Five financial planning tips for those studying abroad | The Financial Express

Five financial planning tips for those studying abroad

Getting a part-time job can be a great way for foreign students to earn extra money while studying abroad.

Getting a student card while studying abroad is an absolute must for a student.
Getting a student card while studying abroad is an absolute must for a student.

By Saurabh Arora

Choosing your dream school in a foreign country can truly be a very enriching experience that cannot really be summed up in words. However, studying abroad comes with its fair share of challenges, especially when you consider the finances involved for a student. This is why it is extremely important for a student to plan his finances well in advance to ensure that everything goes smoothly.

Here are the five financial tips to keep in mind:

Always Plan Your Finances In Advance

Studying abroad can be a significantly huge financial investment, which is why it is very important to have a clear understanding of all the costs involved. Students wishing to study in a foreign country must research the cost of living, the budget, and the tuition fees of the universities they are enrolling in. It is also a good idea to familiarize yourself with the currency exchange rates and compare them with your budget. Moreover, while calculating the living expenses of the foreign nation, students must not forget to cater to the additional costs associated with travel and obtaining visas. Later, researching scholarship options and subsequently applying to them in advance can really be very beneficial for the students.

Don’t Shy Away From Getting A Part-Time Job

Getting a part-time job can be a great way for foreign students to earn extra money while studying abroad. We all know how hard it can get in a foreign country when it comes to finances. As it is, a lot of money has been invested in tuition fees and other expenses related to living in the city. A part-time job can provide financial support to cover living expenses or help pay tuition fees. Not just that, it also adds an element of confidence and self-reliance for the student in a new country. As a result of this, the student can learn to manage their own finances and support themselves. Moreover, the work experience garnered from doing such jobs can help the students enhance their resumes. This in turn helps students have access to better jobs in the future.

Open A Bank Account Abroad

It is always a wise option to open up a local bank account in the country where the student is studying. Firstly, having a foreign bank account can lead to additional fees for currency exchange, which can add up over time. The local bank account helps students avoid paying such fees, which in turn helps them save on unnecessary expenses. Secondly, the student can have easier access to his or her funds which they might have earned by undertaking part-time jobs.

Take An Education Loan

You must have seen so many aspiring students take education loans for their dream universities. It’s because an education loan helps in providing full financial support by covering tuition fees, living expenses, and other education-related expenses. A lot of Indian banks offer education loans to students pursuing overseas education under different terms and conditions. You only need to research the best option out there for you and choose it to make your dream of studying abroad a convenient reality.

Getting A Student Card May Make Things Super-Convenient

Getting a student card while studying abroad is an absolute must for a student. Firstly, the student can get access to a host of services and campus facilities related to sports, the library, and others. It also becomes easier for students to get discounts as a lot of businesses and cultural institutions choose to provide shopping benefits to students with IDs.

Along with these major tips, some bonus tips like learning to cook or riding the bike to the college are also great ways to help save some money and maintain a healthy budget. Learning to cook will always come handy. Students can use their ‘eating-out’ budget and buy fresh ingredients to cook at home. It will help them save about 30% – 50% of their food budget.

Similarly, riding the bike to the campus is another way from which you can save some money. This saves on money set aside for commuting and it is a healthier option too. Along with this planning in advance can also help the students survive very easily even on a low budget.

The author of this article is CEO, co-founder, University Living. Views are personal.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 17-03-2023 at 08:00 IST
Exit mobile version