Studying abroad is one of the best experiences a student can have in his/ her lifetime. If you have decided on studying abroad, congratulations! For any student who is planning to study abroad, financial concerns are the most worrying. When properly taken care of you can manage your finance well and peacefully enjoy your stay and studies abroad. Here in this article, we would like to provide you with some of the best tips to manage your overseas education studies more affordable and pleasant.

Funding one’s expenses isn’t more complex when done in the right way. By showing u and putting in the effort to begin the process of managing finances, one can learn to manage their finances well in the destination country without much trouble. A balance needs to be stricken between spending responsibly and also balancing your budget. If you know the ways and costs to prepare for your financial needs, saving ahead will allow you to make matters more manageable.

Read on further to explore our money-saving tips.

1. Choosing the study abroad destination

The type of country and the university you choose has a great impact on the number of funds that you will require for your studies abroad. Countries like Eastern Europe, Southeast Asia and Latin America and countries wherein you can expect a lower cost of living than other parts of the world. Take for example, a study abroad program in the UK would cost you a huge amount of money and also an unfavourable exchange rate to the dollar. The program would be exceptional but if finances are a concern for you, then choosing a country like the UK wouldn’t be the best idea. No matter what choice you would want to make, make sure you properly evaluate the cost of living, the career prospects from selecting the program, and more. 

2. Work study or paid internship

You are eligible to work a certain number of hours a week part-time as a full-time student studying abroad. It can be an excellent opportunity to fund your trips if you are qualified for jobs in the host country. Make sure you have a good understanding of the country’s visa guidelines as you don’t want to create issues by going going against the student visa rules. Getting an internship while studying abroad is also a great way to get experience also make some money. In France, it is a common norm to see students dedicating a whole semester to internships partnered through the school. An excellent way to supplement your budget while studying abroad is for a paid internship which can also be a great way for the resume-building experience.

3. Grants and scholarships – Apply early

Applying for financial aid for upcoming programs overseas is a matter many prospective studies abroad students are not aware of. Preparing and planning ahead for such scholarships and grants can help you live life a lot easier abroad. You can consult with a guidance or financial counsellor at school to inquire about various study programs and their associated scholarship opportunities. 

4. Set a budget

Hidden fees, program prices, etc, there can be several costs that can crop up while studying abroad. Have a clear understanding of your financial obligations with the university and also other organizations/ authorities. Don’t let the cost trail affect your decision to study abroad. By learning to manage finances you can manage the cost to study abroad efficiently and pursue the best overseas education.

5. Opt for a homestay

To immerse yourself in local culture and also get ahead with your learning of the local language, homestays are a great way. Not only are homestays much less expensive than typical apartments but also the best way to get home-cooked meals, make new friends, have a second home base support and more.

6. Keep track of expenses

Whether you prefer to have apps to keep track of your expenses or you have the habit of writing down in detail all your spending activities, seeing reports of any kind frequently will help you understand well your spending habits and help make changes accordingly. If you would like to travel around and explore more, spending on take way food and clothing, etc, would not be the best idea. By cooking meals in particular you can save a lot of money.

7. Avoid bank fees

Make sure you inform your credit card company and also your bank about your travels. It is necessary to do so because if you don’t you risk getting locked out of using your ATM card and not being able to withdraw money which is not a pleasant situation at all. When you are planning to travel abroad, make a list of places that you plan to visit and inform the bank about it. Make sure you also check whether your bank has any sister banks in the place that you intend to visit so that ATM withdrawals don’t cost you.

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