Whilst studying overseas can be an exciting experience, keeping on top of money matters can be a tricky business. No one wants to have to go back home one year in because they didn’t balance the costs properly. To help you on your way, the editorial team at MyCurrencyTransfer.com have put together this quick and simple guide on how to finance your course at an overseas institution.
Budget
Identifying a budget before you go is important. You need to be completely honest with the costs so that you can be fully prepared before you leave. The best way to handle it is by breaking the costs down into a monthly plan. Give yourself a realistic budget for things such as study books, groceries, accommodation, travel etc. Also list your incomings per month and make sure that your incomings can cover your expenditure. The numbers may seem scary at first but it will give you an idea on how much everything will cost.
Find a job
Look for a job in local newspapers and make sure to ask around- everyone you know in this new country is an important contact. Look for job sites which specialise in jobs for students as you’re much more likely to find a job with the flexible working hours you need. Teaching your language whilst overseas is a good option especially on weekend or evening classes.
Currency
Finding the best rate on international money transfers will help you save even more money for your trip. Whilst banks infamously charge bad exchange rates, by using our foreign tool at MyCurrencyTransfer.com, you can compare lots of different foreign exchange brokers at once so you can choose the best exchange rate and save money. MyCurrencyTransfer.com only compares FSA authorised and registered brokers so, you not only save money, you make sure that your money is safe as well.
Accommodation
Whilst you may want to live in an opulent, exotic villa or dorm on campus, you may find that your budget just doesn’t extend that far. Be realistic in your expectations and realise that you may have to compromise with your original idea of your trip. You have to weigh up the pros and cons and decide whether living in a smaller apartment is worth it in order that you can study abroad and have an adventure. Whilst you’ll probably be spending a lot of time in wherever you decide to stay, in reality it is not essential to have a sprawling mansion to have an amazing time whilst you’re away.
By following these steps you’re on your way to successfully financing your overseas tuition.
