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Modren Transportation

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4 ways to safeguard your foreign education budget

Safeguard your foreign educaiton budget or study abroad by following 4 Steps.

The Big concern for students who are willing to studay abroad is, Falling Rupee against dollor in the market. This is impacting exiting and aspirants planning to go for abroad studies.

So what can we do to manage this currency volatility.

Purchase foreign currency-denominated prepaid cards

Buy a foreign Currency Denominated prepaid cards Purchase cards like Forex Card, When you traveling abroad, A Forex card is like a near tearm forward contract with zero premium.It can be loaded in one or more foreign currencies and used to transact or make payments hassle-free.

Use the Rate Lock in Fecility Keep on eye on current currency exchage rates, when you are buying a forex cards, or traveling or tution fee to a university.A few FinTechs are providing 24X7 booking and rate lock-in facility that you can use to your advantage.

Forward Contracts forward contracts are the best way in the against uncertainty in the future. Transactions of the money are generally are high when you are paying fees, So book a forward contract and protech against exchange rates. A forward contract is an arrangement with the bank that allows you to transfer money at a specific date in the future (up to 12 months) at an exchange rate that is agreed upon today.

Open a Overseas Account Open a overseas back account. You need a passport, Visa, Student ID Card, address proof etc. are required to open a back account.

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MONEY SAVING TIPS FOR ABROAD STUDY STUDENTS

 Studying abroad is most expensive for middle class family students who want so to go abraod and study, especially considering the amount of money you have to spend in the initial stage itself. 

Costly life style, accommodation, travel, food and other livelihood can be expensive if you are not following a proper plan.

Below are few Tips and Suggestions for Saving money as a student while living abroad.

1) Plan your budget your expenses

Money can quickly get out of hand if you don’t learn to budget your expenses.

Make a monthly budget and stick to it. This is one of the best money-saving tips you will get. 

If you receive funds at the start of the term, it might seem like a lot of money at the beginning. 

What is challenging is to make it last the entire duration. This is where budgeting will help..

2)Find affordable accommodation as per your Budget

There are plenty of affordable accommodation options available to students. From student hostels and rented apartments to home stays and shared accommodation, there is something to suit every student’s needs and budget.

3. Avail student discounts

Most universities the world over offer student discount cards. They offer savings on travel, accommodation, entertainment, food and drinks, cultural attractions, services, sports, etc. One of the first things you should do after reaching your study destination is order these university cards, as it takes 3-4 weeks of processing and delivery.

4. Choose your phone service smartly

Even though there are plenty of free apps that can be used for local and international calling, they require mobile data, which can drain your pocket if you don’t choose the right service provider or the right data plan. Opt for pre-paid plans as they work out cheaper than postpaid plans. Pre-paid connections also offer more flexibility and cost-cutting.

5. Cook your own meals

Eating out daily is an expensive proposition. Learn to cook essential food items, so you don’t have to depend on outside food daily. If you can master the art of utilizing the local veggies and other food items, it’s a real jackpot as these items will be much cheaper. Invest some time in learning about the local cuisine. It’s a skill that will surely take you far.

6. Scale down on extras

One of the most significant advantages of student life is that you don’t have to pretend to be someone or fit in. You can be who you are unabashed. So, scale down on the extras by buying second-hand goods. Look out for charity shops, garage sales, or Black Friday sales, and you will be surprised by the variety you can lay your hands on. From clothes, furniture, books, and vintage accessories, to other knick-knacks, these offer amazing products at throwaway prices.

7. Open a local bank account

Currency exchange and ATM fees can be excessive if you don’t have a local bank account. So, open one in your name so you can use the banking and ATM services smartly.