Frugal Living Student

Smart Money Management Tips for International Students

Pinterest LinkedIn Tumblr
Advertiser Disclosure

This blog post may contain references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services.

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. 

Spend Wisely

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.

Become an Insider

budget planner template printable

Subscribe to get a free daily budget planner printable to help get your money on track!

Make passive money the right way. No spam.

Editorial Disclaimer: The editorial content on this page is not provided by any of the companies mentioned and has not been endorsed by any of these entities. Opinions expressed here are author's alone

The content of this website is for informational purposes only and does not represent investment advice, or an offer or solicitation to buy or sell any security, investment, or product. Investors are encouraged to do their own due diligence, and, if necessary, consult professional advising before making any investment decisions. Investing involves a high degree of risk, and financial losses may occur.

Write for Us

FangWallet was created to make financial knowledge easy-to-read and accessible to the masses. Personal finance. Understood.

Write A Comment

Pin It