If you check for the most popular study abroad destinations like US, UK, Australia or Canada then finances can’t be restricted. If you are ready to think of other study abroad destinations, then a detailed study would reveal that there are many more destinations abroad where you can study at much lower cost without compromising on the quality of education.

List of countries that offer excellent education almost free of cost for international students:

· Germany

· France

· Norway

· Sweden

· Austria

· Finland

· Czech Republic

· France

· Belgium

Majority of these countries have low or no tuition fees, affordable living standards, safe environment and no compromise on education standards.

You see you have options of many Countries where you can Study at Affordable Budget.

Coming to the aspect of how to manage finances. Let’s explore.

Scholarships, Grants and Bursaries

Managing the financial aspects to study abroad can be difficult for many, but there are several ways to deal with it. You can do this by checking for the scholarships that you can apply for, depending on the place, university and branch of study.

Scholarships are country specific, university specific and program specific. You can also check for exclusive scholarships offered by your country or charitable institutions to promote certain courses.

Grants are also offered based on exclusive extra-curricular achievements or social service.

Managing your Budget in The Foreign Nation

It’s essential to understand the living, accommodation, travel and other general expenses apart from the Tuition Fee that you need to pay.

So analyse the overall expenses depending on the country, plan for your entire study duration and analyse how you can reduce the expenditure.

Travel, Accommodation and Other Expenses

You can check for cheaper accommodation, regular mode of commuting to cost less or try to find accommodation near your college or university. Certain universities provide accommodation within the campus as well. If you can get this option, it would be wonderful.

In the same way you need to check for the expenses for food, groceries, veggies and other stuff. Just as in India you would have different markets with difference in costs. Within a few days of your stay, you would be able to analyse the same and if you’re intelligent enough you’d plan things to fit the bill.

Monthly Budget

Maintaining a monthly budget, keeping track of your income or money in hand and the monthly expenditure is the first important step towards managing your money.

It’s in your hands to cut short the unnecessary expenditure of hanging out with friends, partying or other unnecessary expenses. There are many budgeting apps to help you plan your daily or monthly budget.

Student Discounts

You can ask your local friends at your university about the student discounts that you can avail. Don’t forget to use your student ID wherever you can.

International Student Identity Card (ISIC)

You must know that if you register for an International Student Identity Card you will get access to offers, vouchers and deals.

The International Student Identity Card (ISIC) helps you to avail umpteen discounts and services in your native place as well as around the world.

Money Transfer

You also need to learn how to manage money transfer and understand the financial implications.

The charges of the traditional banking system may prove to be an additional financial burden.

Online businesses can give you the scope to save.

A Bank Account Abroad

You would need a bank account in the country you are planning to go for higher education abroad, which will be useful to pay your rent, have a debit card and also be registered to vote.

The identity documents required to open a bank account vary from country to country.

Part Time Jobs

You can check for freelance or part-time gives to earn and support yourself financially. Most of the countries allow students to work 20 hours per week while studying and 40 hours during vacation.

If you follow this strategy you’d be able to save and study without any stress.