While planning to study abroad, apart from selecting courses and preparing applications, students need to have a well-planned budget to manage their expenses. This blog will guide you through creating a well-thought-out budget for students who plan to study LLM at the University of Debrecen in Hungary. It will help students enjoy their studies without financial stress.

Prerequisites of the Study Abroad Budget

Creating a budget involves identifying all potential costs and determining how you will cover them. The initial factors to consider while studying abroad are listed below:

Estimate your Program Costs

Before creating a budget, make sure you know how much it will cost to study LLM at the University of Debrecen. The LLM program at the University of Debrecen costs around 6,500 EUR per year. This covers just your education, so remember to budget for other expenses like housing, books, and living. The program usually lasts for one year, so you need to think about all the costs for that entire time.

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Helpful Tips for the Study Abroad Budget

Apply for Scholarships and Financial Aid

To lift the financial burden off your shoulders, apply for scholarships and financial aid. The Stipendium Hungaricum Scholarship is one of the most prominent options for international students studying in Hungary. It can cover your tuition fees, living expenses, and accommodation, making it an excellent option for those who qualify. To study LLM in Hungary, there are scholarships that are especially designed for law students or international students. Applying for scholarships early on can really help reduce your financial stress.

Research before Arriving

Thoroughly researching about the country you will be studying in before arrival can be really helpful. After receiving your acceptance letter from the University of Debrecen, you would have ample time to research about Hungary. Learn about the cost of living here, the sort of lifestyle here and other miscellaneous expenses. This will give you an understanding of the potential expenses when planning your budget. It gives you enough time to search for multiple options, shortlist the ones which fall into your budget and finally choose the ones which best satisfy your needs.

Make Local Friends

No matter how well-researched you are before moving to a new country, you will still face many problems. However, if you are friends with local citizens, you can learn a lot about the ways to save money. They would have an inside knowledge on how to spend less. Moreover, they can invite you over for lunch and dinner at their homes, hence helping you save money.

Read here to know about the life in Debrecen

Prioritize Needs over Wants

Do not mindlessly spend on things which aren’t beneficial in the longer run. Always look for alternatives which better suit your needs. For instance, cut on the money you spend on entertainment and instead spend on providing yourself with a healthy meal as you don’t want yourself to fall sick.

Use Student Discounts

Always look for student discounts as you get to save up a lot. So, if you have a student ID card, you can enjoy many perks. For example, discounts on traveling by public transport, library memberships, entrance fee of museums and many more. Companies like Adidas, Apple, Amazon, Walmart and others also give major student discounts.

Thrift Clothes and Other Necessities

There are multiple thrift stores in Hungary where you can get affordable second hand clothes, books and other things of your needs. Apps like Depop, eBay and Vinted are popular in Hungary for buying and selling secondhand goods. You can sell things which are no longer of your use and make money.

Part-Time Work Opportunities

Hungary is extremely supportive to students who wish to work part-time. Students can work a maximum of 20 hours a week during an academic year. They can work full-time during holidays which give the students an opportunity to earn enough to manage their expenses. Do odd jobs like delivering food, working in local cafes, or find student-friendly jobs on campus like teacher assistant. Also have remote work opportunities related to their field of study, such as legal internships for the students who study LLM.

Live in a Dormitory instead of an Apartment

As much as you want to enjoy freedom and have your own space, having your own apartment can be really expensive, costing around 250-500 Euros. It can vary depending on the size and location. Therefore, opt for a dormitory as it costs around 150-250 Euros. It also gives you an opportunity to interact with people from diverse backgrounds and enjoy community life.

Make a Weekly/Monthly Budget

Always invest time in making a weekly/monthly budget for your expenses and strictly follow it. Calculate your weekly expenses by using applications like notion, spreadsheets or the notes application on your phone. Here you can track your expenditure and come up with ways to reduce it. It gives you a constant reality check whenever you exceed the fixed budget.

Meal Planning

Eating outside can be very expensive at times; therefore cooking your own meal is extremely budget friendly. It gives you a liberty to plan meals which are both nutritious and cost effective. Plan your meals a week ahead to avoid the last minute hassle. You might be tired at times and end up ordering online.

Use Public Transportation

As mentioned earlier, students can use their ID cards to travel inexpensively on public transport like bus and tram in the entire city. Using taxis and other means of transportation can weigh heavily on your budget. So, use this benefit to travel as much as you want and save your money and use it for other necessities.

Savings for Emergency

There should always be a just-in-case account for emergencies. You are in a completely new country, away from your family which is already really daunting. God forbid you come across any crisis and you haven’t saved up, you are doomed. Thus, it is extremely important to have a savings account to cater to your emergency needs.

Conclusion

Living as a student with a limited budget is not easy. Managing the living costs while studying abroad can be a difficult task. However, if you start budgeting early by following the right tips and tricks, it will all become very seamless for you. Do not get scared to explore the world. The world is your oyster, fly high; fulfill your dream of studying abroad and never let money come in the way of you and your goals.