How to reduce costs while studying abroad?
Studying abroad in world-class universities is a dream for many students. The global exposure in international institutes of education in some beautiful lands is rewarding both at the professional and personal levels. But the major deterrent in studying abroad is the cost, especially if you’re moving from a country whose currency rates are dynamic and fluctuating. The cost of studying abroad for Indian students in rupees can go much higher if they are going to countries like The USA, UK, and Europe. So, how to reduce costs while studying abroad?
In order 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.
How to reduce costs while studying abroad by setting up a Local Bank Account
Opening your bank account in a foreign land is the first and foremost step to managing your finances. Your university desk can also help you with opening one. Make an informed choice by comparing the services given by each bank, benefits, offers, fee waivers they give to students on international money transfers. How transparent they are with currency conversion charges, are there any hidden fees etc. Checking out all this information can help in saving a significant cost 3 of studying abroad for Indian students.
How to reduce costs while studying abroad by Budgeting
Going to a new country for education comes with a lot of expenditure. The cost of studying abroad for Indian Students includes not only tuition fees but expenses like accommodation, food, travel, stationery, health, etc. It's better to start making a budget for the whole month and assign a sum of money for all the essentials. Also, try not to spend the whole budget and put something in a savings box for future emergencies or entertainment/travel purposes.
How to reduce costs while studying abroad through 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 theaters, museums, cafes, libraries, transport services. To avail of these student discounts, one needs to be attentive and unabashed to ask 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.
How to reduce costs while studying abroad through 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 cost of studying abroad for Indian students in rupees.
How to reduce costs while studying abroad by Learning Cooking
A major expenditure in the cost of studying abroad for Indian students in rupees 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 cooking, start learning it from YouTube. It’s a lifesaving skill and very useful in a foreign land. Eating out, ordering food online can burn a hole in your pocket and increase the cost of studying abroad for Indian students. 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 health.
How to reduce costs while studying abroad by Shopping During Sales
Sales like Black Friday or garage sales are the best ways to find out some great deals on clothes, furniture, appliances, and other utility items. These sales can help reduce the cost of studying abroad for Indian students in rupees. For example, if you are going to Canada, buying your winter wear like Parka jackets, 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 Indian students.
How to reduce costs while studying abroad through Affordable Accommodation
Finding affordable accommodation can prune the cost of studying abroad for Indian students in rupees. 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.
How to reduce costs while studying abroad through Planned Travel
Commuting through public transport can cut back the cost of studying abroad for Indian students in rupees. Another healthier and economical option is a bike ride or foot. 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 which can help reduce the cost of studying abroad for Indian students in rupees.