Managing your finances and time while studying as an international student can be pretty tiring and challenging. Here we discuss how to budget time and money while studying abroad.
However, with simple understanding and planning, you will not just have enough money for bills and other expenses, but you will also be able to treat yourself every now and then.
1. Make a Plan
Making and sticking to a budget is possibly the most critical skill you’ll need to manage your finances while studying abroad. Even if you find somewhere with a cheap cost of living, you could end up short of it if you don’t keep track of where your money goes. It might seem like a considerable amount of money if you get loans and financing at the start of each term. However, making it last can be difficult, so add up all of your earnings and subtract all of your necessary outgoings, such as food and rent. You can spend the remainder on other things.
Budgeting can be intimidating at first, and it’s easy to make mistakes or fail to account for certain expenses. However, with a bit of planning, you can certainly do it.
2. Cut the Cost of Calling at Home
Calling home regularly can be soothing if you’re trying to adjust to a new society. International calls, however, can be very big expenses in your pocket. To save money, you must purchase a local pay-as-you-go or free mobile SIM card. Calls made by local mobile will be far less expensive, and you will almost never be charged for picking up a call. Make your calls over the internet, if possible, use services like WhatsApp, Skype, or Google Hangouts. If these apps are blocked in your country, apps like Rebtel and Viber may also be a better option.
3. Understand How to Use Public Transportation
When confronted with a challenging new public transportation system, it’s simple to overpay or take the easy way out and take a taxi. Examine monthly and annual passes and the cost of one mode of transportation compared to another. Investing the time to learn how to reduce your travel expenditures in your new area can save you time and significantly impact your entire budget. Depending on where you live and go abroad to study, you may be able to utilize google maps to find the cheapest and fastest routes while on the go. This will save your money as well as your time.
4. Look for a Part-time Job
Studying abroad can be quite expensive. Your parents can hardly fulfill your necessities, but if you want to bear your own expenses and maintain a decent living in a foreign country, then it’s best if you look for a part-time job. Most students can spare 20 hours with their studies. While looking for a job, start with the students around you. Find out what they do to earn their living, and then start sending your application. However, before applying for a job, don’t forget to check your visa conditions, as the country you are going in might not allow international students to work with their studies. If you are planning to study in Canada, it’s better to look for some jobs before moving there. This will save your time and energy. You can also look for remote working jobs for students so you can earn from home.
5. Learn to Cook
One basic necessity that costs students a lot is food. To lower your food cost, you should cook food at home and avoid eating out. You can also learn to cook some local food; this will save you time as well as your money.
6. Don’t forget to Open a Bank Account
It’s a great step to open a bank account in the country where you want to study as this will save you from loads of bank charges. However, there would be some requirements for account opening such as proof of residence, your passport, initial deposit, and additional documents such as a statement on the reason for opening the account and the second form of ID. Opening an account is a smart move that will save a lot of your time. While your account is being set up, be smart with the use of an ATM. You can withdraw the maximum cash you need at once; this will save you from extra charges.
We understand that being an international student can be challenging in terms of finances; however, as long as you plan all your expenses and manage your time well, you will have nothing to worry about. Read more about studying in the UK should this be your destination.