4 Ways to Fund Your Higher Education Overseas
Make a budget and stick to it
The first step is to set a savings goal. Sticking to a budget will make it easier to achieve your goal. You could either download an app to help you with managing expenses or do it manually; either way, you should start cutting costs from the outset. You can research articles on how to reduce living expenses, managing your expenses and finances, and how to control personal expenses to help you adhere to your budget. Avoid impulse purchases - this will help you manage your expenses and save more towards your education corpus.
Start investing early
Irrespective of whether you’re a student or you’ve just started working, it’s crucial to understand the definition of investment and to know why investing is important. Whether you invest a part of your pocket money or a significant chunk of your salary, the duration of your investment will help determine its effectiveness - so start early.
You can start a SIP with a mutual fund or invest in the stock market directly. There are many different types of mutual funds available to achieve your objectives. Choose the right fund based on your goal, making an estimate with the help of a mutual fund calculator. While you might be tempted to go it alone, it’s recommended that you contact a financial advisor to guide you if you’re looking for the best investment plans.
Develop your side gigs
It’s important to diversify and expand your sources of income. As a student, you can take up part-time jobs on campus to earn some money. If you’re working, you can take up freelance work to earn extra money.
Consider an education loan
After assessing your savings and investments, you may find you are still some way short of the funds you need. An education loan can help you bridge the funding gap. Calculate how much money you will need and estimate your future earning potential. Consider your eligibility and the repayment schedule, margin percentage and other terms carefully before you seek an education loan.
Studying abroad is a huge step in your life, and that is why financial planning is important for students2 looking overseas. These essential tips will help you assemble the corpus you need to achieve that dream. Remember that time is of the essence, so consult a professional advisor and start preparing your investment game plan today!
Source: A. (2021). 5 Brilliant Methods to Fund your Study Abroad Goal! India Education. https://www.indiaeducation.net/studyabroad/articles/5-brilliant-methods-to-fund-your-study-abroad-goal.html
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