Studying abroad is a dream for many Indian students. Among the biggest difficulties that students have is handling their funds while studying abroad. Tuition, housing bills, books, and other essentials can be rather expensive. Some of the greatest financial tips for Indian students preparing to study abroad is provided below:
1. Research Funding Options
The first and most important step for an Indian student looking to study abroad is to research all available funding avenues to finance their education. This includes applying for relevant scholarships from national and international organizations as well as universities which can significantly reduce education costs. Students should also explore education loans offered by Indian banks specifically for overseas studies which come with better terms than personal loans. Additionally, many countries allow international students to work part-time on-campus which can earn them some income to manage daily expenses, although work hours may be limited.
2. Create a Detailed Budget
Creating a detailed budget is essential to manage your finances well while studying abroad. It involves estimating all your expenses head-wise – tuition fees, living costs like accommodation, meals, transportation, books etc and adding a buffer. Research average spending in your destination using online resources. Break down the total budget into annual and monthly views. This allows closer tracking of expenses. Budgeting the entire course period and post-study return costs helps prepare better. Sticking to the budget is important once abroad to avoid overspending.
3. Save Money Before Departure
It’s important to save funds before leaving for your overseas studies. Try taking up part-time work, internships or other income sources to accumulate savings prior to departing. Even a modest amount saved can provide short-term financial security after reaching your destination country. You may need this during the initial settlement period. Other options include liquidating fixed deposits, selling assets if required. However, avoid depleting all savings and maintain some reserves in your home country as well for emergencies.
4. Look For Ways to Cut Costs
Students studying abroad should look for practical ways to reduce their expenses wherever possible without affecting their education quality. Opting for affordable public universities, less expensive cities or countries can lower fees and living costs significantly. Sharing accommodation with roommates, cooking your own meals, using public transport instead of taxis, and buying second-hand books are some effective ways to minimize daily spending.
5. Remit Funds Safely
Once students have secured funds through scholarships, loans or other legal means, they must transfer it safely to their overseas bank account to access it abroad. Opening an NRO or FCNR account in India helps electronically remit funds securely to the foreign bank. Large cash sums should be avoided while travelling internationally due to theft risks. Small living expenses can be transferred using reliable money transfer services. Students must only use regulated banks and partners for international transfers to protect themselves from frauds or failed transactions. Informing home banks about study plans also prevents transaction blocks.
With careful research of funding options, creation of a detailed budget, savings accumulation prior to departure, cost cutting measures abroad, and safe remittance of funds using tools like student forex card, Indian students can optimize their finances to focus fully on achieving their overseas education goals. Proper financial planning is key to having a secure and stress-free experience abroad.