Plan to study or continue your education abroad? It's definitely going to be fun. Studying abroad can help you have a better future. Studying abroad also enriches insight and experience. But, before leaving to study abroad, you can prepare savings for the following big expenses.
When Studying Abroad, What Do You Have to Prepare Money for?
You have of course included the costs of accommodation and daily meals in your budget. However, there are expenses that seem trivial but actually cost quite a lot when calculated. Below are a number of expenses that you need to take into account while studying abroad.
1. Administrative costs that include books and documents
Administrative costs are often ignored or underestimated by students. In fact, the administration costs will take up quite a lot of money if you add them all up.
And not just administrative costs. Each course may require a textbook. How many courses do you take in one semester? How many semesters do you need to graduate from university? Apart from textbooks, you may also need to prepare money for administrative purposes such as documents and visa renewals.
2. Transportation costs and travel expenses
In Indonesia, public transportation costs are still quite affordable. Abroad, transportation costs can be quite expensive. However, this of course depends on which country you are going to study in.
If you choose accommodation that is quite far from the university and will take a long time to walk, then you have to prepare money for daily transportation costs. Not to mention transportation costs to go to places other than university.
Apart from transportation costs, you also need to prepare money for travel expensesif needed. For example, the travel expenses referred to here are for returning to your homeland. Do you have plans to go home during the long holiday? If yes, this means you have to save more money to buy more tickets than you should, i.e. outbound and return flights.
3. Health insurance
Studying abroad means one thing. You will be far away from home and staying in another country for some time. It could be just one year, two years, three years or even more. Therefore, it is very important to have health insurance.
What kind of health insurance do you need? Make sure you prepare money to buy insurance that can cover health costs or treatment if you experience health problems while studying abroad.
4. Emergencies
Wherever we are, an emergency could come our way. This emergency can be quite expensive to handle. Most importantly, always be ready to face it. You can read the right way and place to save emergency funds at the end of this article.
Not only for expenses related to studying abroad, you can also prepare savings for big expenses when living in another country. Read this article to find out about unexpected big expenses when living abroad.
How to Save at Bank Jago in Preparation for Big Expenses When Studying Abroad
With Jago through the Jago application, you can save the way you want in several bank accounts at once.
1. Create a Jago Pocket for each expense while studying abroad
Is it better to combine savings for several different goals or separate them? It's best to separate them into several savings accounts to ensure your budgets don't get mixed up when allocated and used. It will also be easier for you to monitor it.
You can separate all the expenses above into their respective Jago Pockets. In the Jago application, you can create as many pockets as needed. Each Pocket has its own account number.
2. Saving automatically into your Pockets: it is possible in the Jago application
Another great thing about saving using the Jago Pocket is that it can be done automatically. However, there is one easy step you need to take to enjoy automatic saving. Activate the automatic saving or budgeting feature in Pocket.
You can set the amount you want to save for each Pocket. In other words, it doesn't have to be the same nominal amount. Likewise, you can set the frequency of saving the way you want.
3. Don't forget to bring your Jago Visa Debit Card as your loyal companion while studying abroad
Apart from saving and ensuring that your savings are fully filled as a provision for you when studying abroad, there is one more important thing that you should not forget.
Make sure you always carry your Jago Visa Debit Card wherever you go when abroad for easier and more practical transactions, without needing to carry cash.
The Jago debit card can be linked to Main Pocket or any of your Spending Pockets. So, make sure you choose the right pocket as a source of funds when making transactions. Do this to ensure spending using the right budget.
4. Save emergency funds in a Term Deposit, which can be withdrawn at any time
You can rest easy saving emergency funds in a Term Deposit because the solution for withdrawal is flexible. If you experience an emergency, withdraw your Term Deposit at any time directly from the Jago application. The funds will automatically go into the Main Pocket and can be used immediately.
If there is no emergency event during the saving period, the deposit does not need to be withdrawn. You can leave the deposit until it matures to enjoy the interest. The interest earned can be extra for your savings. Not bad, right?
By preparing money for all the unexpected big expenses above, you can study abroad with more peace of mind.
