How to Reduce Costs While Studying Abroad for Higher Education

How to reduce costs while studying abroad: Many youngsters have aspirations of attending top-tier universities abroad to study. Both on a professional and a personal level, studying abroad in some stunning countries exposes students to the world. However, the cost of studying abroad for Indian students is the main barrier to studying, particularly if the candidate is coming from a place where currency exchange rates are volatile. If they choose to study abroad in places like the United States, the United Kingdom, or Europe, the cost will likely be substantially greater for Indian students in terms of rupees. So, how to reduce costs while studying abroad is detailed in the article below.

How to Manage Money While Studying Abroad?

To make costs lower while studying abroad, students need to plan their study abroad journey with complete research and a systematic plan. We have listed some points to reduce the cost of studying abroad for Indian students.

1. Open an account in a local bank

The initial and most important step in managing your funds is opening a bank account in a foreign country. You can open one with the aid of your university desk. Make an informed decision by contrasting the benefits, offers, and cost waivers that various banks provide to students for overseas money transfers. How open they are about currency conversion fees, if there are any unstated expenses, etc. Checking out all this information can help reduce the cost of studying abroad for Indian students.

2. Budget expenses

There are significant costs associated with studying abroad. For Indian students, the cost of studying abroad includes not only the tuition but also costs for living accommodations, food, travel, stationery, health care, etc. It is advisable to begin creating a budget for the entire month and designate a certain amount of money for each necessity. Additionally, make an effort not to spend the entire budget and set aside money for future crises, leisure, or travel.

3. Know about student discount

Other than your university fee and day-to-day essentials, travelling, entertainment, and fun activities also come under the cost of studying abroad for Indian students. University and College students are offered discounts for many such products and services. They can be theatres, museums, cafes, libraries, and transport services. To avail of these student discounts, one needs to be attentive and unabashed in asking for them from shopkeepers or vendors.

For transportation, check if there is a discounted student card for train and bus service. Students can join a library and purchase used books and digital copies. Also, you can check with your college desk, library, and activity club about student discounts/schemes/fee waivers and save the cost of studying abroad for Indian students in rupees.

Browse student visas to study abroad

4. Do part-time work

Students can work up to 20 hours per week and full-time during their breaks. You can find part-time work on-campus or off-campus and earn for your daily expenses. It will not only give you financial freedom but will expand your social network and introduce you to the working culture of a foreign land. Earning in a foreign currency will significantly reduce the costs of studying abroad.

Also explore the benefits of studying in other popular study destinations here:

• Benefits of studying in Canada

• Benefits of studying in Germany

• Benefits of studying in Europe

• Benefits of studying in Ireland

• Benefits of studying in UK

5. Learn how to cook

A major expenditure in the cost of studying abroad for international students is food. If you are living off-campus and eat out for dinner or lunch, it’s better to start cooking on your own. If you don’t know how to cook, start learning it from YouTube. It’s a lifesaving skill and very useful in a foreign land. Eating out, and ordering food online can burn a hole in your pocket and increase the cost of studying abroad. With the amount you spend on one food order, you can bring groceries for three meals from a local food mart and cook warm, nutritious food on your own. It will save both your money and your health.

6. Do shopping during sales

Sales like Black Friday or garage sales are the best ways to find some great deals on clothes, furniture, appliances, and other utility items. These sales can help reduce the cost of studying abroad. For example, if you are going to Canada, buying your winter wear like Parka jackets, or boots on sale will save a huge amount of money than buying them through a showroom. For grocery shopping, one can budget the weekly items and buy them from stores like Walmart, Costco, Best Buy, etc which will cut down costs of studying abroad for international students.

7. Search for affordable accommodation

Finding affordable accommodation can reduce the accommodation fees for studying abroad. They can save a lot of dollars/Euros through their accommodation choice. Compare the living on-campus and off-campus costs. Living at university can cost you less and save much of your troubles related to food and transport. But if you plan to live off-campus then select a shared apartment with fellow batchmates. If commute time to campus is easy to cover then living in the suburbs is cheaper than living downtown.

Also Read, Best Country to Study Abroad for Indian Student

8. Plan your travels

Commuting through public transport can cut back the cost of studying abroad. If you are living off-campus better to find accommodation near a metro station to save time and cost. If you are in a European university on a Schengen visa, make the most of it by travelling to all the beautiful locations with the right planning. Before making travel plans, compare the prices of bus and train rides and opt for the cheaper option. While booking a flight, book nighttime flights (red-eye flights) which are more economical than the rest. You can also get airline credit in the form of “air miles” which can help you gain discounts on your flight bookings. These are some of the ways that can help reduce the cost of studying abroad.