Strategies That Will Make International Student Finance Management Easier: Managing finances as a student can seem to be quite daunting when you are studying abroad due to limited funds. Though strategising everything beforehand can make you prepare for managing finances without getting intimidated by it. With adequate preparation and management, you would be able to spend once in a while on recreational activities apart from successfully paying for important stuff like utility bills, rent, tuition, etc.
To help you get better prepared in terms of finance when studying abroad, read the blog further which is about international student financial guide.
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Tips to Manage Finance When Studying Abroad
Besides looking for some means to earn extra income during your time studying abroad you also need to know ways through which you can save money and cut down on unnecessary expenses. It can turn out to be daunting especially when you haven’t managed finances before therefore, we advise you to keep a tab of everything using a tool like Excel, Sheets or apps that will help you keep track of everything.
You can take reference from the tips mentioned below to manage your finances easily as an international student.
Extra Income Would Come in Handy
To support themselves financially and pay for expenses students studying abroad generally work part-time jobs for around 20 hours per week during weekdays and full-time during their semester breaks. Having an extra income can also help you pay off your student debt quickly. Before taking up a part-time job make sure you check that your visa allows you to work. The other added advantage of a part-time job is that it allows you to gain some additional skills which can strengthen your resume and leave a good impression on employers in the future.
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Limit Your Take Outs and Instead Take Refuge in Homemade Meals
It is quite understandable that as an international student, you would have a busy schedule and would often take refuge in take-outs. Going for too many takeouts can result in an unhealthy lifestyle and wasting too much money. The key to this is preparing meal plans and sincerely sticking to them. You can also do meal preparation beforehand and prepare meals in bulk so that you are able to save time and save some food for the future. Also, apart from saving money, cooking meals at home will help you keep your health in check.
Go for a Student-Friendly Local Bank Account
The most important way of surviving in a foreign land financially is to open a local bank account. Make sure you do thorough research before opting for a bank account. Go for a bank that offers a lot of student-related benefits and does not charge high fees for foreign transactions. You should also make the decision to sign up for a credit card carefully after gauging your circumstances as it is usually seen that many students get tempted to take credit cards without thinking about the consequences.
Also Read: Budgeting Tips for Students
Keep an Eye on Student Discounts
There are many places like stores, hotels, theatres, public transit, etc. where students get discounts but in order to avail them you need to have a student ID, therefore, make sure you obtain your student ID as soon as possible. Apart from physical places, there are many websites that offer student discounts irrespective of where you are studying so make sure you take advantage of these schemes to the fullest.
Be a Part of an Affiliate Programme
In this digital era, there are plenty of ways through which you can earn money without having to physically go to places. One of these ways is through affiliate programs that offer commissions to an individual who recommends products to friends and followers through a tracked URL. Another popular way of earning money digitally is through social media platforms like Instagram, YouTube, etc. where through personal branding you can monetize your content and after some time promote brands and charge money in return.
The great thing about university is that you will be under the same roof as the students whose situation will be the same as yours. Therefore, you can do a lot of things in a group like cooking meals, going out and enjoying, etc. and save time & money at the same time. Another advantage of it is that you will be able to enjoy things much more in this way and won’t feel the need to spend extra money on recreational activities.
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Buying Second-Hand Items
Buying second-hand items instead of new ones can help you save a lot of money. These items include things like housing equipment, tech items, academic books, and kitchenware. If these are in good condition then you can surely consider them buying second-hand.
Get A Travel Card or Permit
Apply for a travel card or permit. Just like in India where to travel by Metro, you need a travel card, in Western countries too you would need a travel card to commute through public transportation. The travel cards or permits in some cases will allow you unlimited travel and also heavy discounts on monthly subscriptions.
FAQs
Australia allows students to work for up to 20 hours per week when the course is in continuation of the student. However, students need to make sure that their visa allows them to work. The Australian government is in charge of deciding the minimum wage per hour.
There are many countries worldwide that offer affordable education, some of these are mentioned below:
– Mexico
– Kenya
– Hungary
– Kyrgyzstan
– Malaysia
– Brazil
– Poland
Some of the countries that are known for paying the highest salaries globally are – the USA, Luxembourg, Singapore, Switzerland, etc.
This was all about strategies that will make international student finance management easier. We hope you liked this blog about the international student financial guide! To know more about the best bank accounts for students or international money transfers, subscribe to Fly.Finance or reach out to our experts to help ease your study abroad experience.
