Smart Financing: How to Budget When You Want to Study Abroad

One way of investing in ourselves is through education. We improve our value by learning the ropes of our desired courses and getting the diplomas or degrees that we want to. Such educational achievements help us prepare for the real world as we transcend to employment. That said, if you want to get your dream job in the future, you may want to study at premier universities or colleges.

Studying abroad is one way of getting the education you need when you can’t get it in your locale. Some courses that you want to have may not be available in your country, so you resort to studying overseas. However, pursuing an education in another country may not be that easy, especially when handling your finances. As you are not familiar with their currencies and market, it will be hard for you to manage your money.

If you want to study abroad and you want to be smart in handling your financial status, below are ways on how to budget when you want to study overseas.

Research About The School’s Tuition and Miscellaneous Fees

It will be a good idea to do proper research about the school’s fees beforehand. A complication that one will encounter if they do not inform themselves about such charges is that they may stop midway of getting their education because they cannot afford them anymore. You may want to avoid this by going to their website and see how much it would cost you if you study in their school.

You may also want to check on extra fees that you will need to pay. If you have a friend that goes to that school, you can ask your friend about their miscellaneous expenses so you can ready yourself for such. If you don’t have any friends going to that school, you can always contact the school through email or call, as they usually post their contact information on their website.

Research The Country’s Market and Living Expenses

Before you start planning on making your financial plan, you might want to study the financial sphere of the country first. It is best to orient yourself how much the living expenses would cost if you will be staying in that country before you can graduate or get your desired degree. Such living expenses include accommodation, food, and transportation.

You might want to start finding an apartment or a room online. Make sure that it is not only cheap enough that you can provide for the monthly rent. It must also provide the comfort you need throughout your studies. 

For food, you may want to go for home-cooked meals as it is cheaper than buying ready-to-eat meals or eating outside. Do groceries and make the effort of cooking to save money.

Create A Financial Plan

If you already have figured out the expenses that you may encounter in studying abroad, it is time that you have to come up with your financial plan. Your financial plan must contain detailed information on how much you will spend weekly or monthly and how you will spend your money. This will give you an overview of how much you should earn before going abroad. Knowing the estimated amounts will lessen impulsive purchasing.

Sometimes, we might include unnecessary things in our financial plan. These are wants disguised as needs. We think that such things are necessary, but they will only take up a significant portion of the budget that will ruin your financial status. If it doesn’t really fit as a physiological need or a security need, you should remove it from your plan.

Scout For Scholarships

To lessen the burden of earning money to cover for your expenses, you may want to find scholarships and sponsorships. For you to become a scholar, you may want to go to the website of your desired school and see if they offer scholarships. Don’t pass up on opportunities that give you free education. 

When you have applied for and approved of a scholarship, you can transfer the original budget for the school’s tuition to the budget for your accommodation and food, so you can be more comfortable and eat more healthy food.

Look For Part-Time Jobs

One way of meeting your financial needs, especially when you know that your savings won’t last until you finish your studies, is getting a job. The salary that you get for your job might go to future expenses or emergency expenses. However, it might be hard for you to balance your work and study, so make sure that you know how to prioritize the two.


Handling your finances while studying is not easy. There are times that you become financially unstable. But, with careful financial planning and sticking to your budget, you can avoid monetary complications and achieve a worry-free education.

Author bio:

Tiffany Wagner is a freelance content writer that contributes articles with varying topics from real estate, finance, banking, to traveling. She spends most of her free time playing different kinds of board games, like chess, scrabble and word factory. Currently, she enrolls in a cooking school to hone her skills in the said area.