If you want to know how to manage your finances when you travel to your dream study abroad destination, this article is for you. An education loan is a prudent choice to finance your overseas education. However, there are a few more things to keep in mind after you take a student loan in order to take charge of your money matters. Here are some amazing tips to help you manage your finances effectively when you study abroad.

1. Budget – take control

When you study abroad, you have to consider monthly expenses such as accommodation, food and beverages, phone bills and other ancillary costs. Ensure you have a fixed budget to pay these recurring costs. Besides these costs, you have to set aside some amount for plans such as short trips and other unforeseen situations.

2. Open a bank account – for a seamless experience

Imagine this – you have numerous utility bills and other expenses to pay, and they attract ridiculous transaction fees to transfer money through channels other than a local bank account. Frustrating, isn’t it? Therefore, after landing in your preferred study abroad destination, the first thing you should do is open a bank account, preferably closer to your accommodation and university. Before shortlisting one, it is advised to research the banks that offer the best interest rate, lower fees, and more features.

3. A penny saved is a penny earned

Paying the monthly expenses, a short trip with your friends to take a small breather, and other fixed expenses cannot be avoided. However, please refrain from spending lavishly on things you don’t need when you study abroad, so avoid going on a shopping spree. An education loan will cover all your education-related costs, so your major expenses will be sorted. However, you have to spend judiciously to ensure you have a peaceful stay and can also repay your education loan.

4. Student health and travel insurance – be prepared, be ready

Students that are not adequately covered through student health and travel insurance risk losing a major chunk of money to pay for unplanned expenses. Please remember that the medical, diagnostic and hospital bills can be enormous in study abroad destinations such as the US compared to your home country. Besides, the student insurance will provide you with the necessary cover against other unforeseen situations such as loss of luggage too.

5. Some useful student hacks
  • Psst! Do you want to know a secret? Get student discount cards! Student discount cards will earn you handsome discounts on several services such as food and travel. For instance, the International Student Identity Card (ISIC), which is accepted by several study abroad destinations, can come in handy when you travel. 
  • You can make a smart decision to split your monthly rent by sharing your accommodation with your peers. If you share your accommodation with your friends, you can share notes and participate in group study.
  • How about taking up a part-time job? Working while learning is a personal choice; however, it is helpful to have extra bucks in your hand when you study abroad. 
  • We understand that you will want to eat out with your friends every once in a while. But never underestimate the power of home-cooked meals. So, learn to cook and enjoy healthy and affordable meals.

So, these are some useful tips to manage your finances when you land in your dream study abroad destination. Do you want to leave your financial stress behind? Then you can opt for a student loan. We at Avanse Financial Services offer education loans that cover the holistic cost of education, including tuition fees, travel expenses, study material expenses, living expenses and other education-related expenses. If you have doubts, please share them with us, we will be glad to assist you. All the best!

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