What extra costs, beyond tuition and rent, should I budget for in my study abroad plan?
Indian students should budget for visa renewal trips, since in some cases you may need to exit and re-enter, and for bank fees on international transactions, ATM withdrawals and currency exchanges. Researching student-friendly banks and exploring scholarships can ease the financial burden.
Beyond tuition and rent, you should plan for smaller expenses that add up. In some cases, certain countries may require you to exit and re-enter for visa renewals, and banks can charge fees on international transactions.
Hidden Costs to Plan For
| Cost | What to plan for |
|---|---|
| Visa renewal trips | In some cases, you may need to exit and re-enter, so prepare for these trips to avoid last-minute financial hurdles |
| Bank fees | International transactions, ATM withdrawals and currency exchanges can carry fees |
Ways to Keep Costs Manageable
- Research banks with favourable terms for international students.
- Explore scholarships and financial aid in your chosen country.
- Use budgeting tools and strategies to track your spending.
My Advice
Add a buffer line for miscellaneous costs in your budget sheet instead of ignoring them. Ask your bank about international transaction and ATM charges before you leave, and check the rules of your destination country for visa renewals.
How much will a month abroad cost you?
Rent, food and travel. A real monthly budget, city by city.
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