An Intelligent guide to save money for your Masters in UK while working in India
If you’re planning on studying abroad, then it’s likely that you’ll need to save money for expenses like tuition fees and living costs. This can be especially difficult when you’re also working full-time while studying. It’s hard enough to save money while you’re studying but it’s especially difficult if you’re saving while working and studying simultaneously. This can make saving money for your master’s in the UK a little more complicated.
Here are some tips for managing your finances so that you don’t have to sacrifice too much of your time or energy toward earning an income
- Don’t spend more than what’s coming in from paycheck-to-paycheck jobs, & avoid spending on unnecessary items, or parties during weekends.
- Make sure that any savings goals are realistic based on current circumstances & every month you have a specific amount of money to be saved for pursuing masters in the UK.
- You can start saving by paying off your debt and reducing your monthly expenses. However, while doing so, it’s important that you don’t let your savings fall into the negative zone because if they do then you will have no way of paying for your university fees and other related expenses abroad.
If you want to study abroad, you will likely need to save money for things like tuition fees, accommodation, travel, food, and living costs
- Tuition Fees: The cost of tuition depends on which university or college you attend and how far away from home you are studying. Students can also apply for specific scholarships according to the eligibility criteria for covering their education expenses. UK universities such as the University of Dundee, Queen’s University Belfast, University of Sheffield, and Coventry University have low tuition fees as compared to the universities in the UK.
- Accommodation Costs: Most students live in halls of residence while they study at university; however many choose to rent privately instead because this allows them greater flexibility over where they live and what type of room they have access to such as single or double occupancy. The accommodation cost nearby the above-mentioned UK universities is very low.
- Travel Costs: To pursue a Masters in the UK, you will have to travel from India to London. You can book tickets priority as doing so you’ll get tickets at a cheaper price. This was money required while travelling to the UK. Now when you reach the UK & start studying there you need to travel here & there for which taxi, bus or other travelling fare varies from city to city & also depends on the distance. Though travelling in Coventry is considered to be highly cheaper.
- Food Costs: If you look for Indian food outside then costs may get higher so try for Subway, MCDonalds etc. These restaurants are very cheap & pocket friendly for the international students.Avoid eating outside regularly and try to save money by eating food at the university accommodation or your own place. The more you eat cooked at home the more you’ll stop spending unnecessary money outside on fooding.
Know The Costs Beforehand
This is the first step! You’ll need to know how much everything will cost so that you can work out how much you need to save. You can also have a consultation with a Speak2University expert to understand the budget related queries regarding your study abroad journey in the UK . Now let’s take a look at some of the costs associated with studying abroad.
- How much do you need to save?: This is the first thing that needs to be considered. So it’s important for students who want to pursue their Masters abroad to make sure they have enough money saved up before starting their journey.
- How long it will take?: It depends on how well you can save & if you’re sticking to the designated saving goal or not. Choose the degree which you wish to pursue in the UK & find out about its tuition fees, and accommodation fees in detail first. Once you’re done with this then connect with some ex or current students who have studied abroad in that particular university over LinkedIn and ask them about what’s the average budget one should keep for personal financial expenses. For authentic assistance, you can also connect with Speak2University experts who’ll guide you about the overall costs of studying in the UK whilst helping you with the admissions process too whenever you make the final decision to study in the UK.
- How much can I afford each month?: Now this varies from person to person & you can decide it as per your financial budget. Make a yearly financial planner and jot down what are the important things you need to purchase every month, accommodation costs & anything additional if required including emergency funds. Fix a particular amount that you need to have in your bank account for running your life in the UK.
Studying abroad is a great opportunity to explore new cultures, meet new people and learn more about yourself. But it’s also a major financial commitment that requires careful planning and preparation. Studying abroad can be expensive, but with these tips, you’ll be able to save money for your studies in the UK while still having money left over after paying for your daily needs at home.