loader-img
loaderImg
back
Jan 2023
2 mins read
Share:
whatsappIconfacebookIcontwitterlinkedInic_emailinstagram

4 Ways to Fund Your Higher Education Overseas

An international degree could be a great launchpad for your career. It gives you global exposure and could help you land your dream job. If you’re eyeing a foreign education, you're probably someone who needs financial planning so that you can achieve your financial goals and be prepared for the expenses involved. This calls for a sound investing strategy, based on thorough knowledge of how financial planning works.
You can make your foreign education dream a reality by following these four key steps to build your financial corpus: 
1

Make a budget and stick to it

The first step is to set a savings goal. Sticking to a budget will make it easier to achieve your goal. You could either download an app to help you with managing expenses or do it manually; either way, you should start cutting costs from the outset. You can research articles on how to reduce living expenses, managing your expenses and finances, and how to control personal expenses to help you adhere to your budget. Avoid impulse purchases - this will help you manage your expenses and save more towards your education corpus. 

point 1
2

Start investing early

Irrespective of whether you’re a student or you’ve just started working, it’s crucial to understand the definition of investment and to know why investing is important. Whether you invest a part of your pocket money or a significant chunk of your salary, the duration of your investment will help determine its effectiveness - so start early.
You can start a SIP with a mutual fund or invest in the stock market directly. There are many different types of mutual funds available to achieve your objectives. Choose the right fund based on your goal, making an estimate with the help of a mutual fund calculator. While you might be tempted to go it alone, it’s recommended that you contact a financial advisor to guide you if you’re looking for the best investment plans.

point 2
3

Develop your side gigs

It’s important to diversify and expand your sources of income. As a student, you can take up part-time jobs on campus to earn some money. If you’re working, you can take up freelance work to earn extra money. 

point 3
4

Consider an education loan

After assessing your savings and investments, you may find you are still some way short of the funds you need. An education loan can help you bridge the funding gap. Calculate how much money you will need and estimate your future earning potential. Consider your eligibility and the repayment schedule, margin percentage and other terms carefully before you seek an education loan.

point 4

Studying abroad is a huge step in your life, and that is why financial planning is important for students looking overseas. These essential tips will help you assemble the corpus you need to achieve that dream. Remember that time is of the essence, so consult a professional advisor and start preparing your investment game plan today!


Share:
whatsappIconfacebooktwitterlinkedInemailIconinstagram
WANT TO KNOW MORE?
PGIM India Asset Management Private Limited
(CIN - U74900MH2008FTC187029)
Toll Free Number: 1800 266 7446
Email: care@pgimindia.co.in
This is an Investor Education and Awareness Initiative by PGIM India Mutual Fund.
All the Mutual Fund investors have to go through a one-time KYC (Know Your Customers) process. Investor should deal only with the Registered Mutual Funds (RMF). For more info on KYC, RMF and procedure to lodge/redress any complaints, visit https://www.pgimindiamf.com/ieid.
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY. Read more
The information contained herein is provided by PGIM India Asset Management Private Limited (the AMC) on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. However, the AMC cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance* (or such earlier date as referenced herein) and is subject to change without notice. The AMC has no obligation to update any or all of such information; nor does the AMC make any express or implied warranties or representations as to its completeness or accuracy. There can be no assurance that any forecast made herein will be actually realized. These materials do not take into account individual investor's objectives, needs or circumstances or the suitability of any securities, financial instruments or investment strategies described herein for particular investor. Hence, each investor is advised to consult his or her own professional investment / tax advisor / consultant for advice in this regard. The information contained herein is provided on the basis of and subject to the explanations, caveats and warnings set out elsewhere herein. The views of the Fund Manager should not be construed as an advice and investors must make their own investment decisions regarding investment/ disinvestment in securities market and/or suitability of the fund based on their specific investment objectives and financial positions and using such independent advisors as they believe necessary.
icon
icon
icon
icon