Traveling overseas, particularly for higher education, is generally a new experience for young individuals to manage their finances. However, many students need help managing their expenses properly. Regardless of the location you choose to reside in, proper money management is essential, as living expenses abroad can be daunting if you don’t keep track of your cash.
For long-term advantages, financial literacy is therefore essential to acquire, just like any other skill. It covers every important financial topic, including how to set up a budget, save, invest, and use money for your well-being. By learning money management tactics you become financially stable and achieve your financial goals. Continue reading this article till the end to learn money management tactics.
Are you planning to move to Canada for higher studies in 2024? If yes, then contact the best consultants for Canada study visa who can guide you through the entire process of visa application.
Here is the list of top solutions to manage your finances abroad wisely:
1. Open A Bank Account
As an international student, the first and most important responsibility you have upon arrival is to open a bank account with your local bank. To help you make wise judgments, your immigration consultant could give you detailed information about the main bank accounts in your community. Because banks may offer different services, be sure to choose the one that offers the greatest advantages. Moreover, the bank doesn’t impose exorbitant costs on money transfers to overseas students.
2. Budget Yourself
Making a practical budget plan by knowing your present financial status will be advantageous for your future. So, when making a budget plan, add expenses like monthly rent, grocery and electricity bills, transportation, study material expenses, recreation and travel, etc. In this way, you can save money for unexpected situations or in case of emergency.
3. Be Smart While Spending Money
Studying abroad means you have enough funds to manage your tuition fees and living expenses. But what if you get a chance to save money? Will you try? Of course yes! There are plenty of ways to do so. It is advisable to act smartly when it comes to spending money in your daily routine. The foremost thing you need to plan what you need and make a priority list accordingly. For more, implement the following pointers in your routine to save money.
- Choose shared accommodation for living.
- Buy second-hand books or study materials
- Get passes for public transport traveling
- Take advantage of scholarships
- Do inexpensive or thrift shopping
4. Work To Support Your Lifestyle
As an international student, you can work 20 hours per week and full-time during term breaks. To do this, make sure your study visa allows you to work while studying and then look for a job. This additional revenue might help you manage your bills while also providing you with valuable workplace skills. Remember that you must pay taxes on your earrings, so verify the country’s regulations in preparation.
5. Make Use Of Student Status
When you arrive abroad, consider receiving a student card as quickly as possible. This card will let you get savings on restaurants, stores, movie tickets, transit, and so forth. Many online websites offer international students discounts on activities and shopping. Simply go and check them out.
6. Learn How To Cook For Self
As an international student, it is one of the best ways to save unnecessary money spent on eatables. Apart from this, you can cook healthy food to keep your body healthy which may be difficult to find street food. Through this, you can save 30-50% of your money. Due to time constraints, it could be challenging for you to cook every day. Nevertheless, you can prepare food in bulk, store it in the fridge, and reheat it at a later time.
Are you moving to Australia to study? Looking for the best visa professional for your visa application process? If yes then you should link with the best Australian immigration consultants to clear your visa-related queries.
Wrapping Up
To wrap up, we hope that the above article will help you a lot on how to manage money effectively while living abroad being an overseas student. By adopting these recommendations, you can easily cope with financial obstacles and make your international survival stress-free.
