HOW TO MANAGE YOUR FINANCES ABROAD!
The world today is more liberal and open vis-a-vis other nations. One most common way of erasing boundaries is student exchange programmes or allowing more individuals to study within your country by making the process simpler. Travelling to your dream city/could start adrenaline rush in your body.
However, studying abroad could be expensive, more so for Indians as rupees stand no chance in front of dollars,pounds etc. Nonetheless, all is not lost in paradise and with sound financial planning, one can fulfil their dream of studying abroad.
You have to manage your money very effectively in abroad . Spending unnecessary money on unnecessary things could make you broke . We understand that travelling abroad could be very overwhelming and exciting for you. You might have waited all your life to live the most happening yet unbounded lifestyle there. It’s normal to get influenced from your surroundings but smartness isn’t in showing off how good and partyholic rich lifestyle you are living but real smartness is in knowing when and how to use your money effectively.
6 Helpful tips to manage your finances abroad
1.The Big B:- Budgeting plays a crucial role when it comes to studying abroad. Many people often start budgeting in the later stages but this is a very tricky gamble. We always recommend people to first start with a budget. This will come in handy in shortlisting colleges and universities as well.
It is very important to be realistic when formulating the budget. “We will see” attitude can drown you in a pool of sorrows and we definitely wouldn’t like that for you. Finding the right balance between your income and expenses is the real deal of budgeting. Knowing the difference between what you need and what you want will determine your spending habits and the level of comfort you enjoy financially.
2.The more the merrier:- Having multiple income sources is very important in covering the cost of living while studying abroad. Some of the important sources of income include monetary assistance from family. Here it is important to have the necessary documents relating to the source of income, tax papers etc. Honest and open discussions with the family can make the process smoother.
3.Get a part-time job:- find a job for yourself to cover your daily expenses. As you are in a new financial system using a new currency it can be difficult to gauge how much money you will need for miscellaneous expenses, such as, transport, healthcare, books, etc. Having a part-time job can ease your load. Working on your own could make you independent and responsible enough to not spend blindly. In most of the countries, you can work up to 18-20 hours per week and full-time during your term breaks.
4.Scholarships & Grants:- Scholarships and grants are also offered to individuals wanting to study abroad. There are scholarships based on subjects, colleges, regions, etc which may partially or completely cover your expenses. More than 3060 scholarships are available for people wanting to study abroad. Scholarships cover most of your expenses like tuition fees, accommodation, health insurance, travel, etc. and some scholarships are fully funded.
5.Use your student status :- Get your student card as soon as possible. This card can help you avail many discounts on restaurants, shops, movie tickets, places, transportation and various cultural events. In fact, there are many such websites which offer great student discounts on festive events and shopping, check them out. Students id’s are always the best option to save money.
6.Manage your social activities:- It’s obvious to get tempted and influenced by surroundings to party and meet new people around in the new country. This can be a big expense for you, if you are not careful with your spendings. You should have it planned all your social activities and have a fixed amount set aside for your entertainment purpose.
Sometimes, instead of going out to meet people, you could invite them to your house, which will work out cheap and best . Just for the sake of showing off your happening life on social media or to attract a bunch of people. Remember, that you spend according to your budget. Spending blindly can end up making you broke in completely unknown country.
The hole in the pocket, or not?
The first and foremost step in this direction is to account for your expenses. The primary and unavoidable expenses include application fees, tuition fees, living expenses including rent, electricity bills, etc, transportation expenses, mandatory health insurance, grocery and essential expenses, recreational expenses, expenses on clothing and personal items such as phones, laptops, etc. All these expenses are unavoidable and we at One Window can help you find the appropriate figure to fill in the blanks for you. We make sure to leave no gaps behind so that you’re never in a tough spot.
Slack the cost
Once you have known the costs, cost cutting becomes the next obvious step in this direction. Many universities have accelerated programmes that allow students to take more courses for the same price, or to study in a less expensive community college for a short period reducing the cost drastically. Cultural living can help in reducing your living expense largely. Taking inputs from industry experts is a smart way to go about it. At One Window we have the best experts who have the latest information on changing policies making the process stress-free for you.
There is no doubt about the fact that the benefits of studying abroad outweigh the cost of it. Realistic planning with the help of a professional can truly make the process seamless and transform your dream into a breathing living reality.
