Studying Abroad, especially in a well-established institution as an international student can be very hard on the pocket. It is one of the most expensive forms of education however, that didn’t stop the 819,644 foreign students who landed in the US for advanced degrees in 2013. The number of international students increases each year proving the fact that individuals prioritize their education over financial statuses.
Managing the cost of living whilst studying in your own country is difficult enough, let alone when you are living abroad. A wise move for a settled student is working towards effective financial managementwhile studying in another country. If you are already enrolled in a foreign university or planning to seek admission, you require an exceptional measure of cash to fund your studies which is why financial management and budgeting is important.
After paying the expenses and different charges for the institution, the primary expenditure you have to do is on your day-to-day necessities. As you are far from home and there will be nobody to help you in your monetary crunch, it is truly fundamental that you keep a track of your daily expenses. Here is a compilation of the five essential tips to improve the financial status of a student while studying abroad:
Make A Budget Plan:
You have to figure out how to make a plan to carry on with a social existence with whatever cash you have. This is part of the financial management required to improve a financial status. You will need to record all the expenses on a monthly basis and making a budgeting plan so that you know exactly how much you will be spending and saving at the same time. Those expenditures may incorporate food, toiletries books and so forth.
Make sure to make a column for miscellaneous expenses for all the long and fun times out with friends. Eventually you will get a hang of living on your budget and it will provide you with an ease of mind.
Spending wisely does not mean stop spending at all. In fact this means that whenever you want to spend money on something, prioritize the things on your wish-list. Don’t squander valuable cash simply to get something to add to your wardrobe but at the same time definitely spend while you are trying to eat healthy or take care of yourself.
Avoid Using Debit Cards:
To keep a track of your budget, maintain your cash in hand. This way you will be able to avoid unnecessary expenses. Also at times ATM machines charge money for every withdrawal and credit cards charge a certain percentage for usage. International students should avoid these expenses since they are wasting money for no good reason.
Make Use of Student Benefits:
Stay away from spending a lot on voyaging with your own cash. The best part about being an international student in a foreign country is the student perks available. Exploit your Student I.D. for rebates on transportation and other such facilities. These will help students to maintain their financial status even when they are spending a lot on foreign education.
Get A Job:
Last but not the least find a part time job to work for and manage studies on the side. It would not only add to your monthly savings but will also provide you with a chance to meet new people, add to your resume and build a portfolio.
Studying abroad can be a life time experience that grows your academic skylines as well as acquaints you with individuals from different backgrounds and permits you to live in an alternate society for a short span of time. A balanced budget is vital for a stable financial status which is eventually important for the long-run.
Author’s Bio: Flora Daniel.