Studying abroad is a valiant pursuit anyone can take. But, not everyone has the means to make it possible.
The crux of most issues in international education is funding. Exhausting your savings down to the last penny isn’t going to cut it. Plus, other solutions like taking out a student loan are a long-term commitment you can’t run away from.
If you’re looking for ways to save money to study abroad, you found the perfect place. Most tips will tell you to drop your daily dose of Starbucks or quite certain habits. But we’re giving you realistic solutions where the only thing you have to give up is hesitation.
Rewire Your Brain for Responsible Budgeting
Practice makes perfect, and this mantra applies even in budgeting. Changing your money mentality now will tremendously help you later.
Developing discipline over your spending habits doesn’t happen overnight. Once you’re convinced that you want to study abroad, begin living on a new budget. This will help you practice and prepare for a new life overseas.
Find a Budget-Friendly Study Destination
Your study overseas destination dictates how much you need to spend during your study. So why not opt for a country with lower study and living costs?
Countries like Malaysia offer top-notch education at a competitive cost. Germany offers virtually free education in public universities. If you want to get into Europe, Spain is among the countries with a low cost of living.
Create a Source of Income Channel
There’s only a little room to save more money when you’re only earning a small amount. Creating a new stream of income increases your cash flow, allowing you to have more money to save.
You can take a part-time job or run a small online business to try out which works best for you.
Sell Preloved Yet Still Useful Items
Still keeping shoes that don’t fit you anymore or clothes that now aren’t your style? Instead of keeping them in the closet, run a garage sale and turn them into cash.
Apply for Various Scholarships
Scholarships are a fantastic way to get funds since you won’t have to pay the money back. You can apply for scholarships that cover study abroad programs and living expenses. You can usually find them from the government of your country or host country, private organizations, and non-profit groups.
Some scholarships cover miscellaneous costs or textbook expenses. You can apply for more than one scholarship to get more financial benefits.
Choose a Student Loan Lender Wisely
Do a careful computation of how much you’ll need to complete your studies. Only take that amount when taking out a student loan. Don’t forget to ask about the interest rate and repayment tenure of your loan.
Research Banking Matters in the Host Country
Banking will play an important part in securing your finances overseas. Different banks offer different services and have varying policies depending on your account. Make sure to conduct adequate research to find which bank is best for you.
Keep Separate Savings for Education and Travel
Travel is as essential as your education. You need to take breaks too to prevent burning out.
Make separate savings for your leisure activities and travel. Money shouldn’t hinder you from having fun and enjoying your stay in the host country.
Saving money to study abroad is a long process. To find more guides and tips, check out our resources here at MSM Unify. You’ll find valuable blogs that will aid your study journey.