Most universities post their tuition fees online. These can be different if you're a foreign exchange or international student. Then there are other available resources, such as cost of living calculators, that will help you to estimate other student fees, accommodation, and options for financial aid.
When setting a budget, some people prefer to seek professional advice. An adviser should be able to show you a realistic trajectory for your savings over the period of time before your child's education begins, taking into account factors like inflation, interest and the unexpected. They can then work out a long-term savings plan with you, including loan options and repayment plans.
An education consultant with international experience should be able to help you calculate the cost of a study abroad. They can also help with admissions and exam preparations, career guidance and networking opportunities with alumni, as well as visa applications if you're going overseas.
Through HSBC Premier, you can get access to our global education consultants, who offer study abroad guidance in some of the most popular destinations for international students, including Canada, the US, the UK and Australia.
Learn more: How to choose the right university
Having goals is a good way to focus on the things that are important to you when you're setting a budget for a study abroad. Ask yourself what you imagine your life to look like in 1, 5 or even 15 years. Knowing where you want to be will help you plan on how to get there.
Next, set a date to achieve your goals and post these reminders where you can see them. With your goals clearly identified, pay into your savings first every month with a standing instruction and watch your savings grow.
Doing some research and setting goals will give you a clearer idea of how much you'll need to budget for. Early financial planning can help parents manage the rising cost of education and limit the strain on family finances.
Studies show that there's a strong connection between one's physical and mental health, and financial wellness. Boosting one factor may lead to far-reaching improvements across the others.
Learn more: For better wealth, boost your health: HSBC study
There are a range of education insurance products that might suit your needs. You could choose a long-term insurance plan that will mature when your child reaches a certain age, or allows you to withdraw cash early to cover things like school fees or tuition. Keep in mind that you may be charged if you withdraw money before the policy matures.
Not all savings and investment products are created equal. Past performance is no guide to future performance of the funds and you can lose money. As with any investments, shop around for the best interest return you can get for your money, or discuss this with a financial adviser.
If you don't want to worry about overseas transaction or withdrawal fees and will be banking in multiple currencies while studying abroad, consider getting your banking organised before you go. Not only that, many schools will require you to have a local bank account set up for tuition payments.
We can help you open an overseas account in more than 30 countries and regions around the world. In many cases, you'll have your ATM card, access to the local currency and a multi-currency debit or credit card ready to use. The HSBC Global View service lets you link your eligible HSBC accounts online so you can keep an eye on your finances back home and abroad. With Global Transfers, you can easily transfer money between your globally linked accounts.
We can tell you the best way for you to apply for an overseas account. Simply select your current location and where you would like to open an account. We'll then walk you through the steps.
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1 If Not Now, When? Georgetown University Center on Education and the Workforce analysis of data from the US Department of Education, Digest of Education Statistics.
* Investment involves risks. Past performance is no guide to future performance. Investors must refer to the respective fund's offering documents for further details of the fund and the risks involved.