Studying abroad can cost a lot because you have to pay the massive tuition fees at an international university and bear the cost of living. While you may find cost-effective options in universities in some parts of the world, the living expense, visa processing fees, and travel tickets may still add up to a daunting figure. It comes as no surprise that many prospective international students shelve their study abroad plans due to the astronomical expenses.
Fortunately, students and parents can keep their hopes and dreams alive with adequate financial planning and preparation. Whether you plan to arrange funds independently or have an education loan in mind, the right approach at the right time can help you land at your dream destination and pursue the course of your choice without much hassle. Let us explain the value of financial planning for study abroad aspirants.
CURBS UNNECESSARY EXPENSES
Having a roadmap for spending lets you curb unnecessary expenses. You will know the position of your wallet at all times and spend accordingly. There is hardly a chance you will waste money on outings and splurge on expensive stuff because such habits can make life only tougher when you are in a foreign country without parental support. Proper planning gets you to know the difference between needs and wants.
KEEPS BUDGETS IN PLACE
Financial planning is not only about initial funding for the university fee and travel expenses. It enables you to stay a step ahead of the cash inflows and outflows throughout your undergraduate course and stay abroad. The information helps you to create a budget and stick to it. With a well-managed budget, walking your financial path will be a breeze despite the expense of living abroad.
MOTIVATES YOU TO EARN
International students can legally work for a specific number of hours in the country of stay. When you plan your finances, you will get the motivation to supplement your income by finding a part-time job. Earning money makes you financially independent and cuts down the burden on your parents back home. It also helps you gain foreign work experience, which can work to your benefit if you want to live and work in the country after completing your education.
REDUCES MONEY STRESS
Another significant advantage of financial planning is that it reduces your stress and makes you confident about your money matters. You will be able to concentrate on your studies, co-curricular, and extracurricular activities better when there aren’t any worries about paying your tuition fees and managing your bills. You can even perform well academically and pave the way for a scholarship eventually.
FINANCIAL PLANNING TIPS FOR INTERNATIONAL STUDENTS
The benefits of financial planning as an international student are clear, so it is worth going the extra mile with it. Here are some tips that can help.
- A study abroad education loan is a good idea if you cannot arrange funds out of personal savings. International students and their parents can search for local banks that offer assistance. However, the process may be long and complex, so it makes sense to start working on it well in time.
- Look for affordable study abroad destinations that offer the courses of your choice. Germany, France, Norway, Sweden, Belgium, and Austria are some destinations where you can pursue higher education at a minimal cost.
- Explore scholarship and financial assistance options with international universities because many of them have such aids for students hailing from abroad. A scholarship can bring a significant reduction in tuition costs, which means that you will be able to manage with less.
- Find a part-time job that makes you some extra money and does not interfere with your study schedule. You can easily supplement your income and gain work experience with such a job. Consider using your student card to avail discounts while eating out, shopping, and travelling.
Studying abroad is definitely expensive, and you should take the plunge only when you are financially ready. Smart financial planning and expert guidance can get you on track for achieving your goals.
