If you are reading this and have
finalized all your admission formalities in an overseas university, then
Congratulations are in order!! With the feeling of elation and that unmatched
sense of achievement, you must be gearing up for this new chapter abroad. But
once this euphoria subdues, you realize that managing money in a foreign
country is not at all an easy feat. Many of the students have never left away
from home let alone in a new country. Therefore thinking, calculating and
budgeting in a new currency can be quite overwhelming.
10 Money Saving Tips
Here are a 10 money saving tips to
help you cruise through some crunch times.
1.
Choose right Flights and Stay
When we talk
about saving money, why not start right from the time you have to leave. Book
your flight tickets with a low-cost carrier but do make sure that you don’t
compromise the baggage weight limit so that you don’t end up paying a hefty
charge of overweight baggage. Another great option is to stay in a hostel once
you reach the destination instead of a hotel while you finalize your
accommodation near campus.
2. Buy Student Travel Insurance Plans
As
obvious as it may seem, many students are unaware of the various benefits
offered by Student Travel Insurance Plans. The premium costs for this insurance
might appear to be an unnecessary expense in the beginning, but Student Travel
Insurance Plans actually come to rescue at crucial times. The biggest benefit
of buying Student Travel Insurance Plans is the medical insurance that is
provided. In case you fall ill or need to see a doctor for any other valid
reason, the Student Travel Insurance Plans bear these costs. Moreover, the
Student Travel Insurance Plans also cover incidents such as flight delays,
baggage loss, loss of passport, flight cancellations, compassionate visit etc.
3. Learn the art of Budgeting
Since you would
be managing your own finances it is essential that you master the art of
budgeting. Yes, we said art. Budgeting requires meticulous planning of your
savings and expenses so that you do not find yourself in a financial lurch.
There are many methods of creating budgets that you can consider such as the
50-30-20 rule, cash envelop system and many more. You can also take help of a
plethora of apps available that make budgeting easier. Keep in mind that in the
initial few months make only essential expenses to understand how much each
variable (groceries, transport, phone bill, savings etc.) contribute to your
monthly expenses.
4. Cut back on transportation costs
Transportation
costs tend to take up a huge part of a student’s monthly expenses. The ideal
way out is to look for accommodation near the campus but that can be a costly
affair at times. In case you are living a bit far from the campus, make it a
habit to use public transport as much as possible. Another great way to save
money on transportation is getting a bike. This will not only save the money
but also give you some daily workout. It’s eco-friendly too, so win-win-win!
5. Benefit from Student Discounts
Student
discounts can help you save huge amounts on your shopping and travel. For
example, an International Student Identity Card (ISIC) provides a UNESCO-endorsed
status of you being a student. This card helps you get discount and sometimes
even free entries in cultural places such as museums, observatories etc.
6. Shop using Coupon Codes
Make it a point to
look and collect coupon codes. Most of the grocery stores abroad offer huge
discounts through these apps and some even match a competitor’s coupon. Explore
which store near you has great offers and prices using coupons and make most of
it. Nowadays, stores have apps that keep you updated regarding the new coupons
and savings, which can prove quite helpful if you don’t have the time to hunt
for coupons and deals.
7. Choose local groceries and prepare your food
If
you have not lived away from home before and you just moved abroad for studies,
it is easy to be carried away once you taste the freedom. But remember, not
only is surviving on pizza, burgers, beer etc., unhealthy, it is also quite
expensive in the long run. Therefore, once you settle in, look for local and
easily available produce and learn some basic easy recipes. You can even carry
the leftovers for lunch the next day and save the lunch money too.
8. Pick festivals and fairs over bars or cafes
When
you move to a new country, you get the amazing opportunity to experience a new
culture. While planning an outing with friends, try and pick festivals and
fairs over pubs or restaurants as you get to see and absorb the real culture in
street fairs, festivals. Not to mention the food and drinks pubs and cafes are
very expensive and these are the expenses you should try to avoid.
9. Take up part-time jobs
Generally,
students can manage to work 20 hours a week in addition to classes and
studying. This will help you socialize and settle in more and also make way for
some additional funds. Different part-time jobs are popular amongst the
students in different countries but make sure that your visa allows you to work,
as some countries do not allow international students to work alongside their
studies.
10. Don’t buy memberships you won’t use
Each new
beginning we are more enthusiastic towards life and you might have taken up
Gym, Yoga, Pilates or any other club membership once you arrived. These
memberships go unused many times with the hectic study schedules. Give yourself
some time and understand your routine. Who knows, you might not even need the
gym membership if you use the bike for transportation, saving you money.
These tips would help you save money
but the rule to remember is “moderation is key”. You are on living the dream
and deserve to enjoy but make sure that you are smart about your finances to
avoid any crisis.
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