Studying Abroad is a lifetime experience and I recommend every student to feel this amazing experience once in the life.
We all know Abroad is full of opportunities and one can easily make money by going abroad.
That’s the fact…
But at the same time, you also learn to manage finance/money. Money management is equally important as earning money.
If you’re a student going abroad or already studying abroad. This post is for you. I will give you 5 best tips on how to improve your money management when studying abroad.
So you can save your exciting weekend by not sitting at home due to lack of money and also by avoiding distressful situations such as borrowing money!
So let’s see the 5 money management tips.
This is probably the most important money management tip.
First, write down your monthly expense on a paper. Write down all the expense such as food cost, bills, toiletries, books, internet, cell phone expense, study material, etc.
Now sum it up (the whole month expense) and simply split it into weeks. Just divide the whole monthly budget by 4.
So now you have the amount you need to spend in 7 days. You know your limits. Knowing budget limits is very important when you’re staying abroad.
Stick to you’re allowance and soon you will get habitual of living on your budget.
The world’s currency depends on US dollar. So you can save a lot by keeping a close eye on the American dollar.
Your home currency will increase or decrease in relation to US dollar.
So keep a close eye on it and if you think you are getting good exchange rate. Transfer more money over sooner.
You can keep the eye on currency rate through Google Currency Converter.
Being a foreigner has its advantages but one of the biggest disadvantage is getting ripped off by the local merchants.
As you all know, all countries have different buying and selling culture.
So when you’re spending money in abroad. You first understand their country, their people, their tradition. That will help you in effective money management.
You have to become good negotiator and bargainer. You have to acquaint yourself with a local people and ask for preferred local shops and services located outside of big malls and shopping center.
You can also check open markets for grocery.
When you travel abroad take maximum advantage of your student I.D.
You will get a discount on transportation…
Whether it is public transportation in the city, airfare or trains, try to book tickets in advance to save money with peak-off travel.
Also, consider comparing prices online…
When you are abroad you have to shop and spend money very wisely. You have to become very calculative when it comes to spending money.
You should think twice or thrice before buying anything. If it’s important, you need to buy and you should buy. But before that, check the price on local supermarket and local stores as well.
Don’t forget to get all your vitamins and eat well. Consider cooking at home instead of eating out and in the college cafeteria. You can consider buying things in bulk and splitting it with your roommates and friends.
These small strategies will save lots of your money. Give it a try.
So this was all about 5 essential money management tips for Students Living Abroad.
Do you have any other money management tip to share with students living abroad? OR do you have any question about living expenses for international students?
Do let us know in the comments below.
You can also contact us here and ask us your queries/questions regarding money management tips while studying abroad. We will be happy to help you out.
In the meanwhile, consider sharing this post with your social media friends on Facebook, Google Plus, and Twitter…! We will appreciate your help 🙂