Every year, millions of students, including Indians, take the decision to study abroad to explore a new world of opportunities for both personal and professional growth. However, achieving your dream of studying abroad is no cakewalk, with careful financial planning being of utmost importance.?
Here, we bring to you some simple yet smart tips that can help you manage a budget and keep your finances under control when studying abroad:
A smart way to trim down your expenses when studying abroad is by buying pre-owned/second-hand items rather than everything new, such as books, kitchenware, and housing equipment. For example, look for free digital editions of textbooks to save on study materials rather than buying each book. These small but solid steps can significantly reduce your overall living expenses.
Instead of going out or ordering every meal from outside, another way to reduce your living expenses abroad?is?by preparing your meals at home. This is not only a healthier choice but also usually a significant money-saver compared to frequent dining out.??
You can get an international student ID card (ISIC) to avail of exclusive discounts on travel, events, admission activities, etc.?You can also ask a vendor or cashier if they offer a student discount. If you take public transportation, you can also check if they offer monthly discount passes.
Part-time jobs can be a great source of?additional income?while you study abroad. Aim to seek paid internships related to your field of study to support your academics and future career prospects. As per the ET report, while doing so, ensure you understand your student visa regulations, as they vary by country.
In many places, international students can work up to 20 hours per week during term time, helping cover study and living expenses. So check all that before starting or applying for the part-time job.
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Many banks and other financial institutions, including those in India,?offer tax benefits on student and education loans. So if you have taken that to help fund your higher education, don't miss out on availing of the tax benefits.?
As far as India is concerned, under Section 80E of the Income Tax Act, a deduction can be claimed on the interest paid on an education loan.?
This tax benefit is available only on the interest amount paid on the loan and not on the principal amount. The benefit can be claimed for a maximum of eight years, starting from the year in which interest repayment begins.
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