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My savings plan

Studying abroad is expensive. Surely, there are destinations far more expensive than others. But going away to a foreign country for a certain period of time is always more expensive than keep studying (or partying) wherever you are. If you don’t want to be a burden on your parents, you should think of a savings plan in advance.

I started my savings plan almost 2 years ago. At the time, I didn’t know where I wanted to go to, nor if I would be selected to go. But I had great expectations, and I knew I wanted to go to one of the best colleges in Europe if I got the chance - usually the more expensive. And if I had such chance, I didn’t want to waste it because I didn’t have enough money. So it only made sense to start saving as soon as I could, long before now - when I am 15 days away from leaving. Yay!

There’s one thing I’d like to note though:

Do not keep yourself from living the present on the prospect of having a better future.

What I mean is: yes, you should save money. But no, you shouldn’t stop going out with your friends. There are so many things that can go wrong and compromise your plans! What if you end up not being selected? What if you get sick and cannot go anymore? In such cases you would end up repenting for only planning the future, and wasting the present with your family and friends.

Enough chitchat. Let’s do some arithmetic operations!

I have been working at FEUP for two years now as a TA. I also took part in two investigation projects - one last summer, and another in which I am currently working on. After some expenses, I managed to save 5.235€.

As I mentioned on the previous post, my university will give me a scholarship of 1.350€ for studying abroad.

That adds up to a total of:
5.235€ + 1.350€ = 6.585€

Since Scotland is (still) part of the UK, let’s convert that to British Pounds using the current rate: 5.700£.

This is my new debit card. It is suitable for Portuguese people living abroad. It is free of taxes. That is great because I won't be charged for every withdrawal. My euros will be directly converted to pounds - plain and simple.

Estimation of all the basic expenses:

I have already bought my one way ticket to Edinburgh, so that’ll be off the next accounting.
  • Rent and bills - 500£ per month * 4 months = 2.000£
  • Transportation pass - 45£ per month * 4 months = 180£
  • Mobile phone tariff - 10£ per month * 4 months = 40£
  • Flight back to Portugal - 200£

Total expenses: 2.420£

Which gives a remainder of:
5.700£ - 2.420£ = 3.280£

After all these estimations have been considered, below are the monthly and daily amounts I think I’ll be left with for everyday expenses.

3.280£ / 4 months = 820£ per month
820£ / 30 days = 27£ per day

And that’s it! I think I’ve covered everything I wanted to. I hope this helps future students who wish to study abroad.