Studying abroad is a dream for many students and one of the most rewarding, life-changing experiences. However, tuition fees and living costs can get expensive. That’s why it’s important to budget wisely so you can enjoy the experience without added stress. You might also consider skill development loans to help fund your education and enhance your skills. The rewards are great—you might find a good job, make new friends, and earn more money. But before you start, remember that applying to study abroad takes careful planning.
So, where do you start? For start there are lots of things to figure out like – How much will it cost you? Which nation would be best for you to study abroad? In this blog we are going to share detailed insight that will guide you during your first time studying abroad.
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Do Early Planning
Create well-detailed financial planning before you embark on your journey towards studying abroad. Do some research on the costs of tuition, living, accommodation, and any extra expenses for your destination. This will help you understand the total financial commitment to your education.
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Do Weekly Budgeting
Set a monthly budget and divide it into weekly amounts. List your usual expenses and plan your budget around them. This helps you track what you spend, understand your habits, and ensure you have enough for everything, plus some for fun.
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Consider the Scholarships and Grants
International students have several grants, scholarships, and financial aid options. You decide which to choose. Several universities offer scholarships that are perfectly designed for Indian students. This will reduce your overall financial burden, of course. Make sure to research all your scholarship and grant options so you can live abroad comfortably and affordably.
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Part-time Jobs
Part-time jobs not only give you financial freedom but also make you a more responsible person. They may seem difficult at the beginning of your career, but if you maintain your patience, they will greatly relieve you from the stress of studying abroad expenses. You will be able to earn a decent amount if you take on-campus jobs or take jobs in a nearby restaurant or restaurant. You can also consider tutoring or babysitting. Just make sure doing part-time jobs does not take away your study hours.
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Get Medical Insurance
Medical emergencies can be very costly. That’s why it’s important to get good insurance to study abroad. It should cover hospital stays, doctor visits, and medicines. A one-time investment in insurance can save you thousands if you face a medical emergency.
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Take Education Loan
Taking out an education loan is also a great option for financing your dream of studying abroad. Do necessary research for the best education loan available in India for studying abroad and on different financial lenders. Make sure to compare all the interest rates and pick the loan that comes with favourable repayment terms. There are several loans available that are designed specifically for international students. Make sure to borrow only the amount of money you will need. Be responsible with the borrowed amount and pay it on time, as delaying payments can result in a bad credit history. Reach out to education loan advisors who can ease the process of taking out a loan.
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Get an Affordable Accommodation Option.
The accommodation cost will take up the majority of your budget, so look for an affordable housing option like university dormitories or shared accommodations, which you can share with a roommate. Many universities offer accommodation assistance to international students, which can gradually help cut down your costs.
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Avoid or Minimize Eating Out.
Avoid eating out too often if you do not want to drain your expenses. Don’t let social pressure get the best of you. Understand your financial condition and then decide how often should you go out to dine. You can try cooking and try your hand at exploring new cuisines and healthier options. This will help you save money at the same time.
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Commute via Public Transport or on Foot
Transportation costs can add up quickly, especially if you use cabs or ride-sharing a lot. Instead, try cheaper and more reliable options. For shorter distances, consider cycling or walking. It will not only help you save money but also promote a healthier lifestyle.
Conclusion
When you go away to study abroad, managing finances for the first time can seem very challenging. Carefully making purchases and considering all the tips will help you manage your finances effectively. If managing finances feels tough, you can use mPokket, a reliable online loan app. It offers quick student loans for extra funds when you need them. This helps with costs like textbooks, travel, or any kind of unexpected expenses. With mPokket, you can focus on your studies without worrying about money. Plus, its flexible repayment options make budgeting simpler.
