International students usually experience difficulty managing finance abroad. However, with some right planning and tips you can easily manage finances to an extent. This article will give you important tips that you can follow if you are a student studying abroad or planning to study abroad.
Open an account in your local bank branch
Financial survival begins with setting up a bank account in your destination country’s local branch. There are a lot of banks which provide different kinds of services. You must choose the one that is best suited for an international student. In this case, the bank might not be charging too much for international money transfers.
You can make direct transfers for bills like phone bills, rent, and utility payments using a local student bank account. Likewise, you will be able to pick up your paychecks straight from paid internships or part-time jobs. The scholarship award cash is deposited straight into your account if you are the recipient. Additionally, your sponsors or family can easily transfer your tuition fees or other funds to this account.
You can take a current account for expenditure while using a savings account for saving monthly. Please take a note on the minimum balance required if you are opening a savings account with the local bank.
Check currency exchange rates
Pay attention to currency exchange rates if you need to transfer money from your home country to your study location or the other way around. Selecting the best time to send money is crucial, and you should think about using banks or reliable internet sites with affordable rates. It's important to keep in mind that currency rates keep changing, so do some research before doing any transactions. People can make well-informed decisions about money transfers between their home country and their study location by keeping a close eye on currency exchange rates.
Create a budget
The cost of living can largely depend on the location, type of accommodation, and your lifestyle choices. As you reach the new country, understand and list out the expenses that you had for the first month. Before the next month begins, list out all the expenses you need to incur for next month based on what you have calculated before. This can include your rent, groceries, electricity bill, gas bill, transportation charges, books, entertainment, etc. Also, make sure to save some money regularly for emergencies or unexpected situations.
Don’t forget discounts & benefits
Wherever you go, take your student ID card along with you. You can take advantage of your ID in cinemas, museums, restaurants, transportation, and events. You must also check supermarkets for bulk discounts. In addition to this, furniture of appliances can be purchased from second-hand stores or online listings. Buy from a reliable place and get huge benefits. You may save a lot of money with student discounts on everything from books and coffee shops to public transportation and lodging costs.
Cook your own food
It is no wonder that restaurants and cafes are generally expensive everywhere. You can save up to 30% if you cook your own meals, not only is this affordable but very healthy too. Buy groceries by comparing prices, cook in bulk, and store not so easily spoilable food in freezers. Try eating out occasionally for a change, but otherwise cook for yourself and enjoy. Check new recipes of local food and try making those too.
Plan smart
If you look around and do some research you will understand that there are a lot of benefits you can take advantage of. You can save a little money from each smart planning tip given:
• Share your accommodation with a friend to save money on almost everything by half
• Get student discount cards to avail benefits at many places
• Join a library
• Buy second-hand books or soft copies
• Don’t forget to shop during sales!
• Get a local transport pass
• Buy a bike if your college is nearby so that you can save on transportation cost
• Use public transport for travelling
• Apply for eligible scholarships
Search for a part-time job
When expenses are hard to meet and savings is not even a consideration, a part-time job will come to the rescue. As an international student, having a part-time job is not only for making some money but also to learn a new lifestyle, to be proud of some self-support, to make some connections, and something to do when you are literally bored.
Some of the most common part-time jobs you can do abroad are:
• Tutoring
• Freelance writing
• Job at retail stores
• Restaurant server
• Library associate
• Barista
• Babysitter, etc
Explore your new place
While this sounds an expensive activity to do, don’t miss out on free things to do in your place! Many countries have museums, parks, events, galleries, exhibitions, and many other entertainment activities for which you pay nothing to visit, yes absolutely free. Research about these and enjoy your free time with free access.
Yet another important aspect when you travel to a new country is to apply for as many scholarships for international students as possible.
In general, the expenses you will need to meet will largely depend on your lifestyle. However, the tips mentioned can help you to meet your cost of living efficiently. Don’t worry too much about your finances, plan well accordingly and enjoy your time being in a new country, knowing new people, trying new things, understanding a new culture, and carry all your experiences to cherish for a lifetime.
If you have more to ask and more to know, we can help you. We are study abroad consultants in Kochi, Kerala who can assist you with everything from processing your application to settling you safely abroad. Reach out to our expert consultants to clarify any doubts regarding overseas education.