Ways to prepare a budget for studying abroad

One of the major concerns of the students wanting to study abroad is the generation of adequate funds. This fund doesn’t only include tuition fees but also living expenditure, service charges, administration charges and many other expenses. As a consequence, the students feel overly anxious about making a lapse in judgement. In this post, we will discuss 10 ways in which you can make judicious decisions when you are selecting a study abroad program. Before you read further, we would like to suggest that you prepare a list of pros and cons based on the parameters mentioned below.

1. You must know the tuition fee and its mode of payment.
Each university offers different courses and specialisations. Thus, its tuition fee would vary as compared to other universities. Knowing the tuition fees is the primary step towards the university admission process. You must try to opt for a university with minimal tuition fees but excellent infrastructure and faculty.

2. Understand the miscellaneous university expenses
Many study abroad aspirants do not take into account the university’s administrative costs and other auxiliary expenses. Talk to your agent, admission consultant, university representative about these sundry expenses. You will be surprised how even these smaller expenses can become a drain on your pocket.

3. The living expenditure of the entire stay
the program expenditure is not all that would require a budget. The daily expenses such as transportation, meals, rent, clothing, and so on can also cause a strain in your mind. It is, therefore, crucial that you inquire about the cost of living in the preferred city. This will help you in generating the funds required to live in the new country, especially in the beginning.

4. Buy a health insurance
Health insurance allows you to be mentally free from searching for a hospital that would be under your budget at the time of medical emergency. In case of any medical need, you would know that your health insurance will cover your expenses. It is, hence, extremely important that you read all the clauses in your health insurance application before paying for it. Try to get as many diseases and emergencies covered as possible.

5. Consider applying for credit card
Credit cards are easy to use and carry. Some credit cards give rewards upon using and some even give instant discounts and cashbacks. Do your research and pick the one which is widely accepted and provides good incentives.

6. Evaluate the expenditure on non-essential but necessary expenses
The early 18 years are very formative in a student’s life. During this period, the habits, belief systems and preferences develop. It becomes really difficult to break free from this pattern. Thus, you must highlight non-essential but necessary expenses which you wouldn’t be able to live without. These expenses would be things that appear luxurious such as packed food, internet connection, vehicle, certain appliances and so on. This is not to say that they shouldn’t be important to you. Each one of us has his or her comfort zone. It is not necessary to come out of it everytime. Be very frank with yourself. For example, if you can’t cook then don’t get overly excited and decide that you would learn cooking in a foreign country. Either learn it beforehand or keep some budget for packed food while you learn the art of cooking in a foreign country.

7. Know where to get the student discount in advance
The shops and restaurants near the university campuses provide students with major discounts. Interact with friends and relatives in a foreign country about these discounts. You can also ask your consultant or agents to provide you with this information.

8. Set aside some funds for an emergency-
Studying abroad requires you to create a detailed plan with minutest details because once you move to a new country, you will be there all alone. Keeping this in mind, you must keep some money aside for the worst-case scenario.

9. Look for a part-time job
Part-time jobs provide you with twofold benefits. First, they allow you to meet your monthly expenditure. The family members back at home would not need to worry about arranging funds for you. You will become more responsible and accountable for yourself. Secondly, part-time jobs can build up your resume. The skills learnt during a part-time job would also increase your self-confidence.

10. Decide which phone plan to choose
Don’t wait to buy a new phone or sim card until you get to the new country. Buy the sim card in advance. Choose a plan which would allow you to make international calls and which would have a good internet plan. In initial months, you would need extra internet data because you wouldn’t be well aware of the wifi spots within the university campus and your living quarters.