The decision to send a child abroad is one that parents often make without giving it much thought. When my father sent me abroad, I don’t think he considered every aspect of my life there, including what I would need, how much money I would need, where I would live, and who would take care of me (since I was 16 at the time), and many other questions. The main consideration was how much money I would need to live on each month. Will I be able to live overseas on my own? is the second challenging query.

Nowadays, studying abroad has become very sophisticated, and there are many resources available to assist students, including banks that can help you save for your child’s education, guardianship services abroad, businesses with counselors on staff who can assist students with the admissions and visa processes, and housing facilities designed specifically for students (food, tutors and so on). Thoughtful consideration of the choice is still required, and it should not wait till the child is in year 12! It should begin in eighth grade.

 

The following 4 guidelines must be followed if you intend to send your child to study abroad:

 

First rule: “Make monthly deposits into a bank.”

Let me explain. We have a dad who has the means to send his child on an international trip, but he was keeping the funds in a safe at home. The entire sum was subsequently transferred into his son’s new account. He was informed that applying for a visa has a high degree of risk, and we were right; the application was denied. In order to avoid being accused of money laundering, it is important to demonstrate consistent savings on a monthly basis in a bank statement.

 

Second rule: “Allow the student to take a career test”

Finding out the child’s potential is the second crucial step. We cannot wait for him or her to pick their fields of study in the arts, sciences, or commerce at random; the decision must be made in a scientific manner using criteria established by psychologists.

 

Third rule: “Teach the idea of living alone”

Thirdly, we must involve our children in daily activities. We must let them help with chores like grocery shopping, label reading, cooking, paying bills, and filling the gas tank. The children are unaware of the origins and uses of the money. I can share with you a brief account of a student we sent abroad. After receiving his stipend, he went out and purchased a PlayStation, some games, some comfort food, and a pair of speakers. When the homestay asked him for the rent money, he looked up in surprise and remarked, “What’s that?” We don’t want something like this to happen.

 

Fourth rule: “Be considerate”

The youngster must be able to make comparisons outside of arithmetic, such as between living in a hotel and renting an apartment, dining out or cooking at home, visiting Walmart or Harrods, and taking the bus or a taxi. The amount of money spent relies on the parents’ willingness to invest in their offspring. When making financial decisions, your child should keep his friends in mind as well. Sometimes, your child’s peers are unable to eat at a three-star restaurant because their friends can only afford McDonald’s.

 

I hope these suggestions will assist you in setting up your child’s life. There are many other issues to cover, so take a moment to consider what you want your child to accomplish, as well as his or her abilities, your financial situation, your emotional state, as well as your child’s emotional state. Also consider what your child’s future aspirations are, including whether he or she plans to work for the family during his or her studies and after retirement, or seek employment. Or did he or she never delve into that area of the mind? Here, we’re trying to make the point that, with the right planning, the future can be relatively straightforward. Let’s have an early conversation with our kids to prevent them from wasting valuable time and life opportunities.