How to Manage Finances When Studying Abroad?

Going to study abroad soon? Here’re all you need to know about saving and managing money overseas!

  •  Open a local savings account

As soon as you land in your study destination overseas, the first task you should do is to open a student account or a savings account in a local bank. By opening a local bank account, you can enjoy a variety of discounts at restaurants, movies and stores. Another benefit of having a local account is, you can also earn some savings by keeping your money in a bank.

local savings account

  • Avail discounts on student IDs

International students get extra benefits with their students’ cards at some local stores, restaurants and entertainment outlets. You can use your student ID card provided by the university or college avail discounted rates at movie tickets, books, shops and more. Remember, don’t feel shy to ask for a discount, there’s nothing wrong in being protective of your spending’s.

student id education

  • Share and Split

Don’t take the burden of expenses on your shoulders alone. Share your stuff with a friend and split costs. If you are living alone outside of your college, get a roommate or share a cab with a friend going the same way.  Do keep in mind that splitting purchases isn’t the same as being a sponge, don’t let your friend pay for you always.

  • Save on transportation

Transportation costs can also be a huge reason behind financial constraints. You can travel using public transport, use inter-city buses, travel on a bike or take a walk if you live close to your university.

Save transportation education

  • Cook your own meals

Eating home-cooked food is a great way to save money. By cooking your own food, you can cut down extra spending on restaurant cooked food, plus you will not have to pay the restaurant taxes. Do keep in mind to buy fruits and vegetables from the local market instead of going to the supermarkets. The quality and freshness of the food will be the same at both the places, but, they will have a huge price difference.

  • Spend wisely on utilities

Don’t waste money on stuff you don’t really need. Impulse buying can really cost you a lot sometimes, which is why you should always make a list before you go shopping. Make sure you only purchase the necessary items, even when you are buying groceries to prevent yourself from overspending.

  •  Purchase the nearly new

You don’t actually need all the new stuff. Buy some second-hand things wherever possible. Be it used books, second-hand bike, a cell phone or electronic items. You can always save a lot by purchasing hand-down stuff.

Need help with studying abroad? Get FREE pre-departure support from international education specialists in your city!

Want to study abroad? Attend IDP’s free study abroad education fair in India and get a chance to meet with representatives of top universities in Canada, the UK, the USA, New Zealand, and Ireland.

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