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Making the choice to study abroad is exciting. You are opening up a whole new world of opportunities and experiences that you would never have access to if you stayed in higher education close to home. While there is value in both routes, studying abroad is seen as a great way to expand your horizons and figure out what you actually want from life. However, it is especially important for people going down this road, that smart money management is a top priority. Here are some tips that will help you get things done properly.
Craft a Budget
You have likely heard of a budget before, but now that you are a student abroad, it’s even more essential that you create one. A budget details all of your financial obligations including incomings and outgoings. Incomings are the money you receive on a monthly or quarterly basis, and outgoings cover all the stuff that goes out of your account. This could be rent, phone bills, food, and recreational payments. It is time to make a plan and follow it strictly so you can stay involved in your money and learn to adapt.
Open a Local Bank Account
When you have everything confirmed, including residence agreements, it is time to think about opening a local bank account. Many banks will offer specialist accounts for students, and it will always be easy to research what is the best option for your particular trajectory online. It will make managing life simpler and reduce any fees you might face for using your regular account abroad.
Research the Best Way to Receive Funds from Home
It is so common for students to get financial help from parents or family members. That is why you need to know how they can use certain platforms to send money online directly to you quickly and conveniently. Money transfer apps are the way forward for this purpose, and it avoids costly fees, long wait periods, and any other complications like human error along the way.
When you have crafted your budget, make sure you stick with it. There is always room for a little flexibility, but in general, your priority bills should never be left behind. These are things like rent and any other energy bills you might have and are absolutely non-negotiable. Learning how to manage money means knowing what to prioritize and when, and this all comes down to spending wisely. If you know things might be tight this month, shop smartly and go out less.
Consider a Part-Time Job
You can always boost your monthly income through a part-time job. The benefits here are that you will earn money, meet new people, get more experience, and create a better routine for your daily life, which will increase productivity and engagement with your studies. You also learn about money-making apps, that would allow you to add to your existing income without a lot of effort.
Switch Your Phone Tariff
Lastly, don’t forget to switch your phone provider if you are going to be studying away for any significant period, for instance, three months to a year. There will be penalties if you don’t.
International students should always look after their money and make smart decisions wherever possible. There is a lot of fun to be had, but it is time to get a little bit serious too.
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