Going back to school is never easy. After earning and spending on my own terms (more or less) for six years in Mumbai, it's a rude shock to revert to a student budget in an exciting city abroad like London. It pinches more because falling rupee is shrinking the savings of most of us studying the MBA here.
Dipping into my fixed deposits (FDs) in rupees for covering shortfall in expenses is not an option I am considering anymore. With most of my loan in pounds, I choose to restrict my spending instead.
But for many of my Indian classmates, who solely rely on their hard-earned rupee savings, that's not quite an option.
One of them rues, "Cash savings that I have were enough to cover 12 months of my living expenses here but now they cover only 9 months!"
Rupee's unexpected downward movement has made savings just vanish. "Rupee depreciation has affected me quite badly, I have lost about Rs 5 lakh of my annual budget in thin air, poof!" lamented another friend.
Students have varying budget while studying in London. The minimum "maintenance requirement" of UK Border Agency is Euro 1000 pounds per month i.e. Rs 1 lakh (if Euro 1= Rs 100). Most students in London have this budget. But because of the depreciated rupee, everyone is recalibrating their expenses. As a result, eating out and shopping in London is becoming a rare luxury for us on a tight student budget!