Studying abroad is a big chance to grow as a person. It is a dream for many students, for which they work relentlessly. Students not only focus on their grades but also on their co-curricular activities. Moreover, they also volunteer for NGOs to get the perfect credentials for their study abroad plans. 

As they work on their plan with study abroad consultants in Bangalore they also work on making a budget. The dream is only possible with their funds in order and they need expert guidance for the same. This is why they choose to consult their study abroad agents from Bangalore to determine the cost of living in their dream country. 

In this guide, you can also learn the basics of how to budget for your study abroad dreams. Moreover, you can also learn how study abroad agents can help you with it. 

Why is it Necessary to Make a Budget?

The first and foremost thing to learn is the necessity of a budget. Let’s say you have $100 to spend for the month. Out of this $100, you need to pay your rent of $40, your bills of $20, and your food of $5. These expenses cannot be avoided and are the first preference for surviving. After you pay these expenses, you will earn $35. Now you have this money out of which you need to save, pay for travel and fun, and also other unprecedented expenses. Knowing how to best spend this money to fulfil all these goals is crucial. Hence, this is why a budget is necessary. 

Furthermore, the cost of living in UK or any country can be discussed with a study abroad agent. They are experts in their field and have helped many alumni with budgeting. Moreover, they are also updated on real-world costs and any other hidden expenses that may arise. 

When you know how to budget, you give yourself a conscious fiscal freedom. It leads you to make good choices with your money and learn how to be self-sufficient. Furthermore, learning budgeting is necessary as per study abroad consultants in Bangalore:

Helps avoid unwanted expenses

As you study abroad you are bound to explore the place as well. As you go on late night food walks, shows, shopping, etc. you will spend money on it. With a proper budget, you can allot specific funds for the same and still save.

Thrive not survive

With a budget, you can thrive in your dream country rather than just survive. It helps you plan and manage your expenses, leaving you carefree to enjoy your stay. Moreover, with a budget, you can also block out any distractions, like festive sales, to avoid going broke. 

A chance to invest

With a proper plan and budget as per study abroad consultants in Bangalore, you can also invest your money. You can start early and make money on your money with the right investments while studying. 

How to Make a Budget?

Making a budget depends on your lifestyle and spending habits. Moreover, it also depends on the exchange rate of the host country and its economy. However, as you start to budget, keep the following in mind:

The Golden Rule

As you start making a budget for your study abroad plan, remember the 50:20:30 rule. With this rule, you can divide your money between your present and future. Here’s how:

When you make a budget from your monthly salary or funds, divide them into 50:20:30 percent. 

• The 50 percent is for necessary expenses like tuition, and living expenses like food, electricity, water, travel, etc. 
• The 20 percent is for savings and investment. Try to save at least 10 percent of your funds and invest the other 10 percent. 
• The 30 percent is for entertainment, fun, and other hidden expenses. Try to limit these as much as you can if you have a big expense coming up. 

Learn the Cost of Things

As you budget your monthly funds ask your study abroad consultants in Bangalore to help you. Learn the current cost of things in your host country from them and make your budget. Also, keep a margin for any economic fluctuations in the future or any sudden big expenses.

Plan your Budget

You can use a Google sheet or a budget checklist to plan your monthly expenses. Furthermore, you can also keep track of these expenses on the same app or sheet you use. With this, you can stay on top of your finances seamlessly.

Plan for Flying 

Also, plan to fly for your whole stay. Keep count of how many times you wish to fly back home and account for it in your overall budget. Moreover, try to save monthly for flying within the country or for a holiday as well. 

Conclusion 

The cost of living in UK, or any other country, can be quite costly but manageable. With the help of the right Study abroad consultants in Bangalore and planning, thriving in your host country can be a reality. All you need to remember when you have a budget is to allot your money responsibly. Keep in mind savings are as necessary as fun, and fun is as crucial as the necessary expenses like tuition.