10 Financial Planning Tips & Tricks for Studying Aboard.
Budgeting while studying abroad can be challenging for an international student but with proper planning and insights, one can ensure that their finances cover essential expenses and even leave some spare money for emergencies.
Staring on a journey overseas is a wonderful opportunity, but it also presents a unique set of difficulties, particularly when it comes to handling money while living abroad. Effective money management is essential to guarantee a seamless and pleasurable experience, from currency conversion to budgeting and comprehending local banking systems. In this article, we will cover important financial topics that will be helpful for anyone living or planning to go overseas.
1. Research and Planning:
Before one sets foot in a new country, it’s imperative to research and plan their finances accordingly. One needs to understand local currency and become familiarized with the currency used as well as the exchange rate. It is also important to keep track of fluctuations to optimize currency exchange timings.
2. Create a Budget:
One should estimate their daily, weekly, and monthly expenses. Also, it is necessary to consider accommodation, transportation, food, and entertainment expenses so a realistic budget can help one to control their spending.
3. Get yourself a Local Bank Account:
Prioritize obtaining a local bank account as it is the initial financial step when settling in a new country. Consider opening a bank account with an international presence as it can reduce transaction fees and provide easier access to funds. A tip over here: try to find out about the transaction fees and choose a card with minimal or no fees.
4. Bear in mind the necessity of budgeting:
Budgeting is very important and one needs to evaluate their financial status and create a rational budget that includes necessities like study material, utilities, groceries, data fees, transportation, and travel each month. Also, it is wise to get money for unanticipated events or emergencies.
5. Smart Approach:
Though studying abroad can be costly, through strategic planning it can be managed more easily. It is advisable to differentiate between your needs and wants by creating a priority list. One can also explore the ways to save and use money wisely. So for that, one should cut down on daily expenses with smart and straightforward tactics such as:
• Sharing accommodation.
• Acquiring student discount cards.
• Opting for used books or digital copies.
• Joining a library.
• Shopping during sales.
• Purchases from the community store.
6. Uphold Lifestyle:
Consider getting a job to support lifestyle. In some countries, students are allowed to work up to 20 hours a week during term-time and full-time during term breaks. One of the factors to be considered while searching for a job is to check whether one can work with a student visa or not.
7. Currency Exchange:
Before exchanging money, it is necessary to compare rates from different sources, including banks, currency exchange offices, and ATMs. Moreover, one should use ATMs wisely as they often offer better exchange rates however must be cautious of transaction fees. It is recommended to withdraw larger amounts to minimize the frequency of withdrawals.
8. Emergency Fund and Insurance:
Maintaining emergency funds will provide a financial buffer for unexpected expenses. Additionally, investing in comprehensive travel insurance will help to cover health emergencies, trip cancellations, and lost or stolen belongings – it will be beneficial as it ensures that one is financially protected in unforeseen circumstances.
9. Take advantage of the Student Card:
Obtaining a student card early will support student status as it can open doors to discounts in shops, restaurants, movie theatres, transportation, and various cultural events. Also, one should have a look at numerous websites that offer noteworthy discounts on events and shopping.
10. Learn to Cook:
Why not? Buy fresh ingredients to cook at home. Trust us, one can easily save about 30% – 50% of the food budget with this! If there is a time shortage, one can cook in large portions and save it in the fridge; reheat and have it later so they don’t have to cook daily.
Living abroad can be challenging in terms of spending money, but if managed well it is surely worth it! Studying in nations like the UK, US, Canada, and Australia, will give endless opportunities to study, work, and upgrade your lifestyle. If you looking forward to studying at a university overseas, get in touch with international education experts at Focus Education, who will help with the course and university selection and end-to-end admission process.
