Money Management During Studying Abroad

With the flourish and universities and attractive packages at the offer. Studying abroad is gaining popularity day by day. One in three students wants to study abroad. For all the right reasons. Better lifestyle better education better exposure to better-earning opportunities and better healthcare. Name it and you have it all. Why wouldn’t you want to study abroad? Lack of funds? Money Management ? During Studying Abroad? Don’t let that deter you from entering your dream B school. You can get scholarships. Although studying abroad is not a piece of cake and you must have efficient funds to finance your life there.

You are reading the correct blog if you want to know a few efficient ways to manage your money by studying abroad.

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1. Student Pass

Unlike developing countries, developed countries have a great policy of student pass. There are innumerable perks of being a student. All you need is a college ID to get yourself is counted at several places. Namely, restaurants, transport, shops, cinemas, grocery stores or even local events. Se studying broad plans will not go to waste now.

2. Monthly budget

if you are planning to study abroad or actually studying abroad it is of utmost importance for you to have your monthly budget planned. It is always better to save a little or keep a little money aside for emergency cases. splurging money might be very tempting however you must try to inculcate the habit of saving money from now, especially for studying abroad.

3. Living expenses

It doesn’t matter if you live on campus or off-campus rent will eat up a major budget of yours. It is quite inevitable. However, you always have an option of room sharing. In case you have decided to stay off-campus consider getting yourself a roommate or a number of roommates. This way you will save a lot of money.

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4. Food

Just like that food is also an inevitable part of your life. Sure you can segregate food into a healthy and fast food or junks. Unlike India or any other developing country the pricing of foods different in developed countries. more natural foods like fruits and vegetables that are high in calcium protein and vitamins have higher prices than normal package foods. So if you want your matcha tea, consider making it on your own at your house instead of getting it from Starbucks.

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5. Travel

Just like food and travel is also an imperative part of your life especially when you are studying abroad. You cannot eliminate it. You can pay monthly using your student pass here. Aur uses a bicycle for going to nearby places.

6. Phone plan

You must consider choosing a phone plan wisely after doing your research. there is a high possibility that you are paying for a lot of add ons that you may not even require. Consider these things and cut down on them. this way you will be able to save a lot of money when you add up the months.

7. Local bank account

In this case, you must always have an eye on the exchange rates. And choose a day where the rates are lower to transfer your funds. transfer your fun especially while studying abroad can be a costly affair. So you must choose your date wisely. Also, consider getting yourself registered at a local bank especially the one that your college has ties with. This way you will be able to save a lot of money.

8. College costs

When you studying abroad one of the major pros is that of being a student. Since books and materials are expensive there, try to get your hands on online books especially those that are available on Amazon, Chegg, etc. Second-hand books are also a good option. Since this is an inevitable part of your life, you may not be able to save a lot but if you follow these steps you might be saved a little.

9. Insurance

When you studying abroad you should definitely consider getting yourself good insurance. Try to use the same top money for this purpose. it can be defined for any illness, accident, ailment, disease or even a pandemic AKA Coronavirus.

10. Additional income

There is no taboo in the US or the UK for working as a waiter or a delivery boy. You should definitely consider getting a part-time job while studying abroad. You may also search for freelancing projects or even invest your savings in the stock market only if you are confident.

Studying abroad definitely might look like an expensive affair but with the correct approach and efficient ways of saving, you will definitely be successful in sustaining a good student life with sufficient funds.

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