Money mistakes to avoid by Indian students studying Abroad

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Money, the matter of concern for every international student.  Importance of money is witnessed from cradle to the crypt. Indeed money plays a role of significance in every now and then of life. So, as an aspirant to study in abroad it is very crucial to plan your finance prudently.  We firmly believe in the saying, a penny saved is a penny earned. This article will help you to make less or zero mistakes while spending money and at the end of this article you will learn the art of getting the value of every cent or penny you spend.

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image source: www.forbes.com

Time Currency Exchange

We all know about the fluctuation of Indian currency with respect to foreign currency. The Indian INR has oscillated many a times during these past years. Sometimes it is high while sometimes it seems reasonable. Any fees in abroad is a huge amount of money when translated. The catch is you can save a large extent of money if you time the currency chart carefully. At the end of the day the concerns revolve around saving money.

 

Fund Transfers

You need to be very careful while making these transfers because these are international transactions which you will be making. If you make any mistake, then reverting these transactions can be a painstaking thing. So to avoid frustration fill information carefully and accurately. A thing twice checked is better and thrice is less to make errors. Fill beneficiaries, IBAN number, Swift code, address as well as your candidate number very carefully. You do not want to engage in unwanted or unnecessary chaos, right? So follow this rule.

 

Bank Account and Insurance

As you reach your host country, first thing you will face is student’s orientation program. The main things the university will stress upon is getting insurance and opening a local bank account. Opening a bank account is certainly beneficial. It simplifies all the foreign transaction. It will cost you less if you execute your transaction from a foreign bank. Also if you get a part-time job there then salary can be immediately transferred into your account. A medical emergency can happen to anyone and anytime. Medical emergency will not make sure if you have money or not, it may just happen. So to save money at this time it is crucial to have a medical insurance. Many universities make it compulsory. The medical insurance from university covers almost every medical problem.

 

Use Credit Cards Wisely

You cannot resist buying things if you hold a credit card. The scheme ‘Buy Now, Pay Later’ seems awesome. You need to be little more careful when you make payments through credit card. Do not go beyond budget while making payments. Also inform your bank personnel when you are travelling out of city or country, the transaction outside the country may be considered as theft and you card may get blocked. Never use credit card to draw money from ATM. Also check the extra charge on using credit card while doing any payments.

 

Financial Aid

Unless you are a prince and princess of royal dynasty, a financial aid will always make your stay there better. Whether it is scholarship or bank loan, choose wisely. We have given a series of article on educational loan as well as Abroad Scholarships; you can find them and read thoroughly. Interest rate, tenure of loan, and other important things are very necessary to consider when applying for it. Same goes with scholarship. You must find the areas which will be covered by scholarship. Some provide you full scholarship, while some just pay your fees, while some are need based. Check them carefully while applying to anyone of it.

 

Additional Tip

The crucial part is managing the cost. Your favourite coffee in a famous café or a movie ticket, they all will cost you certainly more than what they cost in your home country. Try to spend less. Cook food, you will find it tastier than any expensive food. We have also posted an article ‘Managing costs while studying abroad’, you can definitely read that. That will equip you with some tricks to cut down cost of living during your stay. And for further queries, you can anytime contact us. We are always ready to help.