Estimating the budget required to study abroad can be challenging, especially when navigating unfamiliar economies, varying standards of living, and different cultural expectations regarding day-to-day expenses.
At Online Result, we have developed a comprehensive methodology to anticipate these costs by analyzing the typical student lifestyle—ranging from essential grocery prices to local service costs in your target study destination.
By analyzing data from cities where we feature Bachelor’s and Master’s degree programmes, we have estimated the core expenditure requirements an average student will encounter while living and studying in that specific location.
Our calculations are based on key economic indicators, including local average weekly earnings, currency exchange rates, and the broader cost-of-living index for each destination country.
For smaller cities where specific data points were limited, we utilized an average of existing data from other major cities within the same country, applying a 10% reduction to reflect the typically lower cost of living.
To help you plan your finances effectively, we have outlined the core factors considered in our mathematical model to ensure you have a clear picture of your budget during your studies abroad:
- Rent and facilities: although there are many options here, like living alone, with friends, in the middle of the city or on the outskirts, or even going by your university recommendations and living in a student dorm, we made an average for students.
- Food and groceries: grocery stores and markets can vary when it comes to cost as well, but, based on the national average, we managed to discover how much you will need to pay for your veggies. But, if you want more detailed information, you can always read articles on costs and funding.
- Shopping and miscellaneous: needing clothes can happen to anyone, and books and notepads for school are a must, so these are definitively some costs you should take into consideration which we also included in our budget estimation.
- “The Social budget”: although it might be tempting, you can’t live only in your room, your only trips being to the university or to the supermarket. You will eventually need a budget for cinema, theatre, or concert tickets, a taxi ride from the club, and even money for within the club itself.
Now that you understand our approach to calculating living expenses, you can confidently explore your favourite programmes and determine if you have the necessary funds to pursue your degree in your chosen destination.