Indian students who travel abroad for studies have a unique set of financial considerations. To best manage the costs of study, it is best to develop the best money-saving plan. Creating a budget and sticking to it, as well as aligning spending with priority items, is essential. Keeping accurate spending records can also help Indian students stay on track financially while abroad.
Pursuing study abroad experience doesn’t have to break the bank. In this blog post, we’ll explore strategies for making and saving money while broadening your horizons overseas. Top 10 brilliant money-saving tips helping you make lifelong memories without any financial regrets.
1. It’s Wiser to Open a Bank Account
Opening a bank account is one of the top 10 brilliant money-saving tips for Indian students studying abroad. A bank account not only helps keep track of finances but also helps safeguard money and offers easy access to different types of banking services such as debit cards and money transfers.
It is important to remember that opening a bank account in a foreign country requires certain documents, and it’s strongly advised that the sooner you open an account the better it is for long-term financial benefits.
2. Buy Second-hand Books
Studying abroad can get expensive quickly, so getting creative with your budget is key. One of the best money-saving plans is to buy second-hand books for course material! While digital resources can also be helpful, textbooks are often best when taking classes from a foreign university.
Not only will buying used books make sure you cover your material in its entirety, it’ll also save you a ton of money that would have been spent on brand-new editions of those same textbooks.
3. Avoid Exchanging Currency Bills at the Airport
If you are thinking of studying abroad, you may need forex for funding your studies. Fortunately, buying forex locally before leaving India can save you a lot of money when you worry about how to arrange funds for studying abroad.
The sooner you buy forex in your local market, the lesser will be the cost involved as buying on the counter at international airports usually come with big premiums.
4. Planning and Budgeting are Everything
When it comes to studying abroad, having the best money-saving plan is essential for your future financial success. Planning and budgeting are critical components of any financial strategy, but even more so when you’re investing in international education.
Setting aside money for tuition, fees, housing costs, student services, and other expenses ahead of time can help you avoid going into debt and make the most of the educational opportunities. Before booking plane tickets and mapping out itineraries, spend some time developing a detailed budget that factors in future costs and leaves room for extracurricular adventures or unanticipated expenses.
To save even more money while abroad, consider researching student discounts on transportation or living arrangements like shared lodgings to best integrate frugality into your study abroad experience.
5. Get a Bicycle
Most of us want to save money any way we can when studying abroad, and a top 10 list of brilliant money-saving tips should certainly include getting a bicycle! Bicycles are great sources of transportation and can be found in many places ranging from second-hand shops to online stores at fairly low costs.
Putting a couple of hours in the beginning to find the right bike deal will pay off in spades. You’ll not only save money using a bike for transport, but you’ll also get an excellent daily workout, and fresh air, and explore parts of your new place that are typically unavailable via public transportation or car.
6. Cook Your Meals if Allowed
As a student studying abroad, one of the best money-saving plans you can put in place is to cook your meals. Not only does this give you the flexibility to choose which ingredients best match your dietary needs, but it will also help to significantly reduce your food budget.
Cooking for yourself can be quite a calming activity and provide an escape from assignments and exams. A great way to get started is by grabbing some of your favorite recipes and hitting the grocery store.
7. Use Public Transportation
Moving to a new city to study abroad can be daunting and it doesn’t come cheap. Money management is a top priority and learning how to navigate public transportation can be one of the top 10 brilliant money-saving tips.
Luckily, figuring out public transport has never been easier. With an abundance of helpful apps that provide information on how to get around town, you’ll be comfortable getting around in no time. In many countries, there are student discounts or special cards that offer better value when taking buses and trains than buying individual tickets or paying higher tourist fares.
8. Carrying an International ID While Going Out
As a student studying abroad, it pays to carry an International ID. Getting an International Student Identification Card (ISIC) is the best way to save money while traveling and attending classes in a different country. The ISIC provides access to thousands of discounts for flights, accommodations, attractions, museums, and more in over 133 countries around the world.
With so many cost-saving offers available, having an ISIC card is truly the best money-saving plan out there for Indian students. Not only will this make your travels more affordable by taking advantage of these deals, but it can also provide peace of mind knowing that you are covered with travel insurance while abroad.
9. Make Use of Online Apps to Communicate with Families
One of the top 10 brilliant money-saving tips is to save money on phone bills and international calls. Luckily, with today’s technology, it’s never been easier to stay connected while saving some cash. There are plenty of ways available that can help you keep in touch with family and friends without spending an arm and a leg.
Some ideas include using a simple messaging app for calls instead of your regular phone provider and of course taking advantage of WiFi hotspots.
10. Apply for Scholarships and Grants
If you are planning to study abroad and are looking for the best money-saving plan, applying for scholarships and grants can be a great way to help reduce tuition costs. While competitive grants and scholarships may take time to research and apply for, the financial support received can give you peace of mind as you pursue an international education.
Make sure that you explore your options fully by researching what kind of support is available from both local government organizations as well as universities in your desired destination country.
Make Money While Studying Abroad
If you’re excited to take your studies abroad but not sure how you’ll afford it, don’t worry! With careful planning, you can arrange the necessary funds for overseas study. You may consider taking on part-time jobs during your study abroad period; many universities offer work opportunities with competitive wages to help support students on their journey. Here’s how you can make it.
Part-time Tutor
If you’re worried about how to arrange the funds for such a step, why not consider taking on a part-time tutoring job? Offering extra teaching services in your area of expertise or taking on students located remotely can help to supplement your study abroad costs while putting your knowledge and skills to use.
Service Jobs
One option for international students is to do service jobs such as service crew in a fast-food chain or gas attendant in gasoline stations. This can be a great way to support yourself financially and gain some valuable experience. However, make sure that the job doesn’t interfere with your studies and aligns well with your university’s rules and expectations around student employment.
Be a Freelancer
Worry not, there is a great way to make money from the comfort of your home! Freelancing offers many great opportunities for Indian students looking for the best money-saving plan.
You can work in fields like copywriting, translation and tutoring in flexible hours, so it won’t interfere with your studies. By freelancing, you can use the skills you acquired at your university and get paid for your efforts without having to invest much at first.
On-site campus Jobs
Not only will this provide you with some extra cash, but it also allows you to meet people and gain valuable experience that can help your resume. Depending on what your university offers, there are a variety of jobs available such as a research assistant, tutor, library attendant, or even working at an on-campus cafe or shop.
Having an on-campus job is often much more flexible than traditional employment elsewhere and can be easily combined with your studies or other activities without sacrificing too much of your precious time.
Despite the high costs associated with studying abroad, there are ways to save money and manage your finances while you’re abroad. Have the best money-saving plan like being mindful of your spending, creating a budget, and taking advantage of free resources and discounts. If you need extra financial assistance, consider scholarships, grants, or extra jobs that won’t hinder your studies. With careful planning and diligence, you can study abroad without breaking the bank.
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