Akira, after completing her graduation and working for almost two years with a private firm, decided to pursue Post Graduation from a Foreign University. She knew what all top colleges she needs to target, but was not sure on how much money she needs. If you are also under the same dilemma, our post will help you to budget your expenses while studying abroad.

How much does it cost to study abroad?

Well, to come to a number you need to have an answer to thefollowing question –

  1. Which country are you planning to study?
  2. Which degree are you willing to pursue?
  3. The Duration of the course?
  4. The College/University of your choice?

Once you have decided on the above parameters, you would also need a number against –

  1. Books
  2. Laptop
  3. Travel Cost – Local+ International
  4. Visa Cost
  5. Food
  6. Accommodation
  7. Commute Costing
  8. Taxes
  9. Health Insurance
  10. Clothes
  11. A bit of Surplus for miscellaneous/emergency
  12. Tuition fees

Here is a quick summary of the costing in major countries per annum basis

Country Tuition fees range Cost of living range
USA US$6,000 – 40,000 US$10,000 – $15,000
UK £4,000 – £21,000 £9,000 – $12,000
Australia AU$9,000 – $18,000 AU$18,000 – $20,000
New Zealand NZ$14,000 – $21,000 NZ$12,000 – $15,000
Canada C$2,000 – $16,000 C$15,000 – $20,000

Based on the above parameters you could estimate how much would it cost for you to study abroad.

Budget and plan your finances including living expenses

The best way is, of course, to save and use medium/long term options, but as education is usually done at an early stage of life. You may not have a surplus available, but don’t be dishearten as there are others viable options available like –

  1. Loans – Education loans are offered quickly to students and are hassle free these days. Please note tax benefits are allowed under Sec 80 E for individuals who need funding benefits.
  2. Scholarships – Most of the experts believe that getting scholarships is the best way to get access to monetary benefits.
  3. Financial Aids – Few of the colleges/Universities offer Special aid packages that relax you with at least the tuition fees stress.
  4. Create a corpus for funding under graduation and graduation expenses. Plan for the same through existing resources and creating investments to bridge the gaps

Six tips for managing living expenses while studying abroad

  1. Keep a tab on currency exchange rates
  2. Fix a budget
  3. Use Cash rather than Credit Card
  4. Make sure to pay your tuition fees before due date to avoid late charges/penalties
  5. Use your student ID card for discounts and offers
  6. Get packs/plans on monthly/quarterly basis that could help you with low price

Budgeting for student life – University of Brighton

At theUniversity of Brighton, they do offer a provision of Student Funding and Bursary. However, please check with them on how to apply and the other terms and conditions.

On their website, they have also listed down the different costing available for travel and accommodation. They,also have a handy checklist of dos and don’ts that could be easy for you to refer.

BUDGETING FOR THE COST OF LIVING IN LONDON

London is one of the costliest city in the world, so for a student,it’s like a dream to study there. However, with proper planning and budgeting, you could surely make it affordable. If you are planning to study in London get a number to these parameters –

  1. Tuition Fees
  2. Accommodation
  3. Rent Deposit
  4. Electricity/Gas/Water Bills
  5. Utility Bills – Phone/the Internet
  6. TV License
  7. Food
  8. Drinks
  9. Household Shopping
  10. Oyster Card
  11. Car [Insurance/Petrol/Repair]
  12. Books
  13. Laundry
  14. Subscriptions -Periodicals/Magazines]
  15. Entertainment
  16. Haircut
  17. Expenses

One of the sample budgeting is presented here to help you with the budgeting – Budget

Cost of Living & Budgeting Guide for Career Training USA

The USA is one of the tropical destination loved by students, and so is the affordability. Experts recommend devising a monthly plan of your anticipated expenses. Here are some of the estimates that may help you with your planning. Please note these are standard costs for a single person in the United States and could vary –

  1. Primary Expenses – This could include your expense from airport to your city and a week’s stay, $300-$500
  2. Deposits – One/two-month rent in advance.
  3. Housing: $300-$1200 per month.
  4. Utilities (gas/electric, phone, internet): $100-$200 per month
  5. Food: $200-400 per month or more.
  6. Transportation: $50-$500 per month
  7. Car Insurance – You would also need car insurance in case you are driving acar.
  8. Personal Care Products: $35 per month
  9. Miscellaneous/Entertainment: $80-$150 per month

Tuition fees and living costs – University College London

For a detailed list of tuition fees to University College London for the year 2017-2018, you could refer to their website here. Also, in terms of Living costs, you will need to budget approximately £1700 per month for general living costs. However, the cost of living can vary depending on your personal spending habits.

Living Overseas – The Complete Relocation Solution

If you are considering “Relocation as a solution” make sure to follow the checklist before you move in search of greener pastures –

  1. Sell your assets [personal]
  2. Be a light packer
  3. Grab the best deal on travel
  4. Plan and book your travel tickets as early as possible
  5. Close all your debt/liabilities.

We hope we have answered your queries on how you can plan your studies abroad within budget.If you still have any unanswered questions or need help, feel free to contact us here.

We would be glad to help you with your planning and investment related decisions.

Samiksha Seth

Content Strategist Dilzer Consultants Pvt Ltd

Sources

http://www.forbes.com/sites/alexadavis/2014/07/10/6-ways-to-cut-the-costs-of-your-study-abroad-program/#71c274367c57

http://studylink.com/blog/how-much-does-it-really-cost-to-study-abroad/

https://www.studyabroad.com/resources/financing-your-study-abroad-trip

http://blog.flywire.com/2013/03/05/5-tips-for-managing-living-expenses-while-studying-abroad/

https://www.brighton.ac.uk/studying-here/fees-and-finance/budgeting-for-student-life/index.aspx

https://www.interexchange.org/articles/career-training-usa/2013/03/07/cost-of-living-budgeting-guide-for-career-training-usa-participants/

http://www.ucl.ac.uk/prospective-students/international/before-you-apply/tuition-fees-and-living-costs

https://www.currencyfair.com/blog/move-abroad-on-a-budget/