Many Indian students nowadays want to make their future by pursuing studies abroad at prestigious universities and countries like the USA, UK, or Canada. Studying abroad will help them gain global exposure through post-study work opportunities. But to experience all this, finance is important. Students might have to rely on their parents or earn money through money through internships to cover their experiences. From making a budget to carefully spending on necessities, students can make the most of it.
Financial planning tips
1. Strive to make a budget and plan your finances carefully: The foundation stone to a successful financial plan while studying abroad is creating a budget. Before commencing a study abroad journey, make a plan by taking into account tuition fees, living expenses, accommodation fees, and travel expenses. Also consider currency rates and inflation, which help you get a better picture of your financial needs. Keep track of spending. Before choosing the accommodation, consider other options, like shared apartments or student accommodations, which will help reduce accommodation expenses. It is advised to create a monthly budget that includes tuition fees, rent, food, transportation, books, and extracurricular activities.
2. Take an educational loan: One popular and useful way to pay for your overseas education is to take out an education loan. Look into several financial lenders for study abroad education loans in India, compare their interest rates, and choose loans with manageable payback schedules. Numerous nations provide loans created especially for students studying abroad. Flexible repayment plans and competitive interest rates are common features of these student loans. It's important to keep in mind that taking out loans for more than you actually need and managing them responsibly can result in a negative credit history. Students can attend esteemed universities and receive top-notch instruction thanks to educational loans, which might otherwise be out of their financial reach. By giving students the money, they need to pay for their tuition, living expenses, books, and other educational fees, loans can help them manage their money more skilfully and prevent financial stress while they are in school.
3. Fina is an affordable accommodation option. Living expenses, especially accommodation expenses, can significantly impact the budget. Look for affordable housing options like university dormitories or shared accommodations, which would help in cutting costs. It is advised to consider location, transportation options, and other factors when choosing the accommodation. The various types of accommodation include university accommodation, shared apartments or flats, homestay programmes, private rentals, hostels or budget hotels, subletting, and government housing assistance.
4. Get a part-time job: Taking a part-time job is an excellent way to earn some extra income while studying abroad. There are many countries that also have post-study work opportunities. The stipend will help in managing the living expenses. Jobs on-campus or near a business provide financial support and work experience. Part-time work offers opportunities to develop valuable skills such as time management, communication, teamwork, and problem-solving, which enhance employability after graduation. It is advised to set financial goals based on income, expenses, savings, and priorities for essential expenses.
5. Make use of health insurance: Health insurance is a mist for international students, as medical expenses would be expensive without a full coverage, along with health insurance provided by the university before considering comprehensive health coverage. Make sure to meet specific requirements such as medical emergencies, hospitalisation, doctor visits, prescription medications, and other essential healthcare services. It is advised to allocate some funds in your budget to pay for health insurance premiums on a regular basis.
6. Take public transport for commutativity. Transportation costs can pile up if you travel in a taxi instead of a public transport. Public transports are generally cheaper and reliable in many countries. Also, if the distance is shorter, you may consider walking. This would not only save you money but also boost your health. Investigate the public transportation system in the host country, the working hours, and types of transport such as buses, trains, trams, subways, etc.
7. Make sure to eat at home- or self-cooked meals: Eating out regularly at restaurants can be expensive. It is advised to consume home-cooked meals and prepare your meals yourself whenever possible. Cooking will allow you to explore new cuisines, cook healthier foods, and save money all at the same time. Explore affordable and easy-to-make recipes and make use of local ingredients that require minimal kitchen equipment. Prioritising home-cooked meals as a part of financial planning strategy while studying abroad can effectively manage expenses and promote health, well-being, and immersion in local culinary culture.
The best countries to study abroad
Studying abroad is indeed a surreal experience. As a student, there would be many considerations that would be made. One of the primary considerations that has to be made is the country. Here are some of the best countries to consider for studying abroad: Canada, the United States, the United Kingdom, Australia, Germany, France, New Zealand, Spain, Switzerland, the Netherlands, and Singapore.
For further assistance or queries students can contact us, Edwise International and avail our wide range of services for students on destinations like study in UK, study in USA, study in Canada, study in Australia, study in New-Zealand, study in Singapore, study in Ireland and many other countries.
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