When a student decides to study abroad, there are a number of small & large expenses that need to be accounted for. Even if the student receives a sizeable scholarship or has his tuition fee waived. There are still other costs that one needs to look at. These costs are usually referred to as the cost of living.
It comprises all other external costs such as food, accommodation, utility travels, and other expenses that a student will incur during the course of his program in a foreign country. Of these, accommodation and food are the ones that take up the maximum of the costs. Sometimes traveling can also be a huge money drainer if the student decides to stay further from their campus. In situations like these, budgeting can help a lot in order to make accurate assumptions about the costs and how to efficiently handle them in order to save money.
So let’s dive right into it! The average cost of the tuition fee in America is about $30,000 yearly. However, depending on colleges and states, the average price can go as high as $50,000 per annum. The UK comes as a comparatively cheaper option where the average tuition fee is just below $25,000. However, the cheapest of all in Canada. The average cost of studying in Canada comes at around $18,000. Of these three, Canada is the cheapest option. While America is the costliest of all, it is also first in terms of scholarships and financial aid provided to students.
When we talk about the cost of living, it is again Canada that comes in as the cheapest of all. On average, students can reside in Canada for $7500 to $11,000 a year. The US takes second place where the cost of living averages about $15,000/year. The UK is the costliest place to live among the three where the cost of living can be as high as $20,000 per annum.
This is major because food plans are not included in hostel services provided by universities in the UK. Hence, one has the added responsibility of buying groceries and making their own meals. However, the added advantage of staying in the UK is privacy. In both Canada and the United States, students are often asked to spend their first years in university-provided dorms or hostels. 1 or 2 room mates often share these rooms. Hostel rooms in the UK are mostly private.
Another discretionary yet important cost to consider is recreational travel. If you live in a college town, chances are that you will want to step out during the spring break, summers, or winter holidays. Depending on where you plan to go – be it meeting friends in another city or coming back home to your family, this cost can range annually between $500-$2000. There are a lot of other smaller value costs such as entertainment (aka Netflix), laundry, dining out, movie nights, and that unexpected shopping mall visit. Students can generally budget another $2000 annually towards the aggregate of all these miscellaneous spendings.
When the places to live are so expensive, budgeting plays an important role in saving money and living efficiently. Now that one knows the average cost of living in these countries. We can narrow it down to the average cost of living per week. This helps in understanding how much the day-to-day expenses of living abroad cost. This way we can create a budget estimating how much money one wishes to spend on specific things such as food, recreation, and more.
Students often use online apps that help them keep track of their spending. Or there are debit cards that automatically provide analytics on the spend categories. Sticking to the budget and saving a few extra bucks on the go can be helpful in the long run. Staying abroad for multiple years can be expensive. However, with proper information and budgeting one can figure their way out and have a comfortable life. As well as an economical stay while studying abroad. For further guidaince you can contact us for the most effective and useful tips.