7 Ways to Prepare Financially for Your Studies Abroad

For a student, there’s hardly anything as crushing as applying for admission abroad, actually getting it, only to end up not taking the slot because they came up short on finances.  In this article, you will learn how to prepare financially to study abroad.

Schooling abroad is a dream for international students who want to access high-quality education. However, it’s pretty expensive, some countries even more so than others. Students often make the mistake of over-relying on scholarships. That’s like throwing all your eggs in one basket. For one thing, there’s an insane amount of applicants vying for every scholarship. For another, a scholarship rarely covers everything, even if you end up beating every other applicant to it. 

A scholarship is just one way of raising funds. There are other methods of raising funds for your education. You need to have a well-thought-out plan and know the exact amount of money you’ll need to raise. You also need to be ready to educate others on what you need the money for. If need be, give a breakdown of your expenses.

People need to know where their money is going. They want to be sure they’re contributing to something tangible. This goes a long way in energising people to contribute to your cause. But before it comes to that, you need to have a financial plan of your own. 

How to prepare financially to study abroad

As previously stated, schooling abroad is cost-intensive, especially for international students. To prepare well financially, you need to start as early as you can and be open to every option, including crowdfunding. If it gets to that, don’t let fear deter you. Go for it. In the course of crowdfunding, you might learn a thing or two about yourself and other people. Below are ways to financially prepare or crowdfund for your studies abroad. 

• Get a Job

To be able to save money to finance your education abroad you need to make enough. By that, it means that you have to earn enough to take care of yourself in the present and save for your education. If you already have a job, consider supplementing your income with whatever skills or time you have. Your savings might even boost your crowdfunding efforts later. People want to know that you’ve been working to finance your studies yourself instead of depending on other people completely. 

• Cut Down on Your Living Expenses

Even if you take an extra job, you won’t save a lot if you don’t get frugal with your spending. Frugality means cutting down on your living expenses. Spend money only on necessities instead of luxury items. This requires delayed gratification. Do you want to go out for a fun night now or do you want to be able to pay for your train ticket to school? You get the picture. 

• Sell Your Work

Most people have crafts, something they’re very good at. If you’re one of them, you can sell your work and save some money. A craft can be anything that offers people value. People will pay for that. This is also a good way to crowdfund because it involves you giving something back in return. When you’re posting online, explain what you can do for people in exchange for cash. Make sure to promote it as a means to finance your studies abroad.

• Apply for Scholarship

When searching for scholarships to apply for, don’t just concentrate on the ones your school of choice offers. Look into other kinds of scholarships. There are merit-based scholarships, typically provided by the federal or state government, local businesses, and large corporations. Some local groups or organisations even offer sports scholarships, and you don’t necessarily have to be the very best at it to qualify. One of the main criteria they look at is community service. 

However, you need to be a fine writer for you to have a good chance of getting any of the numerous scholarships out there. Many scholarships you’re eligible for will require you to convince them through writing why they should offer you the scholarship. They need to know you, why you want to study abroad, and what motivates you. You need to be able to produce a coherent and convincing essay. The good thing is, you can always find professional help online. If you’re in doubt about your writing, go online and find a professional that can help. 

• Start a Fundraiser Online 

This is one of the most popular ways of crowdfunding. Social media is the main driver for online fundraising, and all you need is a GoFundMe account. Before kicking off, ensure that you make the necessary preparations. The success of your fundraising depends on how many people you can reach online. If people don’t see it, they can’t help you. You need to reach out to your friends who have a larger following. Even if none of your friends has that kind of following, they can still help amplify your efforts by sharing on their pages. 

Additionally, before posting online, tailor your message to each platform for maximum impact. Let your donors know what a difference every little amount can make. As the donations roll in, celebrate each milestone and thank everyone who has donated. It spurs people to want to get you over the line. 

• Write to Friends, Family, Coworkers, and Former Teachers

Fundraising requires optimism and enthusiasm. You need to believe that people generally want to help. Starting with the mindset that you’re bothering people would drag you down. That said, write to your friends and family, even extended ones. Go through your contact list, and if there’s anyone you think could help, write to them. But you need to explain what has contributed to your decision to study abroad. Provide details on the nature of the program and what you hope to achieve in the future. Radiate enthusiasm in your letter. 

• Reach Out to Your Place of Worship or Civil Groups 

You can find a community ready to help out at your place of worship. Religious communities are close-knit and are always eager to help their own succeed. Tap into that. Approach relevant religious leaders in your place of worship and let them know your needs. They can easily spread the word or organise a service or fundraiser to support you. Be forthcoming with information about your studies, the country you’re travelling to and your goals. 

Additionally, you can also reach out to specific community groups. Some civil society organisations you can reach out to include Rotary and non-profits with a special interest in education. 

In conclusion, when you get the funding you need and finally travel for your education, try to keep in touch with your supporters. Granted, it may not be possible to keep in touch with everyone who contributed online. But you can write to individuals or even specific organisations that supported your education.

Are you looking for the best school that can offer you value for your money? Reach out to us at admissions@winenetedu.com for a free consultation.