How to Stay Within a Budget When Studying Abroad

How to Stay Within a Budget When Studying Abroad

There are certain types of investments students make during the course of their entire career. They might make your future shine brightly and might take it down the drain. Studying abroad is one of the investment no student can ever regret making. It gives you an opportunity to see the world in a whole new way, get you see past the diversity, make you acquainted with various cultures, get you tremendous job opportunities and help in your overall growth. Companies take a double take if your resume has a study abroad chapter. It makes them believe that you are not afraid to take risks. If all you follow all the procedures specifically for preparing to study abroad, there is nothing that can take your ultimate success away. The major concern about studying abroad away from your home is the financial budget. It is bound to take a toll on you. Staying within a budget in an alien country is hard but not at all impossible. Here are some tips that might help you plan your finances little better.

Tips for staying in a budget while studying abroad:

1. Keep your Indian bank account but avoid transaction fees

It does not make much sense getting a new bank account of the country you are planning to study in for less than a year. For such a short duration of time, you can use your previous Indian bank account. You just have to make sure you choose an account which does not charge overseas transaction fees or reimburses you for ATM fees. It is best to get a credit card with no foreign transaction fees to avoid unwanted loss.

2. Inform your bank or credit card company about your studying abroad travels

You do not want to witness an awkward card declination at a grocery store abroad. It is important to inform your bank or card company beforehand about your travels abroad so that they can make the arrangements for the credit card to be applicable in that particular state and save you getting the cash out of your pocket.

3. Be cautious with using credit cards

It is better to use credit cards abroad for all the expenses you have to pay. They allow you secure transactions that too within seconds. But make sure you have a credit card of the same bank you keep your account for. They will allow you to access the card information online and even through apps and avoid unwanted transaction overseas fees. It will help you a lot while studying abroad.

4. Choose a library to call your own

There are plenty of libraries that let you issue books with a very less monthly or yearly subscription. It saves you the cost of buying the books with your own money and thus less expenses. Moreover, they are free to use in the premises only, so feel free to take all the pleasure in making notes and sipping that coffee.

5. Consider off-beat commuting ways

It is best to save expenses and stay within a budget when you are commuting through a local bus or through your own bicycle. It is much better than getting a car on loan and paying for its expenses along with your personal.  You can use the gas money you have saved on something more important like the rent or food. Studying abroad can be expendive, so all you need to do is keep the little things in check.

6. Try homestays

You will get all your meals covered and the other staying expenses can be shared among the all the tenants for a single homestay. It will help you have an insight in the local culture and save you major bucks on the way.

7. Get accustomed to local food

It might be hard at first but in order to save expenses on ordering international cuisines in an alien country, it might be best to get accustomed to the local food and moreover, it is fresh and cheap that will cover both the health and budget issues in a single way.

8. Stay cheap in hostels

There are plenty of student hostels in every country for the international students. The food is good, you get a kitchen, a bunk bed and the expenses are shared. It will save you more money at no compromise on standards.