Counseling Education

10 Money-Saving Tips to Help Your Child Study Abroad

We all want to give our children the best start in life. One major way we do this is helping them pay for their education. But it can be expensive when they're studying abroad and you've got a budget to balance at home. So let's look at some savings tips that will help your child to study abroad. 

1) Educate your child about money 

It's not only useful for this specific circumstance but it's a very valuable life-skill you can teach, one that's often neglected. Teach your children about the value of money (very useful advice from Oprah). About how difficult it is to earn and manage. 

2) Sometimes, study abroad will only be affordable if it's not your child's first choice of university 

Some countries are more expensive than others to live in. Sometimes it may be beyond your means. It will not do your child any good to start a degree, only to drop out in the 3rd year due to finances. Be realistic. 

3) Teach them how to home-cook a meal 

One of the fastest ways to waste cash is to spend too much on food. Eating out will eat through your child's savings in no time. Teach them how to prepare a meal before they leave, including being able to make something edible with whatever is leftover in the cupboards when money's tight. 

4) Learn what assistance is available

 Student debts are a huge burden on a young person, and many governments offer help with funding to lessen that burden. There may be grants available for hardships experienced by foreign students that are not advertised. Do some research. 

5) Help them pack as much as you can 

Some young people tend to pack light, hoping to buy everything they need when they arrive. This is a bad idea. Their money will not last long. Advise your child to pack as much clothing, books, dvds and other items as they can manage. Kennards Self Storage offers great deals on boxes and will refund any unused boxes. They'll also offer to buy back used boxes. This can help save a lot. 

6) Try and learn beforehand what books are required and get them cheaper 

New books can be expensive. In the UK for example; students spend an average of £344 on books and equipment (see the link at the foot of the article). Learn what books may be required and see if you can pick them up for less in second-hand book stores or from the internet when they're on offer. 

7) In addition to buying books, get them a device that can play e-books 

E-books are often far cheaper, and easier to transport than physical books. And you can buy a decent e-book reader for not much at all. 

8) Teach your child to be assertive 

It's a sad fact of life that some people will take advantage of others. Some students will attempt to stick others with the bill. This is especially true when they share a house as food and energy bills get mixed up. Make sure your child is only paying for what they use. And teach them to write their name on their food. 

In shared accommodation, 35% of students have had an argument over bills (see here), make sure your child knows how to accurately calculate their usage. 

9) Encourage your child to get a part-time job 

Some parents don't want to do this as they would prefer their child concentrates on study. But full-time study isn't actually full-time. The actual volume of work at university is much lower than that of a 9to5 job. Get them working. Being in a workplace environment for a few years will also help them find a job when they graduate. 

10) Encourage them to find a hobby 

Not only is it a good idea to encourage them to stay away from the drink and drug culture of university for the sake of their grades, it's also a good idea for the sake of their wallet. Apart from tuition fees, accommodation and food, the biggest spend for students is leisure and entertainment activities (more info). Finding something else to occupy their time can save a lot of money.

Image credit: StockMonkeys.com on Flickr