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Money Tips for Students Studying Abroad

Posted by admissify on October 23rd, 2019

Indian students who are planning to study abroad in order to complete their higher education or those who are already studying abroad, money plays a very important role. Due to the difference between the currency rates of 2 different countries, studying abroad as well as staying abroad becomes very expensive for Indian students. While studying abroad, not only your tuition fee is expensive but there are many other expenses which come under highlight while you stay abroad. Even overseas accommodation is very expensive. Therefore, money management plays a very important role while you study abroad.  If you are going overseas as a fresher or you are a seasonal student who is facing difficulties regarding managing the money while studying abroad, then this article is just for you as the main motive of this article is to give you few tips which will help you and guide you through managing your money and spending it correctly while staying abroad.

  1. Plan your Budget accordingly

A great tip one can advise you while you study abroad plans your budget correctly and accurately. Setting the right budget while studying abroad can help you a lot in your money management process. You should make a proper list of your necessary expenses such as rent, food and other utilities. After listing all the necessary expenses, keep some amount of cash aside for your miscellaneous expenses such as Transport, books, etc because being a fresher, you must be not well aware of the exact amount required for each miscellaneous expense. After you made the budget of all the necessary expenses, now you plan out how much you can spend on entertainment. It's important to clear all your fixed and important costs first, as it allows you to allocate the amount between the other expenses.

  1. Smart Banking

Another very important money management tip while studying abroad is smart banking. Setting up a bank account in the country you are willing to study is the most crucial step towards you economic sustainability. For Smart Banking, Check that your bank has a local branch or a partner and the conditions under which they work together. If in case, your bank does not operate in the country you are studying, then you would need ATM in order to access your funds during your stay in abroad. If you use ATM, a cancellation charge and a proportion of the amount you cancel will be paid, so opening your local savings office and transferring money through it would be less costly. Online banking can help you maintain an account and balance of your transactions. Online banking allows you to transfer all the required funds without additional costs. If you use a debit card, it is easy to monitor the payment you have received.

  1. Spend like a Local Citizen

While staying abroad, you must be not well aware of the best prices of the products you would like to buy. For such situation, get in touch with some local citizen in order to find out the best deals. You must be well aware of the fact that prices of products which you get in a local market will be much cheaper as compared to the malls. So prefer shopping from local markets because you will get great deals and many interesting products. In the first months of your stay abroad, it is advised that you should spend as much less as you can, so you can see how much money you spend and save. It is also a good idea to apply some self-observation to take a look at your expenditure habits.

  1. Part-Time Jobs

If you are financially strong, then you are not required to work part-time but if in case due to some reason you are financially weak and need to earn extra money in order to spend on your expenses while studying abroad, the part-time is just for you. It may interest you that while studying abroad, you are permitted to work part-time in order to earn money while studying abroad. A number of universities allow you to work either on-campus or off-campus during your stay abroad. A part-time job has its own significance in a student’s life as it allows a student to cover his/her tuition fee and living accommodation. It enables students to get acquainted with the foreign culture. It also builds confidence level in a student who is working in a foreign country. The listing below is some of the jobs among which you can choose in order to earn some extra cash.

  • Driver
  • Waiter
  • Library Assistant
  • Translator
  • Retail Shop Assistant
  • Home Delivery and many more

For more helpful and informative tips about money management during your stay abroad, contact Admissify or download the app free. Admissify is a first of its kind Premium International Education Consultant and service provider, delivering a uniquely interactive and fully comprehensive student admission experience. Admissify is a UK & India based company with offices in London, Boston, Hanover, Vancouver, Sydney & across India. Our international presence allows us to provide in-country support post- arrival, including internship assistance & immigration or job services.

Also See: Studying Abroad, Study Abroad, Stay Abroad, Money Management, Studying, Money, Abroad

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