Tips to Create Your Study Abroad Budget
How to Budget for Study Abroad
Managing your study abroad funding and expenses can seem easy at first but as time progresses the entire task of money management becomes overwhelming. We at FES provide all sorts of consultations to our clients. Our professional guidance counsellors have received a lot of queries regarding the management of funds once abroad. This is the reason we have made it our priority to let our clients or future clients know the ins and outs of budgeting. We have compiled budgeting tips based on the experiences of our clients.
There’s a first time for everything, right? Studying abroad is something a lot f of students want to cross off their bucket list. As a university student on a budget, it can be tough to save up money while in school. And if you are a student who didn’t receive any financial aid or scholarships the task of financial management can be even more difficult. The skill of balancing your budget and spending responsibly is a difficult task. But saving ahead of time will become more manageable if you know the costs and ways to prepare for them. Below are some Smart and Realistic Tips for Your Study Abroad Budget
- Decide where you want to study abroad: Your expenses are determined by where you live. Everything from the exchange rates to the cost of living is determined by where you plan on going. Some countries will have lower cost of living than others. For example, Malaysia is a cheaper place to live in when compared to the US or Australia. The cost of living will create an impact on your budget, regardless of tuition fees. Another major factor that is affecting the country right now is the fluctuating exchange rate. The unstable and high cost of buying the dollar in rupee terms is also a major reason why the cost of living and tuition fees also seem out of reach for many students. This is why having an accurate picture of the living expenses in terms of the exchange rate needs to be evaluated before you decide to make a budget. You cannot simply apply the same model of expenditure you applied in your home country. Studying abroad is all about the experience and the investment one puts into their future career prospects. This is the reason to have a comprehensive budgeting technique for studying and living abroad. Below are some of the prices to consider:Average prices for a single-room city centre apartment in popular budget-friendly destinations:
- Budapest, Hungary – $442/month
- Prague, Czech Republic – $779/month
- San Jose, Costa Rica – $603/month
- Cape Town, South Africa – $713/month
- Bangkok, Thailand – $561/month
- Work-study or paid internship: While studying abroad as a full-time student, you may be eligible to work a certain amount of part-time hours a week. If you’re allowed to work in your host country, it can be a great opportunity to help you earn extra money to fund your living expenses. Be sure to confirm with your host country’s visa regulations and your study abroad, as you don’t want to break the law in any way. You can also search for an internship while you study abroad. In France, for example, it’s very common for pupils to take a whole semester for a dedicated internship secured through the university. A paid internship can be a great method to build your CV and gain vital work experience for your later career.
- Apply to grants & scholarships early: We at FES also help our clients apply for scholarships as well. Scholarships are a major way to keep expenditures at a manageable level. Many study abroad students don’t realise they can try for financial aid for their upcoming study abroad program. While each experience is different, thinking two steps ahead can get you a scholarship and grant that may help you live a little easier abroad. Consult with qualified and experienced counsellors for this purpose. They know what scholarships are looking for, what are the requirements and different ways of attaining them. They can help you set up a good quality application and increase the probability of you being successful in attaining a scholarship, or even financial aid. Don’t forget to check out your university’s available stipends. While more minor, they can still help cover some of your program’s costs.
- Set your budget before you arrive: There are numerous costs for studying abroad, such as tuition fees and hidden charges. Have a strong understanding of what you’ll pay when planning to study abroad. However, don’t let costs deter you from planning a good experience. Keep in mind studying abroad is more about the exposure than actual academics. There are many ways to study abroad on a budget without sacrificing a quality experience that leads you to a greater amount of knowledge. Cost of Living While it would be difficult for us to give a specified general cost of studying abroad, there are some common monthly and essential costs to factor into your budget. Rent, food and essentials like clothing are something you are supposed to take into consideration and at the top of all this will be your tuition costs.