15 Ways to Manage Money While Studying Abroad !
Studying abroad has its advantages and disadvantages. Of course, it is a great opportunity for one to study in a reputed college abroad. Despite all the impatience and anticipation, studying abroad requires a high financial investment.
The experience is expensive and exciting at the same time. While studying abroad, managing personal finances is one of the most difficult experiences you will face. Being in a new country with a different currency, financial system and prices can be problematic.
Without a doubt, study abroad will help you grow as a person and fulfill your lifelong dreams. However, you need to learn the art of managing your finances. Here are some helpful tips on how to manage your personal finances while studying abroad.
It's always better to have more money than too little, right? Many students end up spending a lot of money and struggling to make ends meet during their studies and often lose their entire college experience. So, here are 15 ways you can manage your money while studying abroad. Let's handle it!
Student Identity Card
One of the benefits of studying abroad is the endless list of coupons and discounts you can get. Whether it's a restaurant, transportation, movie theater, shop, grocery store, or even a local event, showing your student card can save you a lot of money. So try to get your student ID as soon as you enter university in uk.
You must have and stick to a monthly budget. If possible, try to save a little so you can sprinkle it over time. Most students end up spending their money when they first arrive in a new country, although you'll need additional funds to settle in early, try to adjust, and stay on budget for the first two months.
Cost of Living
Rent usually takes up a large part of your budget, whether you live on-campus or off-campus. Each option has its pros and cons, so see which one works best for you. And if you decide to live outside, consider moving in with a roommate to save money. Find out about available and accessible off-campus locations with our value-added services for student residences. Some other things to consider are your utility bills and groceries.
You'll probably find that adding up all your restaurant and home bills will bring you a few thousand dollars a month. Eating out is expensive, especially if you eat out every meal. And given America's top culture, it's better to cook your food at home. It costs half and is better for your health. Also, try to cash in on some of the student offerings when dining out.
Set a Budget
Budgeting is one of the most important steps in money management for Studying Abroad. However, make sure you make a daily and weekly budget. Take into account all your expenses so as not to end up with unexpected expenses.
Come on Smart
It will be useful if you do this calculation to keep track of your budget. Prioritize your basic need over what you desire. Also, try to include recreational and entertainment activities in your budget.
As an Overseas Education Consultancy, we guide you on the creation of a budget and expenses for your education.
Apart from setting a budget, the next important step is securing local bank accounts. Your International Development Program Advisor (IDP) can assist you with any information you need about the bank account at your destination.
As services vary from bank to bank, make sure you choose a local bank that offers outstanding student benefits. Also, make sure that banks do not charge high fees for international transfers.
No doubt studying abroad is associated with enormous costs. However, with smart planning, anyone can survive and study abroad. First, you need to know what you want and what you need. You can do this by creating a priority list.
Look for ways to save money and make sure you use them wisely. In addition, you can reduce your daily expenses by:
Shopping While on Sale
Join the library
Get a Student Discount Card
Keep your Credit Strong
If you study and live abroad with bad credit and significant debt, you are bound to face the consequences of bad credit. There are many ways that bad credit can affect you overseas.
For example, getting a loan can be a challenge when you have a bad credit history. In addition, your public archives are at risk. In the UK, a bankruptcy claim will remain on your credit report for at least ten years. Maintain a strong credit rating and research how to maintain a UK-based rating, loan, and credit card account. Be sure to talk to your lender to learn about possible options.
Understand that you Need a New Debit Card
Most debit cards may not work in UK and Ireland, especially those without EMV chips, which avoids the risk of fraud. In addition, some debit cards only work at certain ATMs.
If you don't have an EMV chip debit card yet, contact your bank to see if you can get one.
Use Cheap Phone Service
When studying abroad, it is important to call both overseas and locally. If you're not careful, your bill can add up quickly. While there are apps like Skype, Zoom, WhatsApp, and Google Duo already available online, these apps require WiFi or cellular data, which may not be available.
However, consider taking advantage of affordable phone service to save some money. You will be amazed at how much money you can save on your international calls.
Try to limit taxi rides to what is needed as it will cost you a lot. If you live on or near campus, consider cycling. Also, take advantage of the public transport network which is very convenient, you can sign up for a bus or subway card if you travel a lot.
Do a little research and find the phone or broadband plan that works best for you. There's a good chance you'll end up paying for some supplements you don't need, so try to get rid of them. All the months added together can save quite a bit of money.
Find out the Exchange Rate
The exchange rate tells you how much it would cost, for example in US dollars, at no cost. Use a currency converter to compare currencies. Keep in mind that prices may vary. That way, you may not know exactly how much it will cost overseas.
Local bank AC / Education Loan for Study Abroad
Sending money from Indians to foreign banks from time to time can cost a large part of your money as transaction fees on both ends. One of the first things you will need to do is open a local bank account, preferably one associated with your college. Also, follow exchange rates carefully to find the best time to transfer money. An educational loan will be very supportive of your educational fees. Consider the interest rate before applying for an educational loan.
Find out in advance whether you qualify for financial aid or scholarships. In addition, in addition to first-time scholarships, some universities offer scholarships to the best students in the form of money or grants aimed at making the best in school so that it is considered the award. Apart from training, the cost of books and materials is also significant, so try looking for used books or online at Amazon, Chegg, etc. It's even better to sign up for a library.
Medical bills are quite expensive in countries like the UK. So, if you study there, don't hesitate to spend enough on health insurance. You never know when you will get sick, as small as the flu or as big as the global pandemic, also known as the coronavirus.
As a student, you can take a part-time job, but make sure it doesn't get in the way of your studies. Most colleges have on-campus jobs, so check with the university office for vacancies. You can also take on a freelance project or invest your savings to build an additional source of income.
Consider seeking a part-time job as a virtual assistant while studying abroad. The money you make here can help you buy academic materials and pay for tuition. You can also use the money to slowly repay your loan.
We as Overseas Education Consultants, help you to get a part-time job opportunity along with your education.
The question that is emphasized and asked by every student when studying abroad is saving while studying abroad. The tips above can help you manage your finances in the best possible way. Remember to stay focused and disciplined so that your days are smooth and stress-free while studying abroad. We as Overseas education