Student Guide: Budgeting for Your Study Abroad
You may think that the costs of studying abroad will make it something that you won’t ever be able to experience. Well, with a bit of planning and budgeting, you’ll be able to cut costs drastically and afford the trip of a lifetime!
Before your trip starts, begin looking into scholarships and financial aid opportunities. Many universities offer money towards overseas tuition, and since lots of students don’t take advantage of it, these scholarships are readily available to those who seek them. Some scholarships may even cover things like living expenses, student visas, and airfare.
Start saving money every week. If you’re working during the school year, try and put aside some money each week for your trip, since any money saved will quickly add up. Try to get an accurate count of how much money you’ll have for you trip, and how much you can expect to save before you leave.
Figure out your basic needs for your trip. First, look at the bigger costs, such as overseas tuition, flights to and from your abroad country, and your living accommodation. If you don’t mind having a roommate or two, living in a double or triple room can drastically reduce your living expenses.
Next, break down your daily costs, things like food and transportation. If you’re on a tighter budget, you can save big by preparing most of your own meals. Finally, leave some room for extras; the things you want do (going out at night, and going on excursions, etc).
Take a look into what you can do for free in your city. For example, In London most museums and art galleries offer free entry. In any city, you can enjoy spending time at a local park for no cost. Don’t forget to bring your student ID. Attractions everywhere will likely offer a student discount, and you’ll need some form of ID to reap the benefits.
To avoid any sort of foreign transaction fees, you should consider applying for a credit card. Most debit cards charge 2-3% for each foreign transaction. A credit card can help you circumvent this fee. Also, be sure to tell your bank about the trip abroad to avoid any sort of fraud confusion.
Once you finally do get abroad, make sure you actually stick to your intended budget! You can either make a mental note of how much you’re spending each day, or keep track using excel. If you realise you’re going over budget, you can change your spending or readjust your expectations.
The biggest thing to remember while studying abroad is that the experience is priceless. After months of saving, don’t fret too much about spending when you’re out and about. Above all else, you’re there to learn, experience, and have a good time.
Need your parents to send you money for school fees? Consider using Xendpay, where we can transfer your money quickly and securely. We also have a new student offering, where we’re giving £25 Amazon vouchers to students who’ve earned good marks. Now is the perfect time to send money and save big with Xendpay.