There’s no doubt that an academic journey abroad is both an exhilarating and challenging experience. But, with strategic financing, you can make it a seamless and rewarding educational opportunity.
If you’ve recently moved abroad to pursue your higher education, keeping your finances in order will make you stress-free throughout your student journey. But how can you do so?
To find out its answer, continue reading this finance-specific blog post that will help you manage finances during your stay abroad.
1. Focus On How To Save Finances
The financial savings options are endless for international students. While studying abroad, you can save money on a wide array of expenses. Consider using public transportation to move around the city instead of private conveyance. Get special student discounts to save on educational costs.
If you go abroad for higher education, the option to apply for a scholarship is what can make you more stress-free and financially stable. Dine-outs regularly require a continuing source of income, so it’s best to buy some groceries and start cooking on your own.
2. Make Transactions of Large Sums
After successfully saving a solid amount of money, if you want to send a portion of this savings to your family back home, prioritize sending it in large sums. Before making a transfer, seek professional advice on how to send money international. You also should explore different money transfer platforms and services to choose the best one. For example, with Western Union, you can send money to over 200 countries around the world.
Sending money in smaller chunks repeatedly isn’t the wise move, as taxation and currency conversion rates continue to change. Always transfer large sums so that you only have to pay the fee once, saving you more money in the long run.
3. Find and Do a Part-Time Job
As an international student, dependence on your family or sponsor isn’t the right way to meet your everyday expenses. Be independent and try to manage finances on your own. One of the most effective ways to manage finances is to find a part-time job that will give you more than your expectations.
Explore different job openings relevant to your skills and abilities so you can find the one you think is best for you. Apart from your university hours, you can devote your time and effort to your part-time job and earn a handsome income.
Hence, meeting all the educational, basic, traveling, and other expenses without asking your parents and family will boost your self-confidence.
4. Set a Realistic Monthly Budget
Financial stability is directly linked to setting a realistic monthly budget. All you need to do is calculate your monthly income, including your scholarship amount, part-time job earnings, and financial aid you receive from your loved ones or local government.
The next step is to calculate the outgoings – which include food, toiletries, bills, tuition fee payments, accommodation, occasional treats, and funds for emergencies. This budgeting will help you lead a worry-free and fulfilling life abroad.
5. Strive to Spend Like Locals
A local is always aware of all the cheapest stores and best markets when it comes to buying cheap. Be connected with locals and observe them to find places where they shop, go to movies, and places where they enjoy exploring new things, etc.
Once you get to know what they do, their buying behaviors, their way of dealing with vendors, and much more, you will be able to shop wisely and save on expenses. In other words, you’ll start shopping and getting around places like locals.
