Manage Money While Studying Abroad

As many students these days are opting to study abroad, planning and managing the finance becomes crucial. Even though many countries offer education at affordable prices, overseas education will always continue to be a tad bit expensive. However, this shouldn’t stop you from moving towards your goals. There are many ways by which you can manage your finances in order to have a smooth experience studying abroad. Mentioned below are few tips:

Carry out An Extensive Research:
The first step you take after deciding to study abroad is carrying out research. Read about the countries that suit your financial capacity. After this, start finding out the universities that offer the program you wish to study. The cost of studying and the fee structure depends from university to university. See which all universities you can apply for. Find out the scholarships each university offers. It can so happen that a particular scholarship a university once offered is no more available to students. Hence, make sure you read well about every university you think of applying for. Apply for as many scholarships you are eligible for as possible. Applying for scholarships is the most useful way of making higher education in foreign land affordable. After you have researched enough, make sure to verify the information that you come across.

On-Campus Jobs:
This is an easy way of making money. This is the type of job that any student can take up within the boundaries of the college campus. As on-campus jobs, students work as teaching assistants, research assistants, library attendants, etc. The university you study in provides you with remuneration for the job carried out. The money earned from on-campus job can help students to manage the small expenses.

Part-time Jobs:
Many universities have recently started allowing students to work off campus to gain industry experience. The university enables students to work part time during the college and full time during vacations. Most of the universities permit students to work for 20 hours per week (part time) and 40 hours per week i.e. full time during vacations. This largely helps students in carrying out their expenses smoothly.

Hostels over private housing:
Finding accommodation facilities in campus itself is always affordable rather than looking out for private apartments. The reason being, they offer housing facility at a much cheaper cost. In most hostels, as a room is shared by more than two people, the cost comes down naturally. Additionally, staying within the campus also reduces the transportation cost. If you have enough people to sharing a room, then you can consider opting for private apartments. Accommodation is considered to be one of the most expensive parts of the study abroad plan. Thus it becomes very important to take the right decision when it comes to accommodation.

Prepare a Budget:
Drawing a monthly budget can benefit students largely. Planning a budget helps students to understand and list down the expenses such as food cost, rent, transportation cost, tuition fees, etc. It also helps keep a check on money spent, develop the habit of saving which can prove to be beneficial at crucial times, and also indicate if there is any surplus amount left.

Others:
Keeping a check on and doing away with minor expenses that add up largely to the main expenses is very important. Spending on food in cafes and restaurants can prove to be very expensive. To cut down on the food cost, start cooking. Do not get into the habit of buying unnecessary things. Even normal things like a jacket is often double or triple the amount in foreign countries when compared to the price in your home country.

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Edwise Overseas Education Consultant

We at Edwise streamline and personalize the process for each student irrespective of the destination, institution, course or any level of study. Our team of experienced professionals will provide you individual attention and exceptional guidance throughout your process of application. We provide assistance related to course selections, admission, visa, bank-loan and scholarships. We also host University delegates for direct student interaction and all these services are provided free of cost. Edwise International was established in 1991 and has been maintaining strong networks with over 725 universities in 16 countries, thus giving us a unique insight into the finest educational establishments worldwide.

Start your education overseas with valuable information on everything you need to know about studying abroad, from study permits, temporary resident visas and how much it costs, to finding the best suited program for you.