Unveiling the secrets of smart financial planning for studying abroad
Overseas education is an enriching, life-changing experience for a student. It’s an opportunity to think outside the box and explore beyond. Undoubtedly, studying abroad opens the door to a global network and enhances a person’s career chances. What remains the question here? Is it possible for a middle-class scholar to achieve and live this dream?
As per the data given by the Education Ministry, there is a sudden rise in the number of Indian scholars going abroad to pursue higher education. Thus, it broke the past six years record in 2023 with over 7.8 lakh. However, more advancement is yet to be seen when every learner can access this opportunity. Hence, it is only possible through thoughtful financial planning.
Smart financial planning is where a pupil assesses the current economic situation to build a road map for the future to identify one’s goals and build a plan to achieve them.
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To get better clarity on the same, let’s share some secrets and strategies for financial planning when studying abroad.
Budgeting and planning are the foundations of a successful financial plan. Hence, creating and sticking to that is crucial when studying abroad. So, students must consider their tuition fees, accommodation expenses, living costs, and travel charges. Thus, one should draft a budget around this to keep on the proper track.
A bank account in a study abroad location is critical to manage finances. Whether tracking expenses, receiving funds from home or paying fees, a bank account is beneficial in all scenarios. Thus, a local account can help prevent extra transaction charges, receiving payments from employers while working part-time, and
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