How to Manage Your Finances while Studying Abroad?
Every year there are thousands of college students travelling to foreign countries to pursue higher studies and fulfil their dreams. Studying abroad can be one of the most valuable experiences in a students’ lifetime. However, many of them overlook one important factor of their journey – “Managing Money“. Living expense abroad varies from place to place and keeping track of this is the hard. The bulk of your daily expenses can range from accommodation, transportation, food, entertainment etc.
Here are a few pointers which will help in keeping your money in check and make your university life smoother.
• Planning – The future can never be predicted. Make a list of your daily activities. This will help you understand where to allot your finances. Starting a savings account and setting aside some money a few months before leaving for college will be beneficial to understanding and handling your own money.
Creating a Budget – Budgeting reduces the risk of overspending. Creating a monthly budget and sticking to it is the wisest way of financial management. Write down the gross amount of all the basic necessities – food, transportation cost, rent, books, study materials, and mobile recharge cards. Note down a fixed amount for additional expenditure like entertainment activities: – Movies, friend hangouts, parties. Our counsellors at Intelligent Partners have a very good idea on how much will be needed for your stay.
• Getting a Part time job – All universities do not permit their students to work. Students studying in universities which do permit them to work should take the opportunity to work on and off campus and earn sufficient funds and experience for their personal expenditure. Co-op programs are an excellent way to gain experience and earn money. Talk to Intelligent Partner counsellors for the colleges and universities that offer Co-op programs.
• Shop Wisely – It is important to stay healthy and eat well. Explore and make a note of all affordable moderate price based restaurants and cafeterias in your area. Cooking at home is another good money-saving option. This is a good opportunity to learn how to cook your favourite dishes. Always research and look out for student discounts and student concessions provided for certain services like public transport, restaurants etc.
• Knowing the Current Exchange rate – Keeping a track of the current exchange rate will help you save in the long run.
Do you have any other money saving tips in your mind? If yes, please do share with us in the comments section below.
Book an appointment for a Pre – Departure with our counsellors who talk about managing money and other issues you need to be aware of.
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