The tuition fee for studying in a foreign university runs into many lakhs, not to mention the living expenses, books and materials, travel and transportation costs, etc. In addition to that, once in a while, you need to let your hair down from the busy study schedule and enjoy it with your friends, while indulging in leisure activities, which only adds to the cash outgo.
A few of the tips mentioned can help students manage their finances while enjoying their education journey abroad. Joyce Isaac, Founder, Providence Education Advisory lays out the same :
Joyce Isaac
Stop impulse purchases and record your expenses: One of the best ways to manage your money is to stop being impulsive. Buying something the moment you feel like it – could be as simple as a cup of coffee, or snacks, or entertaining on a whim, all these may look small amounts at the time, but collectively can be an enormous amount over a period. Buying that piece of clothing because suddenly it's trending, or a new range of footwear that everyone is wearing can be expensive. Choose wisely, and long-term. Another excellent method is to record all your expenses daily. You can use an app to do the same. This will give you an idea of what type of expenses, though small, collectively may be taking up large amounts during a period. If possible avoid a credit card.
Affordable housing and cooking your meals: Though Indian students don’t need this advice (they usually have their plans for this made well in advance), it’s a good way to control your expenses. Many Indian students carry basic stuff like a pressure cooker, and staples like rice, dal, masalas, pickles, etc, which sets them up for the initial few weeks. In the interim, they have time to figure out the local food-store landscape to fix their purchases from. Sharing accommodation, and food preparation can potentially reduce the monthly expenses considerably – not to mention students who have dietary restrictions (vegetarians) will have a steady supply of wholesome food as well. When house/accommodation hunting, check out the additional benefits like wifi, laundry, etc too, and how much they cost. Depending on the location, there are usually many websites offering excellent deals for housing for students, and of course, the alumni network can be of great help too.
Communication, transportation: Choose your phone services carefully. Data is not as affordable abroad as in India. Apps like WhatsApp offer superb connectivity but consume data, which can make your phone bills pretty high. Using a prepaid helps you keep track, rather than a post-paid that ties you down to a certain amount. For transportation, check if there are student discounts or card options available through public transport. Many students use bicycles to move around. Using uber like services will cost you, therefore plan your movements to benefit from the public transportation services in your city.
Shopping: Major purchases can be planned and made during shopping events like Black Friday / shopping fests etc. Also usually there are second-hand goods, sales around universities, where out-going students can get rid of their stuff and in-coming students can benefit. Of course, you will have to check the quality of the material before buying. You can also get rid of things that you are not using to make a little bit of cash when required.
Student benefits: many cities/establishments offer free or discounted services and options for students, they may have to just show their identity cards. Check out the various such options available in your city – free entertainment (sports/theatre / other events), discounted transportation, Libraries, free wifi spots, cafeterias/restaurants offering deals, etc. Every dollar saved is another added to your kitty.
Part-time jobs: Almost every country offers this benefit to international students – the opportunity to work part-time for a certain number of hours every week. Look around for the best option, which you can do without too much stress so that you can pay adequate attention to your studies as well.
And when you do look around and get good bargains, inform the rest of the student community as well, so that others may also benefit from the same. Give back to the community, and participate wholeheartedly to create a great experience for yourself and your colleagues.
This column is part of a bouquet of tips being published all of August - a special offering by The Free Press Journal to help Indian students going abroad to study.
