Studying abroad is a refreshing experience for every international student. However, this experience can become a disaster if you move abroad without a budget. It will only give you the burden and stress that will affect your studies. Budget planning is crucial for your study abroad experience to avoid financial problems. Create a Budget for Studying Abroad with our tips.

How to Calculate the Budget of Your Study Abroad Program

Budget planning is quite tiresome; therefore, it keeps getting delayed, especially if you are new to it. You might wonder where to start or add unnecessary expenses to your budget list.

However, when you are done with creating your budget, it will help you stay organized and manage your expenses easily.

It’s essential to know about the country you are moving to and its expenses to create a budget. Try to create an easy-to-manage budget that you can follow and stick to. Break down your budget into the following points provided below:

Tuition Fees

Your university fees are the most important expense of your budget. Look through the websites of different universities and search for their tuition fees. This will give you options, and you can choose the one that matches your budget. These points will help you with your budget.

Accommodation Costs

Your study abroad budget should also include the cost of your accommodation. Check the accommodation facilities at your university and their prices.

Groceries and Food

You should be well aware of the cost of the groceries and food items in the country you are moving to, especially if you plan to live independently.

Cost of Travel and Transportation

To create your budget, estimate your traveling expenses and add the cost of transportation to this amount.

List of your expenses

Make a list of all your expenses and calculate their cost. This will help you get a concise idea of your budget.

Calculate the total cost of all these expenses listed above to get a clear and concise image of the budget for your study abroad program.

How to Create a Budget That’s Realistic and Manageable

If you are a student planning to move abroad, creating a budget can be stressful, but it will help you in the long run. Therefore, here is a little guide on how to create your budget as a student:

Go through Your Income and Expenses

Start by creating a list of your expenses, including everything necessary. Try to get an estimated amount of your expenses.

Categorize your Funds

The next step is to break down your expenses and categorize each expense as either fixed or variable. It is important to allocate a particular amount in your budget for your fixed expenses.

Keep Track of your Monthly Budget

Creating a budget is easy, but sticking to one can sometimes feel impossible. To avoid this problem, keep a track record of your monthly expenses.

Allocate Some Funds for Unexpected Expenses

When moving abroad for studies, saving some funds is always recommended to help with unexpected expenses.

Steps to Save Money for Your Study Abroad Program

Now that your budget fits your needs, you can start saving for a study abroad program. The following steps will help you save money for your study abroad program:

Open a Savings Account

While you wait for your application to be processed, create a savings account. Set achievable targets to add a specific amount to your account.

Save your Money by Cutting Avoidable Expenses 

Sometimes, we are tempted to spend our money on unnecessary items and end up overspending. When in such a situation, be mindful of the budget you must manage.

Keep Checking for Financial Aid or Scholarships:

Keep searching your university website for scholarships. Take help from a study abroad consultant.

Some Useful Tips for Managing Your Budget

You might face difficulty sticking to your budget, especially if it’s your first time maintaining it. But you can follow these simple steps provided below to maintain a budget during your study abroad:

Be Mindful of Your Expenses

Be Mindful of your spending. This step will help you avoid unnecessary expenses.

Try Budgeting Apps or Tools

Budgeting apps and tools can help you maintain and create a budget for studying abroad. They are quite beneficial for international students in managing their expenses.

Try to Avoid Common Financial Pitfalls

Be mindful of your budget while overspending on entertainment or traveling expenses.

Do a Part-Time Job to Add More to your Income

You can look for part-time jobs or internships that suit your schedule to achieve more financial stability. This will give you some freedom in managing your budget.

Budgeting Tools and Financial Resources for International Students

You can always use financial tools and resources to help you create a budget for studying abroad. Follow these simple guidelines to help you manage your budget:

Bank Accounts for Study Abroad

Opening a student bank account can help you easily and effectively manage your budget.

Utilize Management Platforms

Financial planning for international students should always include an online financial management platform. These platforms help you with your budgets.

Secure Scholarships or Bursaries

Utilize any opportunity for scholarships, Bursaries, or work-study programs during your stay.

Conclusion

Planning to study abroad on your own can be confusing and hectic. Shalee Global can help you with this. Our study abroad consultants can help you create a realistic budget, choose a university of your interest, and visa consultancy. They can provide you with valuable consultation on your study abroad expenses.