Planning for Overseas Study in The UK? Plan Your Budget!

1. Planning for Planning for O Overseas S verseas Study in tudy in T The he UK UK? Plan Y ? Plan Your our B Budget udget! ! Foreign study is not that cheap. You may encounter financial hurdles along the way for foreign studies. Therefore, it is always better to have a proper budget planning for your expenses before you opt for overseas studies. Considering the fact that exchange rates are fluctuating, it becomes difficult for anyone to plan the budget. Different people have different expenditure patterns while they stay overseas, which is why one can get only an approximate idea about their expenditure. It varies depending on the location of the university also. The best way to estimate how much money you require during the entire period is to discuss with students who have recently returned from the country or have completed the programme. You can also seek the help of a consultancy like Global Opportunities Pvt. Ltd. With over 16-years of service excellence, they provide the best consultancy in the industry. Moreover, all services they provide are free of cost. Study budget estimates usually include tuition fees, airfare, cost of living, expenses related to the programmes like books, stationery, educational trips, etc. Budget Planning Budget Planning Budgeting is a part of student life. Before arriving at the UK or Planning to Study in UK , make sure you know how you will pay for things. Here are a few items you should consider while chalking out a rough expenditure plan for yourself: Transport (local transport cost is 1,044.51 % higher than India)

2. Accommodation (rent prices are 397.72% higher) Foodstuff (restaurant prices are 356.63% higher) Daily living costs (groceries prices are 112.69% higher) Sightseeing and leisure activities in the UK (Local purchasing power is 34.21% higher) The key to any good budget plan for your studies abroad is to carefully take into account the exchange rate as well as the price indices of things and services of the city your university is located in. For example, the cost of living is more in London and South East England compared to the rest of England, Northern Ireland, Scotland and Wales. In general, an undergraduate student pursuing a 40-weeks long course may spend nearly Rs. 8 – 9 lakhs, while a postgraduate student (one year) may spend nearly Rs. 10–11 lakhs. If you are an Indian student planning to study in London, note that you are also required to prove that you have immediate access to at least Rs.1 lakh (£1,265) per month in order to get a Tier 4 Visa. Apart from all the points mentioned above, you also require a stash of cash for emergency situations.

3. Tips to plan you Tips to plan your r budget when you are abroad budget when you are abroad Look for funding options for your studies like: oLoan from banks: In India, banks provide loans up to Rs.20 lakh at an annual interest rate of 12-14%. oUniversity scholarships: See whether the university you are applying to offers scholarships. Additionally, clarify what is and isn’t covered in it. oAssistantship jobs: Some universities offer teaching or research assistantship jobs, mainly for postgraduate students. The payment option would be in the form of fee waivers, but the major advantage of this option is that when you apply for the visa, the process becomes much simpler as the assistantships are UK government recognised. oDiscounts in the fee: Some UK universities provide discounts in your fee (around 5%) if you pay it all at once. See if you can do that. 5% discount translates into big amount since fees are in lakhs. Decide what mode of transaction you are going to use there, cash or card? Cards are a better option for big amounts. International students are permitted to open a bank account in the UK, and some universities want their students to have a UK bank account. To open a bank account, generally, you will need the documents like your passport, acceptance letter from the university and proof of your current address (tenancy agreement or student lodging contract). It’s better to take your home debit/credit cards with you than going through the tedious task of opening a bank account there if you are opting for a 1-year course. Ask your bank whether it has a tie up with banks in your destination country. In such cases, you can get a significant discount on processing fees to access cash in foreign ATMs. Some banks in the UK are reluctant to issue credit cards to international students since there is no assurance of having an established credit history. If you already have a major credit card (like American Express, Visa or MasterCard), carry it with you. Once the U.K. bank reviews the credit limit on the foreign card, they may be more likely to offer you a credit card. Banks with which you have accounts are also more likely to accept your request for a credit card. Don’t swipe cards at the drop of a hat, as those fees do add up. So, plan before you swipe. Write down the whole lot of things you purchase on a day-to-day basis, even if it is just a small amount, don’t ignore it. Compare and keep a track of your daily, weekly, and monthly expenses and start cutting costs for unnecessary expenditures. Search for a part-time job on or off campus and start saving and fetch extra money during your semester breaks. Do this if you feel your expenditure graph is going up even after planning things. Just follow these things…Live smartly…Plan your budget smartly and Travel smartly!