Many students look forward to studying abroad and the surprises it entails. However, the high costs of studying overseas may still come as a shock to most.
During your first year as a student, it is necessary to anticipate the costs of your studies. Money management must start as soon as you land in your host country.
As a first-year international student, it’s vital to have full control over your funds. This practice fosters discipline that allows you to avoid impulse spending. Moreover, it also pushes you to save more in case of emergencies.
Here are some of the tips on managing your money during your first year of studying abroad:
Find Another Stream of Income
The best financial lesson you can get is to experience generating income from your own labor. Knowing how taxing it is to work may enthuse you to become more responsible with your money.
When you think of money as an outcome of your hard work, it would be harder to spend it. You’ll be more cautious of your spending habits with the thought of long work hours in your head.
You can take a part-time job or sell your craft online to get more income. With extra cash at hand, you’ll sleep soundly at night knowing you’re secure for the next few days.
Consider Opening Various Types of Bank Accounts
Different bank accounts offer different services and perks. For example, some savings accounts allow you to store money. There are also foreign exchange bank accounts for savings in foreign currencies.
Each type has specific terms, conditions, and fees. You can choose to open a savings bank account, so you can earn interest while keeping your money. To make online purchases, you can opt to open a mobile bank account with low transaction fees.
Make Your Financial Goals Realistic
If you want to achieve certain financial goals, make sure that it is attainable. You must consider your study and living expenses to build more realistic goals.
For example, maybe you want to save $100 every month. But your monthly budget is only $300. Once you reduce your expenses for meals and rent, you may only have less than $100 left. So saving $100 every month is impossible for you unless you reduce the costs of other expenses.
You can use our guide to creating a realistic monthly budget to achieve your financial goals. Don’t forget to make your estimates as close as possible for better calculations.
Take Advantage of Student Discounts
It’s rare to stumble upon free things during your stay but you can definitely buy items for cheaper. Using your student status to get discounts can help you get items less than the original retail price.
Most outlet stores from international brands like Zara, H&M, and Nike offer discounts. Make sure to also bring proof of your student status when you go shopping.
You can also get an ISIC to get discounts on thousands of products and services. You can get perks in meals, accommodation, traveling, and more.
Money management must start as soon as possible for international students. Want to find more stories related to first-year international students? Browse through MSM Unify’s resources and find more blogs that can help you stay overseas.