Education provides stability in life, and we all know that it is something that no one can ever take away from you.
With countries like the US, UK, Australia, and Canada emerging as educational hotspots, more and more students are looking to pursue their education abroad. Additionally, Education in these countries focuses more on practical-based learning which usually allows students to be more innovative & creative. That’s why students want to study abroad to get professional learning with an advanced education system. If you also want to study at a top-notch university, contact Intstu Aspirations, one of the best study abroad consultants in Surat.
We all know that studying abroad is very expensive and if you don’t have a proper plan to take care of your finances in the host country, you won’t be able to stay there for long. Many students overspend and struggle to make ends meet while at university or college, and often miss the whole student experience. Because managing finances as an international student can be difficult. However, with proper financial planning, you will have enough money for utilities and other expenses. Here are some important tips that will help you manage your finances while studying abroad.
1. Open a local bank account
Setting up a bank account in your new country is a primary step for your financial survival. As services vary from bank to bank, make sure you choose one with maximum benefits for students, and also know that international bank transfers are not charged heavily. Our counseling experts will help you provide information on leading bank accounts in your destination so that you can make a well-informed decision. Connect with Intstu Aspirations today and grab the best overseas consultancy surat.
2. Set your monthly budget
After opening a bank account in your new country, the next and most important thing you should do is plan your monthly budget. It is essential to know your current financial status and create a practical budget plan accordingly. Make sure to include all factors like monthly rent, utility bills, groceries, transportation, data charges, entertainment, study materials, and travel. This way you can prevent yourself from unnecessary expenses and save some amount for unexpected situations or emergencies.
3. Apply for a student pass
If you are studying abroad and don’t have your student pass yet, apply for it today. A student pass is one perk of being a college student, that lets you access an endless list of coupons and discounts. From restaurants, transport, cinemas, shops, grocery stores, or even local events, just showing your student pass can help you to save a lot of money. So, try to get your student ID as soon as you step into the university.
4. Track your food expenses
You’ll probably find that by adding up all your restaurant bills, your food expense will go up to a couple of thousand dollars at the end of the month. Food in foreign countries is very expensive, especially if you are eating out for every single meal. You can use your ‘eating-out’ budget and buy fresh ingredients to cook at home. That’s how you can save about 30% to 50% of your food budget. And if you have less time, you can cook a large portion and store it in the fridge.
5. Manage your travel expenses
Always try to minimize your travel costs by using public transport and also avoid using taxis unless it’s necessary. If you live on or near campus, you may want to consider taking a bicycle instead of using any form of transportation. Also, use the very convenient public transport network and if you are a frequent traveler you can sign up for a bus or metro pass.
6. Get yourself insurance
Medical bills in foreign countries can be very expensive. So don’t hesitate to spend enough on health insurance if you are studying there. You never know when you might get sick, whether it’s just a cold or a major illness.
7. Track your living expenses
Housing rent usually eats up a large chunk of your budget, whether you live on or off campus. Both options have their pros and cons, so get to know them all and then see which one works best for you. If you choose to live out, consider living with a roommate to keep costs down.
8. Look for additional income
As a student, you can work part-time, but you should be careful that it does not overshadow your studies. Most colleges or universities offer on-campus jobs so check the university’s official website to find out about any part-time opportunities. You can also take up freelance projects or look to invest your savings so that you can create an additional source of income.
Studying abroad is expensive, but you can plan your budget to manage your finances accordingly and also get scholarships to ease your finances. If you are looking for overseas education consultants in surat, you can contact Intstu Aspirations to get the best scholarships and grants for your profile!