Managing Finances Overseas

Studying abroad can be a wonderful experience for a student. It gives them a great opportunity to experience a different education system, see new places and meet new people. Every student needs to learn as much as possible from their stay abroad, not just in terms of studying, but also aspects like time and fund management. 

The first thing to do is make a budget and most importantly, adhere to it as closely as you can. But some factors are beyond our control. The tuition fee, for example, is a factor where the student has no say. But to overcome this situation, students can make fee payments each semester, if the university allows it. However, it is also wise to remember that universities offer a small discount if the entire course fee is paid up front. 

Part-time jobs can also help students take care of some expenses. Most countries allow international students to work part-time, but it is important to ensure that it is permitted in the student visa. International students are allowed to work part-time on campus (and in certain cases, off-campus also) during their term and full-time during holidays and long breaks. 

Sharing your accommodation with more number of people can also help reduce your expenses. Rent, gas, electricity, and water bills can be split equally between all the residents so that the burden is not borne by only one person.

Students can also avail of student discounts, especially on public transport to lessen their day-to-day costs. 

One of the major expenses that students have to take care of is food. Although it is true that eating out and savouring local food is a great way to experience a new country and culture, students can save a lot by cooking their meals. Apart from reducing costs, it is also a simple way of keeping healthy.

Books are another article that students have to shell out a lot of money for. An easy way of saving money here is to buy books at second-hand stores or from your seniors. 

A simple step to cut costs is to buy necessary items at discounted rates in grocery/department stores. You can also buy utilities/groceries in bulk to help cut costs.

Managing your finances while studying abroad is an essential aspect of the study abroad experience. Here are some tips to help you manage your finances effectively:

Create a budget: Before you go, create a budget that includes all your expenses, such as tuition fees, accommodation, food, transportation, and entertainment. Determine your income sources, such as scholarships, grants, part-time jobs, or savings. Track your spending to ensure you are sticking to your budget.

Research the cost of living: Research the cost of living in your destination country, including accommodation, food, transportation, and other expenses. Understanding the cost of living can help you plan your budget more effectively.

Use a local bank account: Open a local bank account to manage your finances while studying abroad. This can help you avoid international transaction fees and currency exchange charges. Research banking options and choose a bank that offers services that suit your needs.

Look for scholarships and grants: Look for scholarships and grants that can help cover your expenses while studying abroad. Research scholarship opportunities, both from the university and external organizations.

Part-time jobs: Consider working part-time while studying abroad to earn some extra money. Check the regulations regarding working as a student in your destination country and get a work permit if required.

Save on transportation: Use public transportation, such as buses or trains, to save money on transportation costs. Purchase monthly passes, if available, to save money on transportation expenses.

Cook your meals: Eating out can be expensive, so try to cook your meals to save money on food expenses. Look for local markets to purchase fresh produce and ingredients.

By following these tips, you can manage your finances effectively while studying abroad and make the most of your study abroad experience. Living alone abroad teaches you essential skills for managing personal finances. While it is exciting to lead an independent life, it also makes you financially responsible. It is the onus of the students to find a way to cut down expenses and make the best of what they have.