Planning and Arranging Money for Abroad Studies

In order to make students aware of importance of money, universities abroad used to play games few years back.You can consider this as a kind of monopoly. Every month students were given some currency which they can use to pay for their seats in the classroom. Students had to pay more if they wanted to sit near to the professor. However the amount given to the students was not sufficient to last for the entire month. Therefore students used to study harder and get number one rank and then win the seat of their choice. This way students were taught the importance of money and how to make effective use of it in and this helped them in their whole life in the most easiest way and unforgettable manner.

These days students should learn to arrange money for studies especially abroad education. So here are the tips for arranging money to studying abroad:

1) Planning Before Going Abroad for Studies:

These days more and more students are going abroad for higher studies. And they need money for accommodation, study, eating, tuition fees and many other necessary things and without proper management of money all these won’t be possible. Also read – tips on credit card safety for students.

2) Currency Fluctuations:

After landing in a foreign land the financial health of the student also depends the fluctuation on the foreign currency. You should pay attention to the interest rate while transferring funds in the foreign bank account of your child. If you are aware knowledgeable on how and when any currency fluctuates then it would be easier for you to arrange money. For example, if you are aware of how value of dollar moves up and down then you can send more money to your child’s account abroad.

Considering all the above mentioned points it has become very important that – as studying abroad is very important for your child you should understand that responsibilities of your child also increases.

3) Arrange money for all expenses:

Higher education cost has always been rising over the years. Adding to this, cost of accommodation has gone up. Although every college has campus but still you should be aware of the fact that your child can choose independent room for living which can further increase budget. See also best credit card for Indian students travelling abroad.

4) Pre-Calculate expenses:

Always gather experiences of parents whose child has already undergone education in the institution where your child is going to study. Ask them about the lifestyle in the college. Expenses for food, books, cell phone, taxes, travel etc. all should be pre-calculated and based on that pocket money should be given. You should teach your child to live in budget constrained condition.