We’re back with a crucial matter (of course it’s crucial-it’s your money). With countries like the US, UK, Canada and Australia emerging as educational hotspots with marvellous universities, more and more students are looking to pursue their education abroad. It can be tough to manage your finances as an international student, in a whole new country. However, with some budgeting and planning, you will not only have enough money for utilities and other expenditure but also for a ‘treat yourself better’ spree!
While studying abroad, not only do you receive a global experience, but the post-study job offers get you some big bucks, with graduate salaries around the $100,000 mark. But all things aside, it’s studying abroad is undoubted, a costly endeavour.
It’s always better to have extra money than too little, right? Many students end up spending too much and struggling to make ends meet while at university, and often miss out on the whole living abroad experience. So, we’re here with some ways to help you manage your funds and live a stress-free life while studying abroad!
Let’s get right into it.
Open a local bank account
First things first. Setting up a bank account in your new country is the primary step to your financial survival. Your OSI Counselor can help you with information on the leading bank accounts in your destination so you can make a well-informed decision. Since services vary from bank to bank, ensure you choose the one with maximum benefits for students and do not levy heavy charges for international bank transfers.
Budget it out!
We repeat, BUDGET IT OUT. It is important to be aware of your current financial status and create a practical budget plan. Make sure you include factors like monthly rent, utility bills, grocery, transportation, data charges, recreation, study material and travel in it. It is a wise idea to save some amount each month for unexpected situations or emergencies.
Make a ‘Priority List
Be as smart as you can. But remember, that it is always better to be wise than to be smart. Understand what your need and what you want, and the best way to do that is by making a priority list. Find ways to save your money and use it smartly. You can also reduce your daily expenditure with simple ways like:
- Sharing accommodation
- Get student discount cards
- Buy used books or digital copies
- Join a library
- Get passes for local transport
- Shop during sales
- Purchase from thrift and community stores
Work to support yourself!
Just check if your student visa permits you to work and find a job accordingly. This additional income can help you manage your expenses well besides adding to your workforce skills. You can find part-time jobs on campus, malls, restaurants, food joints, supermarkets, etc.
Learn to cook
Cut down on eating outside and buy fresh ingredients to cook at home. Trust us, you will save about 30% – 50% of your food budget with this! If you have less time, cook in large portions and save it in the fridge; reheat and have later so you don’t have to cook daily.
Every destination is loaded with amazing places to explore and have fun at, and believe it or not, most of them come free or at nominal costs. Look up for such places, make a group, and go exploring!
Having planned your activities and being a tad careful can save you a lot of money. Good luck!
OSI Study & Immigration Consultants are on the journey to help you make your dreams come true, since 2008. From admissions to receiving your visa, we’re here for it all!
For more information and guidance on study abroad and immigration, call: 1800-8-902-209.