By Mamta Shekhawat

Everybody wants to enter a top-notch study destination to shape their careers. Usually, the options that strike the mind of the study abroad aspirants include the USA, the UK, Australia and Canada.

However, one of the most complex hurdles that international students have to overcome is the issue of finance. Juggling cost and expenditure during the student’s studying years overseas entail determination, discipline, and decision. Here, you will find a few tips on how to balance expenses in a foreign land while you study there.

Decide the Study Destination

There are many countries that are cost-effective when compared to the above mentioned ones. Still, they provide a good education quality and living standards. The students should opt for the study destination wisely so it doesn’t put much strain on their pocket.

Make an Estimated Budget

The aspirants forget the miscellaneous expenses while planning the budget. It is crucial to know that every small expense makes a big impact towards the end.

Apply for Educational Loan

I have seen students crushing their dreams just because of the finances. So, explore the options from banks to money lenders whose interest rates and repayment terms are favourable.It will help you to pursue your dreams without much difficulties.

Hunt Ideal Scholarship

Apart from loans, you can opt for other financial aid such as scholarships and fellowships. You can conduct in-depth research and make a list of the available options along with the eligibility criteria and the organization’s goal to provide the grants.

Look for Sponsorship

The option of sponsorship is open for those who want to pursue further education and implement it in their current organization. The employer offers to fund the higher studies in exchange for some time and work for them. Thus, if you are eligible for it, you can take the advantage to manage your finances abroad.

Build an Emergency Fund

There are always emergencies that require us to spend some money such as an accident, a need to go home, or change of accommodations. This prepares you for such expenses by setting a part of your money for an emergency fund. To have some money saved up also is security and you can know that if anything happens you will be ready to face it. 

Monitor Currency Fluctuation 

The daily currency fluctuation can positively help you too. The study abroad aspirant must monitor it and keep an eye on it. So, whenever the rates are low, go for the exchange, resulting in savings in the end.

Explore Part-Time Jobs

It is crucial for a study abroad aspirant to work. It has two benefits. One is exposure to the global marketplace and the other is pocket money. Whatever you will earn, it will contribute to balancing the budget.

Make Use of Student Card

In many foreign nations, students get discounts almost everywhere, from public transport to restaurants and libraries. It is advisable to use the discount whenever and wherever possible so that you can save a bit towards the end.

Share and Save

While choosing a place to stay, look for shared spaces to split the rent and utility bills. Not only this, but also sharing your meals and cooking with a friend can help you to reduce bills significantly.

Explore Free Educational Resources

You can reduce your study expenses by exploring the educational resources available on the internet for free. Also, you can opt for online resources instead of paper-back books. 

Embrace Local Lifestyle

Immersing yourself in the local culture can help you save a lot. You can try out the local cuisine, marketplace and many more to indulge yourself in the new culture and lifestyle.

Opt for Thrift-Shopping

It is not necessary that to look good, you have to shop from bands only. You can also try thrift shopping. It will help you to get many good options at discounted prices. So, this option will let you save more pennies and give you a good look too.

Living on a student’s budget in a foreign country has its difficulties, yet, with a proactive approach and self-control it is quite doable. When traveling abroad and studying in a foreign country, you can avoid or minimize the financial burden through setting a reasonable budget, getting acquainted with the local prices, paying attention to the necessities of living and using special student discounts.
 

(Author is Founder, gradding.com)