Below are some tips on how to manage your finances while studying abroad:
Get yourself a local bank account
Probably the best way to properly manage your money is through local banks. Set up your bank account in your study destination. This will become a crucial step to surviving all the financial matters. Research what bank will be best for you. Of course, choose the one with the most benefits for students while not giving heavy charges for international transfers.
Budget it out
As a student, you are probably still dependent on your parents or taking a part-time job. You need to understand your financial current status and craft a budget plan accordingly. Organize your expenses like monthly rent, bills, groceries, study materials, tuition fees, transportation, and recreation. Try to budget it properly so that you will not worry if it did not go as planned.
Be smart and practical
Smart planning will help you survive your finances abroad. Be practical by creating a priority list, list down the things that you need and want. Save your money but do not starve yourself, just use it wisely. With simple ways listed below, you can lessen your daily costs:
- Sharing accommodation
- Splitting up bills payment
- Using student discount cards
- Buy second-hand books or consider digital copies
- Study in a library
- Shop during sales
- Get passes for transport
- Buy from local markets
Learn to cook
Cooking will help you save a lot of money. Instead of eating outside or taking out fast food, why not use or learn your cooking skills? You will not only save a lot but only ensure that you are eating fresh foods. This will save you about 30% to 50% of your food expenses.
Many countries accept students to work 20 hours per week maximum and full-time when the holidays come. Ask your counselor or research on this policy if you need to get a working visa, or a student visa will suffice. Working will give you money to support your study and living expenses aside from providing your skills and knowledge for your future career.
Use your student status
A student card has perks and benefits for students. So, get yourself one as early as you can. With this card, you can avail of discounts on shops, restaurants, transportation, events, and many more. Check if your country provides such benefits to international students.
Travel with your bike
Apart from saving you money from commuting, biking is a much healthier option. If your campus is close to your place, use your bike or walk instead.
Studying overseas is expensive. With smart planning and spending, you’ll handle these finances properly.
Worried about studying and living costs abroad? Read our other articles here at MSM Unify to learn more.