Studying for a postgraduate degree is a feat in itself, doing it whilst abroad can make it even more daunting.
One of the most crucial aspects of full time or even part-time study is funding. This starts with paying for basic tuition and includes other expenses like books (physical textbooks or eBooks). Another aspect which must be taken consideration is basic living expenses. It’s crucial to know exactly what you’re getting yourself into from a financial point of view at the outset.
If you’re lucky enough to get postgraduate funding in the form of a scholarship or grant or lucky enough to have saved up or are already earning an income, then all of these existing income streams will help make the load lighter. If you don’t already have funding, you can look for it in unexpected places like crowdfunding platforms or various charities and societies that provide financial aid for students. Here’s a great resource to help you find financial assistance.
Once your income is known, it’s time to add up expenses. You’ll need to allocate funds for accommodation, transport, groceries and toiletries, medical expenses, and insurance. Don’t forget things like bank charges and fees, already existing debt (student loans), membership or club fees, electronics like mobile phones and their contract fees, clothes, etc.
Blogs like this have already worked out the average cost of attending university in the UK.
Now that you have an idea of expenses, you’ll need to deduct these from your income and hopefully, there will be enough left over to spend on entertainment. Life shouldn’t be all about work and study, you need some downtime too. Having said that it’s still important to try trim costs as much as possible and try to save!
The difficult part is sticking to your budget and being disciplined. There are plenty of online budget tools that can help you. Apps like Wally track spending so that you know exactly how much money you’ve spent and also gives you a clear view of your finances in real-time.
While researching this blog, we came across a really cool tool called the Student Money Manual which is a guide that helps you manage your money whilst at university.
Right Shift is here to help you get started on your journey and support you the entire way.