Tips to Budget Yourself When Studying Abroad

 

Countries like the US, UK, Australia, and Canada are coming to the fore as educational hotspots with world class universities. Studying abroad not only offers you a global experience, but the post-study job offers is lucrative. Studying abroad is an all encompassing phenomenon, with students travelling across countries, continents and oceans to get the best education possible. Studying overseas has innumerable benefits, from helping you seek a good job to enhancing your social life. Internationl education is an eccentric and highly rewarding experience that boosts your career, personal development and so much more. Thus a good deal of students opt pursuing education at an international destination.

But all pros considered, it’s an established fact that studying abroad is a costly venture. And not having a proper plan to maintain finances can pinch pennies to get by. However, studying abroad doesn’t have to cost a fortune – there are lots of smart money hacks for international students with some basic planning and understanding.

1. Get yourself a local bank account

One of the disadvatageous bits about studying abroad has to be the conversion and ATM fees to be paid. Setting up a bank account in your new country is the primary measure to your financial survival. It’s a smart idea to open an account in your new host country and get a credit or debit card to use.

2. Make Yourself a Spending Budget

In money management, crafting a budget is one of the most important steps. Plan out how much money you would want to let yourself shell out. Ensure to incorporate elements like monthly rent, utility bills, grocery, transportation, data charges, recreation, study material, and travel costs. Maintain a realistic budget (either typed out or otherwise). This will help you stay on track, as well as give precedence to things you really want to do versus things you could go without doing.

3. Engage in part-time jobs

In most of countries, you can work up to 20 hours per week and full-time during term breaks. Find a job in accordance whilst checking if your student visa permits you to work. Working alongside your studies can be a great way to earn some extra money and add to your workforce skills. Make sure your employemnt doesn’t overshadow your studies.

4. Avail a Student Pass

One perk of being a college student is the indefinite list of coupons and discounts you get. So, try to get hold of your student ID card (ISIC) as soon as you set your foot in the university. The ISIC card gives you UNESCO endorsed proof of your student status. The card gives an access to over 150,000 student discounts across 130 countries. This card will help you avail discounts on restaurants, shops, movie tickets, transportation and various cultural events.

5. Learn to cook

One of the highest costs for any student is food. When budgeting for food, the thumb rule is that it will turn out cheaper if you prepare your own meals. Use your ‘eating-out’ budget and buy fresh ingredients to cook at home.  Avoid relying on ready-made food as this will prove unsustainable in the long run, especially when you’re on a tight budget. One can save about 30% – 50% of one’s food budget with this.

6. Pick a city with a low cost of living

Generally, Asian countries have a fairly lower cost of living and have a number of magnificent educational institutions worth checking out. You can give your finances a boost from the get-go by choosing to study somewhere where the cost of day-to-day living is low.

7. Save on the basics

Take time to understand how to cut down your travel costs and make all the difference to your overall budget. Rent usually eats up a major portion of your budget, whether you’re living on campus or off. Each option has its own pros and cons, so see which works for you best. And if you’re choosing to live outside, consider moving in with a roommate to cut costs. Look for ways to save money and make sure to use it smartly. Cut down your daily expenses by: Shopping during sales, Joining a library, Using digital copies of books, Use affordable phone services, etc.

For further assistance or queries students can contact us, Edwise International, and avail of our wide range of services for students on destinations like Universities in Canada, study in Canada, study in UK, studyin Ireland, study in USA, study in New-Zealand, study in Australia, study inSingapore and many other countries.