As an international student, you have an additional responsibility for budgeting while studying abroad and without any doubt, this poses challenges as along with fulfilling your academic endeavors, you also need to adjust to the new financial system with a new currency and pricing methods. While you study abroad, money management is extremely crucial as apart from your tuition fees, you also have expenses associated with rent, food, and travel. However, with the right money management and personal restraint you can overcome these challenges to avoid distressful situations. Here, we’ll provide you with some useful tips to budget yourself when studying abroad:
It’s all about Budgeting: This is probably the most crucial step on how to manage money while studying abroad. It all starts with a simple plan to allot a specific amount monthly or weekly to your expenditures. From that amount, plan the money for major expenses and other miscellaneous expenses such as groceries and supplies. This will always help you track your money and understand where you need to cut down. A piece of crucial advice is to try not to compare your domestic prices to prices abroad as you need to get used to the local currency and exchange rates. Try understanding the standard in the city you’re living in. Prioritize your expenses and always keep a difference between needs and wants and by knowing this, you can also save and use a certain amount for leisure without compromising your budget.
Live Smartly: There are various lifestyle changes that you can adopt to spend less. Being an international student, you can make the use of your student discounts wherever possible and also opt for sharing accommodation which can significantly reduce your living expenditure; try looking for accommodation nearby your university and if that is not the case use local transport passes to curb your travel expenses; instead of constantly eating outside, learn some cooking and eat at home as this can have a major impact on your food budget. You need to be clever in using your money and look for simple ways to save which can make a big difference to your overall spending.
Open a Bank Account: In this day and age, you need to have a bank account wherever you are. Once you go to another country to study, it is obviously essential for you to make a rational decision of choosing the right bank that provides good services to international students at affordable fees. You can first check if your local bank has a branch in your country of study. Make use of services like online banking as it can allow you to track your expenses and your financial balance.
Time to get some extra money: Going abroad for studies is a good time for you to come off your shell and experience some financial independence. Get a decent-paid part-time job through which you can ensure your personal expenses with your personal income instead of depending on your family for the same. This will help you realize the value of money and teach you to spend it according to your means. Many universities also have established part-time jobs for international students where they can work within the university.
These money management tips while studying abroad can allow you to be more responsible and this is a good opportunity to learn how to spend money in a prudent fashion. For any additional doubts, our counselors at Transglobe can assist you more on other factors through which you can get optimized financial benefits. With the right plan and guidance at Transglobe, studying abroad without worrying about your finances is an achievable dream.