How to plan your expenses studying in other countries
Planning for your studies abroad can seem impossible due to the huge financial implications, after reading these you can study in any country of your choice on a planned budget that will suit your financial status.
Dreaming of studying outside the shore of my country has always been a part of me, and living that dream has always been among the goals I have set up to achieve, but I know it won’t be easy getting my dream come true as a student in college with little finance, it can be difficult as a student to save money especially when you receive little or no financial help, your goal might seem impossible to achieve, I was surprised to know that my financial expenses were a lot easy to access than I imagined after making the first move on my big dream of studying abroad, I was able to see the possibilities of studying abroad and learning how to manage my resources efficiently.
The method in which you strike a balance on how you spend and budget responsibly is important,
Saving for studies in time becomes easy if you know the cost and how to go about it.
Learn more about the cost of what to save for your study abroad, and how to cut down expenses
1. Choose where you want to study abroad
In some countries, like Latin America, Eastern Europe, and Southeast Asia, the standard of living is much lower than in others. The expenses of living will much impact your budget, concerning the program price. a study abroad program in London, for example, will come with a very expensive and unfavorable exchange rate to the US dollar. The program will likely be very good. Still, you will want to consider huge budgeting if funds are a concern.
Anything you do, evaluate any program and expenses involved correctly and create a list of activities you’d like to engage in while there to find the real cost analysis of studying abroad. Then, with those figures in mind and these tips, you’ll have a great semester studying abroad!
List of prices for a room city center apartment in well-known budget-friendly countries :
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
Expert Tip: going abroad during off-seasons, like during winter in Paris, is less expensive than peak seasons like summer when everybody is visiting for holiday!
Tourist off-season dates in popular locations
Get more knowledge: 10 of the Most Affordable Study Abroad Programs in the World
2. make a plan for work-study or paid internship
During your studies abroad as a full-time student, you may be allowed to work a periodic amount of part-time hours a week. If you’re allowed to work in your host country, it can be an excellent chance to aid finance your weekend excursions! Verify with your host country’s visa guidelines and your study abroad, so as not to violate your student visa rules.
Try getting an internship while you study abroad. In France, for example, it’s likely for students to take a full semester dedicated to internships partnered through the school. A paid internship can be a very good way to build a resume and get experience while you supplement your budget during your studies abroad! don’t miss it, How To Find The Right Student Accommodation For You
3. Early grants & scholarship applications.
Many students don’t know they can get monetary aid for their upcoming program abroad. While each experience varies, you can plan to get scholarships and grants that may aid your living abroad.
Consult your financial aid or guidance counselor at school to know about the need and merit-based aid, or contact the studying abroad program advisor to learn about active sponsored partnerships. Go Overseas partners with programs to offer gap year and study abroad scholarships to travelers, undergrads, and master candidates worldwide.
Remember to check out your university’s available stipends. While more minor, it will aid cover some of your program’s costs.
Visiting my university’s financial aid office while I prepare to study abroad, the head of the department had studied abroad in Germany. To my surprise, he helped me find many stipends as he could to enable me to have my own international educational experience.
Remember, a closed mouth is a closed destiny: if you don’t ask about scholarships, you’ll not be able to design you’re studying abroad budget!
4. plan your budget before leaving
There are so many costs for studying abroad, such as program prices and hidden fees. knowing what you’ll pay when planning for the school year overseas. However, don’t allow costs to hinder you from enjoying the experience. Plenty of ways to study ing abroad on a budget without sacrificing your fun time.
Cost of living
Giving you a specified general cost of studying abroad is impossible, there are some common monthly and essential costs to put into your budget.
To enable you to estimate income and expenses during your time abroad, you can fill out our study abroad budget template using the research and comparison tool Numbeo to determine the costs of living in your host country.
5. choose a homestay
cooking with a homestay host
Homestays are a great way to adapt more to the culture of your host country. Finding accommodations that are less expensive than typical apartments is also easy, but you will get delicious home-cooked meals, learn the language quickly, and have a second home base of support.
If housing is not included in your overseas study program, check with a program advisor on available student housing in your host city. Often Most programs already have an affiliate student apartment they partner with, but their prices for accommodations are particularly reduced for students. In places like Paris, for example, CAF-funded student housing is a big advantage because this type of accommodation’s purpose is to be affordable for students, and housing in the city center is difficult to find outside if you are not a qualified student.
6. Keeping track of your spending
Either you write or use automated tools to keep checking for you, knowing your spending habits will allow you to cut back or have some room to splurge. If visiting nearby destinations is in your plans, cut down expenses that can be put towards those fun excursions.
purchasing mainly with cash? Then, you’ll have to keep track and record spending manually. I like to write out my budget and compare my expenses using Notion budget templates. But if don’t like manual entries, apps like Mint will automatically keep track of spending and categorize it for you. Allowing you set a budget for specific spending categories, notify you if you go over them. Linking your bank account and credit card is needed, but it’s a great tool to get a fast track of your budget.
7. Avoid bank charges
Ensure you put a dollar bill in a wallet
Involve your bank
Inform your bank and credit card company about your travels. if you don’t, you can end up getting locked out of using your card while overseas, not being able to pull money from an ATM, a not-so-fun situation. Try to think of all the places you plan to visit during your time overseas, and if you miss one, just be sure to update your bank before you go. Also, make sure you seek to know if your bank has any sister banks in your host country that charge fewer fees or don’t charge at all when you make foreign transactions or ATM withdrawals
Exchange cash before leaving
Exchanging your currency at the airport will not work in your favor, you should change the amount of cash you’d like to keep stored safely away. When I studied overseas, I only exchanged around 700 euros in cash. Most European countries accept payment with a card. Getting a travel rewards card was a sure way to spend money without worrying about foreign transaction charges.
Consider travel reward cards
during your studies overseas, you’re going to be spending money one way or another. So you might as well be gaining rewards and points while you do it! travel rewards card can be good if you have an idea of spending the amount needed to qualify for their intro offer. Most travel rewards cards will give a sign-up bonus if you spend a certain amount of money within the first few months of having the card. Remember to be sharp about credit cards and only put what you are ready to pay off at the moment away onto the card. Otherwise, you could end up accumulating debit instead of credit.
Travel rewards cards are popular because they have no foreign transaction fees like a bank debit card usually do. Also, many different travel rewards cards offer you good sign-up perks and bonuses. Getting points can benefit you later and even get you free travel flights in the future!
Get a student bank account in your host country
getting a student bank account is not only handy to avoid accumulating foreign transaction fees, but it makes getting other services in your host country more accessible. For example, in France, you need to have a bank account to be able to have your name on a lease. the address is necessary to have important documents mailed to you for billed services like a phone and wi-fi plan, you’ll often need an address to open a bank account, making a situation that can be difficult to process without the help of a French friend or your program advisor.
If this step is difficult for you, getting a Transfer Wise account is a great way to have a multi-currency account to pay the bills. exchange rates are great, you will pay in the local currency without worrying about hidden fees.
8. make use of student discounts
Always bring that student ID! If you have the opportunity, inquire about a local, temporary student ID from your study overseas program or get an international student ID (ISIC) card it will save you money on transportation and entertainment.
Many companies and countries give major bonuses and perks to students and travelers under 27. like, the museums do they have no charge for admission. During my time studying overseas, there was no dull moment or dearth of entertainment. I would make out time after my classes to visit the museums alone just to learn and familiarize myself with the stories and histories Paris held.
get discounted flights from Student Universe, a super cheap 3-day water taxi pass in Venice, 25% off Eurail prices, a discounted trolley tour on Toronto Island in Canada, affordable or free entrance to many museums around the world, and more. Sometimes, just showing your normal standard ID card to show your age can help you get a discount — this can be missed or hit. But the luck is worth tying
Make sure you keep different forms of identification on you. You never know when an event or attraction will decide to give Student Fridays or Cheap Tuesdays (I’m making these up, but you get the idea).
9. connect with the locals
Creating genuine connections and friendships with the natives whose country you’re visiting is one of the most valuable resources for your study overseas experience. They will show you all the cool things to do. locals can recommend and suggest the best at a reasonable price or close to free. As a result, you’ll find your everyday expenses reduce dramatically, and you get to know the country on a more intimate level.
patronize shopping at the local grocery stores and markets to enjoy a cooked-home dinner party with your coursemate and school friends, starting and keeping friendships with locals will help you connect with the traditions, and cultures it will also help you learn the language faster and help you enjoy memorable experiences with friends you’ve made along with your studying abroad journey.
COST-EFFICIENT AND FRIENDSHIP-BUILDING ACTIVITIES
Keep to date with your new home’s neighborhood schedule, calendar, and community organization. Knowing what’s happening in nearby churches, museums, schools, and community centers. Most times they are free, donation-based, or low-cost, and your study overseas program may be connected with it.
Go to local parks and gardens. One of my favorite aspects of living overseas was the accessibility to nature while still living in a big city. Think Central Park in New York, and Golden Gate Park in San Francisco, locals spend their time free strolling, reading, and picnicking in these public outdoor spaces, Parks are popular amongst locals, and you can spend lunchtime in parks, get some wine with your friends and enjoy your afternoon.
10. Explore by foot or public transportation
What better way to become conversant with a new locale than to enjoy with boots on the ground? getting a little lost, Walking around, and yet finding your way back is a superb way to gain new experiences around the neighborhood, save money and get fit and learn a new route. you also discover unique shops save on transportation fares and hole-in-the-wall places.
Exploring on foot is like going hiking: it is thrilling, tiring, and sometimes a little scary, but the reward is fantastic! Places you might discover while exploring by foot: food carts with delicious treats, charming squares, amazing boutiques or cafes, parks, and vibrant murals, as well as impromptu performances and street artisans. You will save on transportation fares, but you will also almost always discover unique shops and hole-in-the-wall places.
We all know it may not always be good to travel by foot. However, everybody loves a city with a good public transportation system. If you frequently use the le metro or the tube ever-so-politely reminds you to ‘mind the gap’ – don’t forget to ask for student or youth discounted fares and transportation passes. There’s incredible support for youth mobility throughout Europe and many other countries overseas whose aim is to foster intercultural unity.
11. always research
Look for tours that give the best bang for your money, or go to a hotel with the lowest price that provides the best price guarantees, use Rome2Rio.com to find a bus that offers a scenic ride to your next destination, or go on a self-guided street food tour in place of expensive-end restaurants
Make your research skills to the test while overseas. If you’re an investigative expert at home (like finding the best price for that jacket you wanted), you can be one overseas.
Ryanair and EasyJet are known as the most economical airlines throughout much of Europe and are good fits for weekend trips to visit neighboring countries on a time-crunch and tight budget. be sure you check carry-on luggage restrictions so that you don’t end up paying extra for a checked bag. additional charges can be a weighty fee, interfering to take a more affordable flight.
We will forever be grateful for the internet, researching alternative options, value, and prices, are much easier than ever. So enjoy the free wifi and unfold the details you need.
Studying overseas doesn’t mean you have to break the bank!
Planning your study overseas can come with some legitimate concerns about the cost. While you may not be able to travel for free, many ways to save money and maximize your budget through clever planning and decisions. By choosing the right study overseas program, creatively managing your expenses, and using the advantage of special deals. Recommend Making Plans To Study Abroad: 9 Things You Need To Be Aware-Of