7 Financial Preparation Tips for Studying Abroad

There’s no doubt that studying abroad is the experience of a lifetime, but it is also one that needs careful planning, especially as it relates to finances. Studying abroad is possible even if money is an issue for you, but you need to give yourself enough time to save and apply for grants and scholarships.

There is no quick fix, and students typically fund their programmes through a combination of efforts, but we hope these suggestions will help

1. Get a job on or off campus.

The best best way to save money is to make more than you spend, so send out your resume and ensure you have an income if you’re serious about going abroad. If you’re already employed, find out if it’s possible to increase your hours slightly. For motivation, think of every $10 you make as another meal abroad.

2. Begin living within a budget.

Practice cutting your costs while you’re still at home. Set goals for yourself & see where you’re spending most as well as set goals for saving. 

3. Start saving. 

   Now that you have your budgeting under control, squirrel that extra money away into your savings. “Saving is a lot easier when you have an end goal,” said Cassie Naes. “What helped most was asking myself, ‘Do you want this dress, or would you rather use this money in Study Abroad?’

4. Determine additional program expenses beyond direct cost

When you choose to study abroad, consider some of the additional costs of studying abroad will be. These include transportation from the airport to your accommodation and back again when you depart, textbooks, cell phone expenses, your meals, personal entertainment and side trips as well as general daily living expenses.  

5. Research national, institutional, local and private scholarships.

One of the most appealing ways to fund study abroad is through scholarships. Yes, they take some effort, but this is money you don’t have to pay back which means it is well worth your while.

6. Map out costs you will incur before you depart

Before you leave the country, you’ll have some costs like organizing your passport if you don’t already have one, your visa if you need one, and your flights. You may have to leave very early in the morning or stop over instead over flying directly to your destination, but these small sacrifices can save you money. 

7. Set a daily/weekly/monthly budget for your time abroad. 

Keep in mind that you won’t be working while you are abroad, so the money you have in your account will need to stretch throughout your entire Journey.

Need More Help? Address your abroad education concerns with our experts.

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