Should students keep emergency funds before travelling abroad?

Absolutely! It is highly recommended that students keep emergency funds before travelling abroad for their studies. Here’s why and how it helps:

Why Emergency Funds Are Important:

1. Unexpected Expenses: There may be unforeseen costs such as medical emergencies, accommodation deposits, travel delays, or loss of belongings.
2. Visa & Immigration Requirements: Many countries, including the UK, Australia, Canada, and Germany, require students to show proof of sufficient funds as part of the visa process. However, these are often calculated for basic living expenses — emergencies are extra.
3. Peace of Mind: Having a financial cushion ensures you can focus on your studies and settle in comfortably without stress.
4. Delays in Money Transfers: Sometimes, international transfers from home can be delayed due to banking or documentation issues.
5. Job Search: If you plan to work part-time, it may take time to find a suitable job, so having an emergency fund helps in the interim.

How Much Should You Keep?

- General Recommendation: In addition to the mandatory living expenses set by governments (like £1,529/month in London, or AUD 29,710/year in Australia), it’s wise to keep at least 1-2 months’ extra living expenses as an emergency fund.
- Suggested Amount:
- UK: £1,500–£3,000
- Australia: AUD 2,000–AUD 5,000
- Canada: CAD 2,000–CAD 4,000
- Germany: €1,000–€2,000
- New Zealand: NZD 2,000–NZD 4,000

How to Keep Your Emergency Fund:

- Separate Savings Account: Keep the funds in a bank account that you can access overseas.
- Prepaid Forex Card: Carry some emergency funds on a forex card for immediate use.
- Cash: Keep a small amount of local currency in cash for immediate needs, but avoid carrying too much.

Final Advice

While your tuition and standard living expenses will be planned, emergency funds act as a safety net. At Pollster Education, we always advise students and parents to plan ahead for unforeseen situations to ensure a smooth and safe study abroad experience.

If you need help planning your finances or understanding how much to carry for your destination country, feel free to contact us at +919324480791 or info@pollstereducation.com, or visit our office in Grant Road, Mumbai.