Wanting to study abroad is a big decision for a person. There are so many nuances to the notion such as living on your own, managing your finances, learning to communicate in a new country, and so on. Studying abroad may not be a cheap decision. But that doesn’t mean it has to wipe out your entire bank account either. Are you planning to study abroad? If yes, then read on for some handy tips on planning your budget for studying abroad.
The internet is filled with searches like ‘study abroad for Indian students.’ And, there are abundant sites that provide study abroad scholarships for Indian students. Choose the medium that suits you best. An ideal budget should be created while considering expenses like fees, accommodation, meals, internet, phone bills, health insurance, personal care, travel, and leisure. There are a lot of factors that can influence your budget including tuition fees and internet services.
Tell your bank and credit card company about your travels
Try avoiding the awkward moment of getting your card denied at the check out by ensuring to inform your credit card company about what countries you’ll be in.
Be cautious about credit cards
Credit cards are a must-have if you want to study abroad. They can get you some cool travel rewards, but be careful about interest, foreign transaction fees, and other payments.
Be careful with ATMs and cash exchange
ATMs are a great solution when you’re in a pinch. But beware, since most foreign ATMs will charge a transaction fee of $2-3, and it adds up pretty quickly.
Wire money only in emergencies
Wiring money can be a hassle and is costly. It entails contacting someone from home; them sending you cash, then you going to the closest office, filling out more forms, and then finally getting the money.
Always travel with some cash-in-hand
Some places require a minimum amount to charge your card. Cash is great when you’re getting a cone of ice cream. Remember to carry only the amount of cash you will need, and keep the rest locked away somewhere else.
Prepare for some worst-case money scenarios
It’s better to have backup plans when financial emergencies or other problems arise. Always make sure you have a contingency plan set in stone. Arrange a way to have funds transferred if you run out of money. No matter the scenario, the key is having a calm state of mind and having flexibility.
Avoid scams with common sense
When you study abroad, you’ll come across many scams just walking on the road. For taxis, always carry small bills and establish a price beforehand. Don’t take gifts from strangers, buy tickets from official vendors only. Use your common sense to identify scams.
Find a job
A job looks better on your resume and will help you make a few bucks here and there. It’s also a great way to communicate better with the locals, make friends, and get to know your host country.
Travelling overseas is an eye-opening experience on its own. It’s a great way to learn a new language, meet new people, and return to your country wiser. We hope these tips will help you in planning your budget before choosing to study abroad in the future.
Also Read: Which Are The 7 Best Places To Study Abroad In Europe?
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