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The Indian currency is facing continuous depreciation in terms of other foreign currencies. With each falling rupee, Indian students' dreams of studying abroad fade.For instance, the current value of one dollar in terms of Indian rupees is Rs 78. So, if tuition fees are $10,000, it will cost around Rs 7,80,000. The condition is even worse in terms of pounds as 1 pound is equal to Rs. 96, which means that 10,000 pounds would cost Rs. 9,60,000. In short, the cost of education in these nations as well as in many other countries is skyrocketing, and the families of students are very worried about financing their education.
You can go for scholarships as they might be a savior, but not every student can be awarded a scholarship or any type of financial aid. Another thing that you can do is to get an education loan from a bank that gives you a loan on a floating interest rate, as it will profit you in the long term. Moreover, you can’t do much with the financial obligations of the admission process, the tuition fees, and the accommodation costs, but you can follow some financial management tips that I am about to pen down in this article.
Act smartly in all situations.
As you are aware, studying abroad is an expensive thing to which not everyone has access. If you have that privilege, then believe me, you are fortunate. Now, to save as much as you can, you need to act smartly. You should be attentive all the time and assess the expenses where you can save on your end.
Stick to the budget.
Everyone till now must have told you to prepare a budget and plan out your expenses. But I have a different tip than what others are saying. It’s sticking to your budget. Most of the students prepare a budget but can’t keep up with that. So, try your best to stick to whatever you have decided to in your budget.
Learn to cook
Eating food outside every day can skyrocket your expenses by like 5 times. So, you should learn to cook food that you love to eat. This way, you can remain healthy as you will be eating homemade food and also save some money.
Take advantage of your student status
In foreign countries, students can take advantage of their student status. In fact, a student card can get them discounts at various shopping complexes, restaurants, movie tickets, travel, etc. Many websites provide good discounts on student cards. So, as soon as you reach your destination, get yourself a student card.
Get yourself a local bank account.
Transferring money from an Indian bank to a foreign bank every time can eat up so much of the transaction cost. To save yourself from that, get yourself a local bank account, preferably one that has any kind of association with the university to which you got admission.
Engage yourself in a side job.
Explore the options for doing a side job, as the majority of students who go abroad for education engage in a side job to gain additional income and finance their education. Once you start exploring, you will certainly find a lot of job options with good pay.
Shop during Black Friday or garage sales.
Get yourself acquainted with the knickknacks of the city where you are planning to live during the course. By this, I mean to say that you should be informed about the days there are sales in the market or the shopping complexes that offer heavy discounts.
These are some of the tips which you can follow and help in financing your education abroad with the falling value of rupees.