How much does it cost to study MBA in Australia?

How much does it cost to study MBA in Australia?

Ever wondered what’s it like to study MBA in Australia? How much does it cost to study MBA in Australia? What is the ROI of the course? How much would it cost to study MBA in Australia in 10 years? Let’s find out!  In comparison to other programs offered by universities around the world, the MBA program has witnessed the largest enrollment. International students who are interested in pursuing an MBA are aware that top education is only offered abroad. With so many nations providing a variety of MBA programs. Australia has consistently been at the top of the list.  The MBA program in Australia has been created to satisfy current market demands. As a result, you should also be fully informed of the financial situation if you're thinking about pursuing an MBA education in Australia. This article includes everything you need to know about the cost to study MBA in Australia in order to assist you to understand the academic investment. Leading elements that influence MBA tuition in Australia  There are several categories of MBA fees in Australia for international students. While tuition fees are frequently mentioned, there are other important expenses that also go toward the former. These expenses should also be taken into account when determining your financial requirements.   Here are the most important ones:  The cost of an MBA in Australia  Included within MBA cost in Australia are living expenses  Other important fees for MBA programs in Australia  Cost of an MBA in Australia before and after arrival  Covered MBA cost in Australia  Living expenses are an additional cost of attending an MBA program in Australia after MBA tuition for overseas students in Australia. Students will also need to pay for the living expenses associated with remaining in Australia while they are there for their studies. Depending on the lifestyle choices a student makes, these expenditures may change. For their stay in Australia, international students will need 20,000 AUD each year. Why you should do MBA in Australia?  A good MBA degree is considered a gateway to success. It isn't only salutary for one's career progression but also enhances chops that one requires to stay ahead in the assiduity and also helps in networking. There are multitudinous reasons why one should pursue MBA and acquire the chops and knowledge needed to give perpendicular growth to one's career. MBA course teaches scholars how to successfully manage a business and how to acclimatize to the rearmost global trends. Through this program scholars also learn how to run a business in an uncertain terrain and revive it in times of extremity.  MBA in Australia is a recognized degree encyclopedically because the AQF issues relative qualifications for office use. Australian Universities may or may not accept GMAT scores for MBA admissions.  Transnational scholars studying MBA in Australia can work for 40 hours while studying.   Check Part-time work options for transnational scholars in Australia  Australia opens further than, 500 job vacuities for MBA degree holders in Australia annually.  MBA entrance requirements  International applicants must have at least a 60% undergraduate average, at least two years of work experience, and English language competence scores in order to be admitted to an MBA program in Australia. For more details, the following part is separated as follows:  MBA course length  The MBA program lasts two years in the majority of universities. Most Australian universities require between 15 months and two years to get an MBA. In addition to this, many colleges have begun to offer one-year MBA programs A one-year MBA program that Melbourne Business School has launched is very well-liked by prospective students.  Want to study in Australia and pursue MBA then find out how to save and how much to save right here!  Consult an expert advisor to get the right plan TALK TO AN EXPLERT
Should you consider real estate while planning your child's education?

Should you consider real estate while planning your child's education?

Parenthood is the best experience for all humans. However, it is also true that raising a child comes with huge expenses that can challenge your finances if you are not well-prepared.  Education forms a significant chunk of all the costs incurred in raising a child. Thus, planning your child's education is as crucial as retirement planning for yourself.  Let us see in this article how one should go about education planning and what assets one should explore, and the role of real estate in your portfolio, in accumulating the corpus for your child's education. How to plan your child's education?  Planning your child's education starts in the early stages of a child's life. Today, higher education is quite expensive and costs around Rs 20-25 Lakhs for a degree in India.   This number increases further if you are looking for a foreign education for your child. Additionally, the currency depreciation that the Rupee (INR) is witnessing against currencies like the USD adds to the parent's worry.   While estimating the cost of education and tuition fees, you should look at other costs such as accommodation, transportation, stationery and books, coaching, etc. You can explore EduFund's unique cost calculator.  Let us now talk about planning your child's education financially and the steps involved.  Step 1. Estimate the Cost of Education Parents have to make an active choice for   Place of education  Tier of school  Type of course or field for the child to study in You will also need to consider whether your child wants to study abroad or prefers a domestic education. The education cost in India is increasing at a high rate.   Beginning from the admission process to the entire school life, parents increasingly find it challenging to meet the increasing fee structure and other costs associated with education.   Inflation in education has led to rising costs. The education inflation trend has been 10-12 percent over the years, double that of household inflation.   For example -   A 4-year engineering course costs around Rs. 12 lakh.   10 years, the cost will likely increase to Rs. 31 lakh By 2038, it would cost around Rs. 61 lakh to get an engineering degree.  Step 2. Decide the time horizon Calculate your child's graduation or post-graduation time.  Step 3. Analyze your current assets and liabilities This helps to know the current financial position to help the parents plan better.  Step 4. How much to save? Once you estimate the cost of education, decide how much to save in a lump sum or a monthly contribution.  Step 5. Investment Planning  Plan a proper asset allocation that is well-diversified and reflects suitable risk-adjusted returns.   For example - Suppose you have a long-term horizon to accumulate the corpus. In that case, you should consider equity as an investment asset class in the portfolio.   As you come closer to the goal, your allocation on debt tends to increase, and distribution inequity reduces.  Step 6. Start investing  Real estate as an asset class  In general, real estate is considered a great investment option in India. The two types of real estate investment options are   Residential properties   Commercial properties Real estate can be an excellent alternative to many investment options that offer lower risks, yield better returns, and diversify.   Characteristics  Durability: Investment doesn't come with a fixed maturity plan and has the possibility of creating wealth for multi-generation  Immobility: Real estate investment is very illiquid in nature.  Transparency: When purchasing a property, there could be a possibility that the seller is withholding information.  The cost involved: A significant lump sum is locked in to pay initially when purchasing a property.   Additionally, housing loans help to bridge the gap between savings and the cost of acquiring a property. Post-down payment and a monthly mortgage payment include a part of the principal and the interest on the loan.   Registration and Stamp duty payments need to be made to the legal owner of the property. In addition, there are various other charges such as preferential location charges, maintenance charges, parking charges, and taxes like Goods and Service Tax, property tax, capital gains tax, etc. Why is real estate not a good option for a child's education investment?  One main reason real estate is not a good investment option is its illiquid nature. Because education is a defined event and cannot be pushed further, the parents must be ready with the required corpus before the child is ready for school/college (as applicable). If an investor is required to sell the property in a short duration, it could lead to distress selling, where the seller faces a substantial loss compared with the current market value. On the front of the returns, the rate of return does not justify the costs and taxes incurred in property investment after adjusting for inflation. Interest on loan and mortgage payments further reduces the actual value of return received on property investments.   Due to inflation, the return is just a poor single-digit number lost in many years. It also requires more initial capital in the form of a down payment which may be difficult for parents in the initial or mid-stages of their careers.   Buying a property vs. systematic investing  Let us consider a case where Mr. A buys a house to fund his child's education after 16 years, and Mr. B considers investing in mutual funds via SIP for the same duration.   1. Case of Mr. A  In the first case, Mr. A makes a down payment of Rs 10 lakhs (10% of the current property value) and gets an EMI of Rs 79,892 for the period of 15 years. He then sells the property in the 16th year. The real estate growth estimation is at 6.5%.  2. Case of Mr. B  Mr. B starts a SIP of Rs 50,000 per month when the child is born for a long-term period of 15 years. Source: Edufund Research Team Table showing the investment in real estate vs mutual funds. Mr A – Outflow is the sum of the down payment and all the subsequent EMIs.Mr B – Outflow is the sum of all the SIP.Source: EduFund Research Team Note: Outflow is the total money paid by Mr A and Mr B. Graph showing the difference in the outflow and total value of the investment in real estate and mutual funds The difference in cash outflow (Total EMI vs. Total SIP) is considerable at Rs 53 Lakhs - is because when an individual starts paying EMI, he ends up paying the principal and interest component, both due to which the cash outflow is high.   Further, when we consider the amount accumulated in SIP after 16 years and the amount recovered from the property sale, there is a staggering difference of Rs 40 Lakhs.  Thus, the total benefit in mutual funds over real estate stands at nearly Rs 1 crore. We see that investing in real estate creates a hole in the investor's pockets. Moreover, many investors may not have such a substantial initial lumpsum readily available to invest in.   Mutual funds provide the feasibility to start with SIP and increase the amount gradually. But for a housing loan, a minimum down payment is a must.   EMIs for housing loans are like an expense for an individual. Whereas SIPs are like reasonable EMIs where an investor earns interest on their periodical installments.   Also, mutual fund SIPs have the power of compounding, whereas real estate investments only have an average inflation rate that gets added to the asset value year on year.  To plan your child's education, you should also ensure that your portfolio has the necessary liquidity. The property sale is a difficult and lengthy process, requiring time in hand. Mutual fund redemption is instant, and the investor receives the funds in 2-3 business days. The properties in a preferential location have a reasonable appreciation rate, but that may not always be the case.  Distress selling takes place in case of an urgent need for money through a property sale, that is, property sold at much less than the actual market value.  But in the case of mutual funds, even during emergencies, the investments are sold at market value. Therefore, transparency and liquidity are more in mutual fund investments.  These points are more than enough for a parent to choose mutual funds or other alternate investment options over real estate while planning their kid's education. Consult our expert to discuss the right plan for you. TALK TO AN EXPERT
Russia-Ukraine crisis – Should you buy gold? 

Russia-Ukraine crisis – Should you buy gold? 

Gold, often referred to as a safe haven, acts as a diversification product against the stock market. Currently, the Ukraine-Russia conflict has quite an impact on the market. This geopolitical issue has had a significant negative effect on the stock market, whereas gold prices increased tremendously.  Gold crossed ₹51,500 per 10 gm on February 24, 2022 – the highest in 13 months, as Russia declared war on Ukraine. Over the past twelve months, gold prices have been inching north due to the global market's heightened volatility considering Covid-19, Omicron, and rising geopolitical tensions and factors such as rising inflation.   Gold vs Capital Market  The correlation between gold and the stock market cannot be established directly. Gold has an inverse relationship with the stock market. Gold has a negative correlation to the stock market movement. The chart below shows how the market panned out over the past 12 months. One thing is evident the market witnessed high volatility owing to multiple economic and global factors.  The above graph shows the monthly gold price movement over one year.  Also, going by the VIX chart, it is evident that the volatility in the market has increased, and in some small-cap and mid-cap segments, the price corrections have been very steep. On February 24, the market fell massively by nearly 4.7% - the single largest fall in the last two years.  Should you consider investing in gold?  Investors commonly perceive gold as a haven in a severe stock market downturn. Historically it has been proved that whenever the stock market plummets, gold performs very well. The sale of gold coins, gold bars, and gold ETFs is maximum when the stock market performs poorly.   Similarly, gold demand picks up fast when a country's GDP is faltering. This is because when the economy is unstable, investors prefer to park their money in hard assets.  Value is held for ages - Unlike other currencies or assets, gold has maintained its value throughout the ages. While people see it as a means of transferring wealth from one generation to other, we believe gold is one of the best instruments that have sustained value for centuries now.  Helps beat inflation – Gold has always been an excellent hedge against inflation. Its price tends to increase with the rising cost of living. Typically, while stock tends to plunge during the high-inflation period, gold, on the contrary, results in a direct correlation with the price increase. Thus, it provides a natural hedge against inflation.  Geopolitical Uncertainty – Gold as a universal investment instrument holds its value in times of uncertainty – be it financial uncertainty or geopolitical uncertainty. Often referred to as the "crisis commodity", the yellow metal seems to see a high demand from people when world tensions rise. For example, in response to the crisis in the European Union, gold prices started to inch north.    Portfolio Diversification – One of the basic concepts of diversification is finding investments that are not closely correlated to one another. Historically, it has been found that gold has had a negative correlation with other financial instruments such as stocks. This can be vetted with the following example:  During 1970, while the stock prices were terrible, it was great for gold.  Between the 1980s and 1990s, while the era was good for stocks, gold prices crashed significantly.  In 2008, the stock market saw a significant correction and many investors migrated to gold.  We believe a well-diversified portfolio with the right combination of stocks, bonds (both standalone and in the form of mutual funds), gold, and liquid cash in a portfolio will help reduce the overall risk of the portfolio while maximizing returns.  Weakness in global currency – US Dollar is regarded as one of the most important currencies in the world and constitutes to be a part of every treasury reserve held by economies globally. During times when the value of the dollar falls against other currencies, as it happened in 2008, it is likely that people flock to the security of gold.  Demand-Supply mismatch – The supply of gold in the market has been falling since the 1990s, and much of the gold sales are made from the vaults of central banks, given the production of new gold from mines has been declining. On the other hand, rising wealth in emerging markets has boosted the demand for gold over the past couple of decades. Thus, as a general rule, reducing supply coupled with rising demand results in increasing gold prices.  How much allocation is ideal for the gold  Investment in gold, as discussed above, should only be considered as a protection against macroeconomic shocks. Thus, it should form a part of your portfolio based on your risk appetite. We believe people in India generally act too extreme. They tend to either invest a 100% portfolio in gold or don't invest at all. Based on the risk-return profile of gold and other asset class, it should not account for more than 10% of the total portfolio.  How to invest in gold?  Once an investor has determined the allocation of gold to the overall portfolio, an investor should look at the ways by which an investor can invest in gold:  Physical Gold - Can be bought as coins or bars  Jewelry - It is another option, but the cost of converting gold into jewelry is high.   Gold Funds and ETFs - Passive investment in gold. An investor can invest in units of gold funds or gold exchange-traded funds (ETFs) that are managed by asset-managed companies.  E-gold - It can be bought on a commodity exchange through any broker. Re-materialization of e-gold allows conversion into physical gold as per the requirement of the investor.  Sovereign Gold Bonds - Bonds offer similar returns that are offered by physical gold. It also provides tax benefits.  Why digital gold and the benefits of investing in digital gold  Digital Gold is issued by MMTC (Metals and Minerals Trading Corporation of India) or Augmont. Investing in digital gold is just like buying physical gold. The only exception is that there is no physical possession of gold. This offers a clear advantage over issues like purity, storage, making charges, wastage, and liquidity.     Gold mutual funds and ETFs are also alternatives to physical gold. However, their efficiency doesn't match that of digital gold. This is mainly because of their expense ratios and other relevant charges that are paid to the fund house.   Here are some benefits of investing in digital gold -   Can be started with as low as Rs. 10/- No charges such as expense ratio  Holdings can be exchanged against physical gold with the option of door delivery.  Thus, digital gold is increasingly becoming one of the best ways to invest in gold.  Exchange-traded funds (ETFs) that invest in gold and other precious metals have seen massive inflows as investors rush to shield themselves. Investors are mainly panic selling their stock investments under the current conflict situation and investing in gold, gold ETFs or digital gold to hedge against their massive losses in stocks.  With the situation worsening, having Russia started its invasion of Ukraine, the markets are likely to correct until the tension between the two countries eases. This is like shooting the gold prices north. It is advisable for an investor looking to protect the portfolio from short-term volatility to take a position in gold.  Also, keep in mind that gold prices will always keep growing due to the never-ending demand for gold. 
How to Decorate Your Dorm Room on a Budget

How to Decorate Your Dorm Room on a Budget

Your dorm room is your home away from home. It is also the first space you get that is entirely your own, away from parents and family. When you study abroad, your dorm room gives you both safety and independence. But dorms can also be pretty cold and dull in their sameness and minimalism. The furniture is usually sparse and utilitarian and space is constrained. This can make your room feel alienating and depressing - if you are wondering how to decorate your dorm room on a budget. So how do you primp up your dorm room on a college student’s budget? Well, lucky for you, we have some smart ways to glam up your room! Image by Marcus Loke on Unsplash How to Decorate Your Dorm Room on a Budget Here is how you can easily amp up your dorm room and can it Insta-worthy- Explore Second-Hand Goods Marketplaces in your neighbourhood Try DIY and crafting Invest in good linens Bring a touch of your old home to the new one Go green and buy houseplants 1. Check Second Hand Goods Marketplaces The first thing you should do when looking for items to decorate your dorm room is check for second-hand goods. You can usually find these online on sites like eBay. You can also visit a nearby flea market or thrift store for cheap, second-hand decor items. Additionally, living on a college campus means you will always find graduating students who are moving out and selling their possessions. Keep an eye out on social media pages and online groups and forums associated with your college for such advertisements.  Second hand goods are a good place to start for decor. They are cheap and usually not fancy enough for you to form an attachment. Remember that as a college student, especially when you study abroad, you will be moving around a lot. You may change dorm rooms several times, you may also move out of student housing altogether. Therefore, it does not make sense to buy expensive or delicate items that can get lost or break during moves. 2. Start Crafting! If you have an artistic flair, there has been no better time to use it. Hand crafted decor pieces not only make your room come to life, they give it a cozy, homey feel. Hand made pieces also give a unique and personalised touch to your room that mass produced, manufactured decor lacks.  Image by Ben Ashby on Unsplash Crafting items for your room can also be a fun project that you can use as a bonding exercise. It can help you have some fun and connect with your new roommates and friends. You can also undertake some crafting projects at home before you come to college and have some bonding time with family and friends. You studying abroad can be hard on your family and friends back home. This can give you some time to connect with them before you leave. Your hand crafted decor does not have to be too fancy or complicated. Upcycle common items like glass bottles and gift boxes into vases, lamps or storage boxes. You can easily find DIY decor tutorials on YouTube and Pinterest. Making decor using upcycled items is not only cost-effective, but it is also eco friendly and sustainable. 3. Bring a Touch of Home If you study abroad, you may want to bring a touch of home with you to your college dorm. This can be as simple as photographs, polaroids and postcards from back home. You can also ask your parents to help you pick out some items from in and around your home that you may have some special connection with. Image by Vladyslav Dukhin on Pexels Studying abroad can become quite lonely and alienating at times. You find yourself in a foreign country with an entirely different culture, entirely different people, lifestyles, etc. Nothing is the same and it can be difficult fitting in at first. Having items, photographs and other memories from back home can help temper the culture shock a little. These items can help ground you and make you feel less lonely and disconnected. Having a connection to home is always a reassuring thing when you study abroad. 4. Invest in Bed Linens Dorm rooms are often quite tiny. There isn’t a lot of space for too many decor items or knick knacks. Usually, your bed is the largest and most significant piece of furniture in your room. It makes sense then, that you should focus primarily on the one item that takes up the most space in your room.  Invest in bed linen that is both attractive as well as practical. Being able to get a good night’s sleep is very important for a college student on tight stressful schedules. Your bed will inevitably become not only your sleeping space but also your chilling out space and, sometimes even your workspace. So, getting comfortable and pretty bed linens and throw-pillows not only helps you feel more comfortable, it makes you feel better. 5. Get Houseplants Houseplants are a great, cost-effective way of adding freshness and greenery to your room. You don’t need to buy a lot of houseplants or planters at once. You can always buy a few easy to take care of plants initially and propagate new ones from them once they have grown a bit. Image by Prudence Earl on Unsplash Houseplants are not just decor items, they are also useful in teaching you a sense of responsibility. A plant is a living, breathing organism that needs care and attention to thrive. Taking care of a plant involves being constantly aware of its every need. You need to make sure it is getting enough sunlight to grow but not burn. You also need to make sure you are watering it properly and adding fertilisers and nutrients in the soil when necessary.  When you go to study abroad, you start learning how to take care of yourself, doing your own chores, errands and budgeting. Getting a plant can teach you how to be responsible and take care of someone other than yourself.  Houseplants are a wonderfully fresh addition to your room, providing both green beauty and fresh oxygen. They also help you become a better, more responsible human being. Key Takeaway Moving into your first dorm room is an exciting time. You have a whole new canvas and a whole new space to make your own. There is no reason to not take full advantage of this opportunity to unleash your creative power. Decorating your new dorm room lets you express your individuality and taste which can be a thrilling new experience for a young adult.  There is no reason, however, for this experience to be a solitary one. In fact, you should make every effort possible to turn this into an opportunity for bonding and creating memories with friends - new and old. This not only makes decorating your room a more fulfilling venture, but it also helps you build connections that make studying abroad worth it!
How to support your child through college applications?

How to support your child through college applications?

College admissions season is a stressful time for both students and their parents. Your son or daughter may still be a child but they are embarking on their biggest adventure yet! It makes sense to be afraid and worried. It doesn’t help that your child is likely in their angsty, rebellious teenager phase and may not be willing to listen all the time. So, how do you support your child anyway? How to make sure that they know you are there for them without suffocating them?  Well, here are some ways. Photo by Zen Chung on Pexels 1. Plan for your child This is your child’s first time stepping into the real world and making big decisions. As a parent, you should try your best to make sure that their path is as smooth as possible. It is likely that you already have education plans in place, and you might also have made investments in your child’s education. These investment and education plans are important since they are the first step to ensuring your child gets his or her dream career. You should learn more and acquaint yourself with ways of saving up for your child’s future.  Besides financial planning, you should also research colleges and universities that would be the best fit for your child. This is something you should do together with your child. Find out what kind of career your child wants and research degrees and educational institutions that are the best fit. Narrow down a list of universities, colleges and degrees as well as future job prospects. You should also make a list of the pros and cons of all of them.  You should prioritise your son or daughter and their opinions and ambitions when doing this. It is important to remember that this planning is for the benefit of your child. Their dreams should take priority over your expectations. At the same time, you should offer advice, counselling and guidance to ensure they follow their passions while also remaining pragmatic about their career options.  2. Empower your children A big part of supportive parenting is empowering your children to become self-sufficient. It can be daunting and even scary to see your children leaving the nest and your guidance. You need to remember that your children becoming independent and leaving your supervision is the end goal of all good parenting. If your children are leaving the country to study abroad, then it becomes even more important for you to actively try and empower them in every way. Photo by Rodnae Productions on Pexels A very easy way in which you can empower your child is by encouraging them to do their own research and make their own decisions. Ask them to come up with their own education plan, and encourage them to email universities and admissions officers for more information on the institution and curriculum. Talk to them about what they want to do and how they plan to do it. Guide them but let them take care of their own responsibilities. Trust your children and subtly guide them instead of being helicopter parents. 3. Listen to your child “Children are meant to be seen and not heard” was the maxim during the Victorian age but times have changed. You cannot hope to have the same attitude towards your child, especially now that they are starting their adult life. It can be hard to see your 17 or 18-year-old as a full adult just yet but rest assured, this is where it all begins Often times parents let their expectations and dream take the center stage when it comes to their child’s life. You must avoid doing that. And for that, it is important to listen to your child. Don’t just talk at them, when it comes to their education and career, you must learn to talk to them.  It can be helpful at this stage to talk to an education and guidance counsellor. Counselling can be a good way of communicating with your child and finding out what they really want to do. A good counsellor can act as a mediator between you and your child and help bridge any gaps between you. If your child is unsure and hesitant about what to do next, counselling can help them figure things out. If you are unsure about whether to find a good counsellor in your city, then you can look into higher education counselling online. 4. Engage in extra-curricular activities with your child Extra-curricular activities are not just a wonderful addition to any CV, they are also important for the overall development and happiness of an individual.  Image by Rodnae Productions on Pexels While it is convenient to see these activities as simply a means of padding your CV for your study abroad plans, that is not all they are. Extra-curricular activities are meant to be a means for you to relax and have interests beyond just academics. They are meant to help you escape the rat race.  Do not pressure your children to take up activities solely to impress foreign universities. Rather find activities in which you and your child can both engage together. This can help you maintain your bond and also release pressure during this incredibly stressful time. 5. Be transparent You should support your children in every way possible but you should also be transparent with them. If there is some limitation to your capacity to help them, they should know about it. If you are unsure that the career path they are choosing will be sustainable or capable of offering stable income and job security to your child, then you should share those doubts. You are after all the adult here, you have experience and you should share that experience with your child. Don’t be afraid of telling them harsh truths, but also be willing to change your mind.  Let your child know that if they can prove to you the long-term sustainability of their career goals, you will be willing to support them all the way. You should also be open and frank with them about finances. Tell them how you are planning to fund their education, whether it is through savings or an education loan. This is a big investment you are making in your child’s future, make sure you are transparent about the nature of this investment. Also, let them know if you have any budgetary constraints and about universities or courses you cannot afford.  Being transparent and honest about your thoughts as a parent is helpful. Conclusion Being a good, supportive parent during college admissions season is mostly about trust and communication. You and your child will both need to trust each other’s intentions and talk openly about all your doubts, hopes and dreams. Remember that college is only the start of a much bigger adventure and you will need to be strong and communicative as a family to make the most of it!
The college student’s guide to budgeting

The college student’s guide to budgeting

College teaches you a great many lessons. Not all of those lessons, as it happens, are learned in the classroom. As a young college student, budgeting and good financial planning are lessons you will learn to appreciate sooner rather than later. This is especially true if you are planning on moving abroad for your studies.  The expenses of a global education may have you worried and asking “Is studying abroad worth it?” Well, there is no doubt that going to study abroad has a great many benefits, both for your career as well as your personal growth and development. In fact, learning how to live on a tight budget can be a life lesson on its own. In this blog post, we try to understand how to get started in creating your first personal budget.  Image by Andrea Piacquadio on Pexels Basics of financial planning When you are preparing for your college applications, it is likely that you have an education plan in place. This ensures that you are more organized with your applications and aren’t surprised or thrown into a tizzy due to unexpected circumstances. In the same way, to ensure that you are organized with your money and to avoid being beset by financial emergencies, you need a financial plan. What is Financial planning? Financial planning is basically a method to plan and manage your income, expenses, investment, and other finances to ensure that you can achieve your life goals. A good financial plan also anticipates and makes room for emergencies that may otherwise drain your savings or cause you to incur debt.  The first step in creating a financial plan? The first step in creating a good financial plan is the same as the first step in creating a good education plan - identify your goals. You need to figure out what your financial goals are. They can be as simple as being able to save a certain amount at the end of the year. Be realistic with your goals. Keep in mind that you are still young and do not have too many responsibilities right now. Therefore, you can treat your college life as a growing and earning period. You don't have to put too much pressure on yourself. image by Karolina Gabrowska on Pexels Understanding & tracking your finances Once you have your financial goals in place, you can start sketching out your plans. Understand your finances. Figure out how much money is coming in each month, (through education loans, scholarships, part-time jobs, or your parents) and how much of it you are spending. Figure out which expenses are reasonable or non-negotiable and which ones you can cut down. You should also maintain a personal balance sheet to record how much you have, how much you spend, and how much you owe. Collect all bills, invoices, and bank statements to accurately record all your transactions. This will enable you to understand and track where your money comes from and where it goes. How to create your first budget? Once you have a financial plan in place, creating a budget will be easy. A budget is a summary of estimated income, and discretionary & non-discretionary expenses. Budgets help you figure out where your money is coming from and where it should be going. This enables you to spend and save money more wisely. Budgets are especially important when you study abroad and are away from family support during emergencies. If you have done your financial planning and tracking properly, your personal balance sheet will be your first step to creating your first monthly budget. Next, follow these simple steps - Calculate your monthly income based on this balance sheet. Your income will include all money that you earn through part-time jobs and scholarships as well as any allowances you get from your parents or through an education loan. Make a list of your monthly expenses. This list should include all your fixed as well as variable expenses including tuition, rent, utility bills, food, transport, entertainment, etc. Next, separate the non-discretionary expenses like rent and utility bills from discretionary expenses like entertainment.  Set aside money for non-discretionary expenses as a priority. This is money you are not allowed to touch for anything other than its designated purpose.  Set aside money for savings and emergency funds. You don’t have to save a huge amount but do try to keep aside at least some money for this every month.  Make any adjustments that may be required. Cut expenses where possible and adjust savings where no other options are left. And voila! Just like that, you have your first budget! Good monetary habits Good monetary habits teach you financial responsibility and maturity. When you study abroad, you do not always have your family to rely on during emergencies. By practicing these, you ensure that you do not end up in sudden financial emergencies that cause you to incur debt.  Image by Maithree Rimthong on Pexels Financial planning and budgeting are some good monetary habits. Another important habit is avoiding unnecessary expenses. Avoid buying expensive clothes or gadgets that you don’t need. Avail of student discounts wherever possible. Use the library. Use public transport. Save money wherever you can.  Pay off your debts. Try not to buy anything on credit or borrow money unnecessarily from your friends. Only buy what you can reasonably afford. S Saving money may involve sacrifices. You may have to cancel a trip with your friends or miss out on going to an expensive restaurant. Keep in mind there will always be time for those things. By planning for the long term instead of focusing on short-term pleasures, you are making sure that you enter your working life on solid financial ground.  Pay your bills early and on time. Not being prompt with your payments causes you to accumulate late fees which can easily drain your resources and unbalance your budget.  Another important monetary habit to build when you study abroad is to always have an emergency fund. This fund can help you pay sudden expenses, like if you lose your phone or if your laptop needs repair.  Image by Liza Summers on Pexels Conclusion Financial planning is the first step towards financial responsibility and eventual financial independence. Your parents were able to send you to your dream college because they were fiscally responsible, saved money, and invested in child investment schemes to ensure the best future for you. The best way you can pay them back is by learning to be financially responsible yourself.  Your attitude matters. If you are not resolute about sticking to your budget, your financial planning will be futile. No financial goal is as difficult as it seems once you have your personal balance sheets and budgets in place. Welcome to adulthood!
5 Reasons why Global Education is the Best for Indian Students

5 Reasons why Global Education is the Best for Indian Students

It is universally acknowledged that education is a very powerful weapon. Education can transform an individual and colleges can broaden a child’s horizon. Every child deserves to receive a quality education. There are various reasons why global education is the best for Indian students. ‍From our experiences, we know that when a student receives a world-class education, it helps them become their best version – professionally and personally. Pursuing higher education out of India seems to be promising in more ways than one. In this blog we will talk about how studying abroad can affect your life for the better. Let's get started. 5 Reasons Why Global Education Is the Best for Indian Students When you think about it, there are innumerable ways in which a global education can benefit an Indian student. In this article, we will talk about the 5 major ones. Let's get started. 1. Changes Your Life, for Good! International exposure to study at a foreign university and the experience of living in a new country can be life-changing! The combined power of both results in gaining practical knowledge can help you in life immensely. Living alone in a foreign country can be daunting in the beginning, but it teaches you an immense number of values, ethics and not to mention, you become a pro chef! You learn what is not written in the textbooks. Such experiences also shape your personality and groom you as a responsible professional. ‍ 2. Holistic And not Just Academic Development holistic-development The Indian education system offers academic rigour. However, there still is room for improvement and development. The cut-offs in premier Indian colleges soar to touch the sky. But whether these colleges provide excellent holistic development is still a big question mark. Regardless of the foreign country you prefer to study in, most global universities focus on not just academics, but also professional qualifications, leadership and personal development. Foreign programs have gained popularity because the faculty is invested in a student's all round growth. 3. Opens Closed Doors Whether it is studying for master's abroad or PhD – foreign universities offer what you commonly don’t find in India. An array of courses across all fields and subjects like - Artificial Intelligence and Data Security or Criminology, and Media Relations. You name it and they have it. As per reports released by the USIEF, in 2019, Indians studying in the U.S made up 17% of the international student’s population there. If you want to take the road less travelled or pursue a career in a highly-specialized niche, global education opens closed doors. 4. Brighter Career Prospects bright-career-prospects ‍Indian students who have received good foreign education have an edge over others. You wonder why? Recruiters view the international experience as an asset. It is reflective of many things like your skills to compete in a global setting and your ability to adapt to diverse cultures. Global education helps you hone your skills and grow exponentially. ‍After completing your degree, outstanding students can bag an international job as well. 5. Diversity They appreciate unique students. Many top-notch B-schools and other universities seek to promote diversity and inclusion. This means that the admissions team, deliberately try to encourage people from different walks of life to join the classroom. Highly reputed universities welcome meritorious international students. Some even try to strike a balance in their gender ratio thereby including talented girls and giving them an equal chance to fly. As the saying goes- "Sometimes the smallest step in the right direction ends up being the biggest step of your life!" Take the first step towards a brighter future. And, live the life of your dreams! Wrapping Up These are some of the major reasons why global education moulds an individual for the better. In reality, there are many more points that one can consider. Whether it is the quality of education- or the experiences one attains, education abroad is a stepping stone toward untapped opportunities. We know many of us are now thinking, "What about the fund required to study abroad?". Well saving up for higher education is not as hard as you think. If you start saving early, you can create an education fund which can support your dreams of studying abroad.
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