The expenses of staying and studying abroad can be the biggest financial obstacle in gaining education from studying abroad. Here is your answer to what is the best way to save money. Financial circumstances could hamper the focus on studying leading to distraction from the educational pursuit. Following are some tips to get you started with saving the money for overseas education:
- Financial aid for international students: There are financial aids available for international students to make the cost of studying abroad affordable to some extent. Universities provide scholarships grants to students who fulfill their stringent requirements. If you have a good profile and high merits, you are likely to receive tuition fees waivers or scholarships. Some universities provide TA and RA to compensate for the living expenses for international students. Private scholarships and loans are also available.
- Stay abroad: Student accommodation services for International students are relatively exorbitant and charges depend on the type of student accommodation students opt for. The main options for international students for residing are university accommodation, international student homestay, and stay with host families. However, seats at university accommodations are limited. Roping in some roommates for shared accommodation would not only reduce apartment rental but also divide the daily expenses.
- Working part-time: To support funding, students could take up work on a part-time basis. A part-time job will not only help with the expenditure of your student life but also makes you independent professionally. If your course of study does not allow time for working along, you could do tutoring or freelance work. In the USA, working is not legally permitted to students, but work in their respective fields of study is allowed.
- Food expenses: In case you do not get university accommodation or international student homestay, you will also have to manage your food on your own. If viable, it is advisable to cook yourself as eating out can be extremely expensive. Although, cooking at home increases work but it is lighter on the pockets as compared to eating at restaurants. When you go grocery shopping, look for discounts or offers. Articles on the verge of expiration are sold at minimal or no cost. When deals are being offered, grab the stuff on meager rates.
- Managing traveling Charges: Prefer public transport to travel to university or anywhere another place you want to go. Opt for cycling if you are comfortable. The best way to save money while traveling is to walk.
- Financial transactions: The financial transactions would process smoothly if you open a bank account there. Else, the cost of transactions will drain your large amount of money.
- Observe the currency exchange rates: Monitor the currency exchange rates closely. You cannot wait for the market dynamics for important transactions. However, when the home currency goes up, transfer funds to your international account. Be cautious regarding conversion rates and only take the services of a licensed money changer.
The best way to save money is by being thrifty and careful with all aspects of expenditures.