Do you plan to study abroad? Well, you can’t be a spendthrift anymore. If you want to make your dream come true, you have to save as much as money you can. Study abroad is expensive and no matter how much you earn later, you have to put in a lot of cash in first.
Here are four tips to save costs for studying abroad:
Mutual funds give returns as high as 15%-18% pa. Your money is safe too unlike stocks. If you can’t save a whole lot of money in mutual funds at a time, open a SIP. Set the amount you want to add to your mutual fund's account. It saves so much money, plus if you’re keeping your money for more than a year, it is tax-free.
Pay tuition fees after checking the currency exchange rates
Keep a close eye on the currency exchange rates. You will have to pay so much less. And trust me that will save so much money, especially when you are taking a loan. You also then have to repay less money. Book your flights on Monday night when the cost goes down. It also depends on currency exchange rates, so be alert.
Scholarships take off so much pressure. Contact with seniors at the university or ask your overseas education counselor about the scholarships. If you want to study in the UK, they have bursaries which are small scholarships given by the government. They have up to 10 percent of your tuition fees.
Plan a budget
Plan your study abroad dream two years well in advance. A last minute decision to go abroad is a threat to your finances. Discuss with your parents as well, so that they can help you in sorting your finances. If you want, take a two-year break from studies; earn some money to support yourself in the foreign country.