Overseas education can be an expensive journey. However, with the right financial moves, it is easy to save money and manage your moolah when abroad. So, here are some money-saving techniques for you to make the most of your study abroad experience.
Key Highlights
- What is financial well-being?
- 5 essential money moves to boost your financial well-being
- Design 50-30-20 budget
- Track your expenses
- Sharing accommodation
- Eating home-cooked meals
- Build your emergency fund
- Why are money-saving tips important for overseas education?
- Other top 10 brilliant money-saving tips
What is financial well-being?
Financial well-being is the process of managing finances responsibly both in the present and the future. It’s about developing healthy financial habits so that you can meet your day-to-day expenses and save money.
Read Also: What students must know about job opportunities abroad
5 essential money moves to boost your financial well-being
Budgeting is important to get a concrete idea about your expenditure and saving. You can learn money management by following a 50/30/20 budget rule, i.e., spend 50% of your money on essential living expenses (groceries, accommodation, utilities, etc.), 30% on non-essential expenses (shopping, entertainment, travelling, etc.), and the remaining 20% should be saved. For instance, if you have USD 1,000, you can spend USD 500 on your essential expenses, USD 300 on non-essential things, and save USD 200.
Track your expenses
Noting down your expenditures regularly will give an idea about the monthly payments and how much money you are spending on necessary and unnecessary expenses. Follow this activity and compare your spending every month to cut down on extra costs.
Sharing accommodation
Accommodation is one of the biggest expenditures for students while studying abroad. This expense can be reduced easily by opting for shared accommodations like student dormitories, shared rental apartments, etc. Living with roommates is one of the best ways to save money and make new friends.
Eating home-cooked meals
Regularly eating out will deplete your financial resources soon. To avoid this, you can learn to cook and prepare meals at home. You can buy groceries from local markets at affordable rates. Moreover, you can prepare your meals in advance so that you can get enough time for your studies. This will also keep your health in check!
Read Also: MBA in IT abroad: An informative guide
Build your emergency fund
Setting aside a certain amount of money as an emergency fund is a healthy financial habit. An emergency fund acts as your safety net to meet unexpected expenses and thus offers peace of mind.
Why are money-saving tips important for overseas education?
Studying abroad is a life-changing experience as students get the chance to make new friends, learn about a new culture, and take on new responsibilities to manage everything, including finances. Thus, students need to learn the art of living within a budget to avoid any financial woes.
Other top 10 brilliant money-saving tips
Some of the most effective saving and managing money tips for students are as follows:
- You can explore part-time work opportunities in your host country. This will bring in some extra money.
- Go for student discounts offered in supermarkets, restaurants, etc. You should always carry your student ID card to avail of such offers.
- Try to look out for budget-friendly accommodations near your college to cut down your travelling expenses.
- Use public transportation for travelling as it is safe and affordable. If possible, you can opt for a monthly travel pass.
- You can spend quality time with friends by exploring free entertainment options such as local events or outdoor movie screenings.
- You can download smart budget apps to track your expenses.
- Also Read: PTE to IELTS score conversion: A brief guide for study abroad students
- Opening a savings account in your host country and investing a small amount of money every month can go a long way.
- Buying essential and non-perishable groceries in bulk can be inexpensive.
- You can consider travel insurance. It helps in providing financial coverage in case of lost belongings, flight delays, medical costs, etc.
- Last but not least, spend money wisely. Before making any expense, ask, “Is it really necessary?”.
With these interesting strategies, you can enjoy your overseas education without any financial hiccups. If you are facing any financial challenges while planning your academic journey, you can apply for a student loan. At Avanse Financial Services, we offer customised education loans with several benefits. Get in touch with us to know about education loan interest rate, the process to apply for an education loan online, etc.
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