Studying abroad can be an expensive prospect and the financial expenses could seem a burden while planning to study overseas, especially amidst the economic slowdown and currency depreciation. Post the Covid-19 pandemic, the economic situation has just been revived. The study-abroad economy is on a slowdown for recovery. International students often worry about managing expenses due to the economic slowdown and currency depreciation, the following tips about budget management could help students in a foreign country.
This Blog Includes:
5 Tips for Budget Management While Studying Abroad
Proper Knowledge of the Country and Cost of Living
While planning to move overseas to study, you must carefully select the country and the study programme which is in accordance with your budget. Education is slightly expensive in some countries like USA and UK compared to countries like Germany. So, you must also look into the cost of living aspect to plan your budget efficiently. Every country has its own exchange rate that’s why the cost of living could vary depending on the country. Students should read about which countries have efficient living plans, education plans, and other expenses.
International Student Scholarship Programs
As an international student, a scholarship is one of the best ways to manage your study abroad expenses. Via scholarships, students can get an exemption on their tuition fees or monthly expenses. Scholarships are offered on many courses including business, medicine, engineering, science and many others. Many of the top universities in the world offer various scholarship programs for undergraduate, postgraduate and doctoral students. Scholarships are offered on a wide range of criteria like applications, merit-based, sports, gender, ethnicity and financial backgrounds. International students can apply for such scholarships while submitting their applications.
Also read: Scholarships to study abroad
Amidst the economic slowdown and currency depreciation, many universities have introduced hybrid programmes for students which allow them to complete a part of their degree from a partnered university in their home country and the rest from overseas. This exempts international students from the higher cost of living in other countries, reduces the exchange rate situation and manages the initial overseas expenses well with efficient budget management for tuition fees and cost of living. Students should check the curriculum at both universities, pursuing such a hybrid programme will allow students to get both the in-country and overseas experience and provide an enriching experience.
Carry and Use Your International Student ID
If you are an international student studying abroad then your student ID is your key to avail of many offers and discounts. If you do have not got an ID card apply for one at your university as it can get you great discounts on food, travel, accommodations, shopping, and transportation in many countries around the world.
Apply for On-campus Jobs
As an international student, it is highly recommended to pursue a part-time job to earn money and gain some experience. On-campus jobs are the best way to earn some extra money and they can be managed well with your study time. Students can work in various departments and jobs such as system administrator, teaching assistant, research assistant, and library attendant. By opting for on-campus jobs you can have easy accessibility to the job location and the saved time could be efficiently used for your studies. These jobs will provide you with much-needed money and will also help you gain work experience.