The Ultimate Guide to Managing Your Personal Finances, as a Student, on a Foreign Land

Studying overseas in a prestigious university is one of the prominent aspirations esteemed by students across the globe. And rightly so, along with the global exposure, the chances of post-study job offers can land you in some big bucks, with a graduate marking a salary of $100,000. All aside, it’s a renowned fact that studying overseas is a costly endeavor. Many Indian students are traveling overseas to pursue advanced education. As per the data furnished by the Education Minister in the Parliament, 750,365 students moved overseas for higher education in 2022. In comparison with 2021, the number of students going overseas has surged by 68%. While the dream to study overseas requires a certain academic preparation & strategic financial planning early on to avoid the last minute hassles. As an international aspirant, managing your personal finances can be certainly strenuous that requires the skillsets of an expert mapmaker & GPS guru. 

Why does money management matter?

With many aspects to look for starting from telegraphic transfer fee, exchange rates, banks fee & so on, figuring out the right way to make your payments can be arduous. Relying on your family for financial support, there is a necessity for you to look for a cost-effective way to receive money from your family without incurring sufficient bank charges. To avoid being scammed or fraudulent activities, conducting finances in a safe & stable way while still making your money public is paramount. If you are a first timer at managing finances, it can be a little frenatic; but with proper direction & practice, you can be a self-sufficient individual who can do a fare job at handling their expenses as well as extensive financial obligations, including paying your university fees, rent & choosing forex cards or international debit card for seamless payments. 

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Things to Remember when Managing Finances

Often students end up spending more & struggling to make ends meet while at university & often miss out on the college experience. We have documented 10 ways to help you manage your money like a veteran. 

1. Get yourself a local Bank Account 

First things first. The primary survival skill in a foreign land is setting up a local bank account. Your IDP professional can help you with the information needed with the prominent bank accounts in your new city to help you make an informed decision. As services differ from bank to bank, be assured to select the one that offers the most privileges to students and doesn’t charge exorbitant fees for international bank transfers.

2. Budget Your Expenses

Being aware of your financial status & mapping a practical budget always goes a long way. Including factors like monthly rent, utility bills, grocery, transportation, data charges, recreation, study material and travel in it. Having an emergency fund is always a wise idea. Create your own safety cushion by saving for at least 3 months worth of living expenses.

3. Student Pass

One of the prominent perks of being a student is the endless list of coupons & discounts you receive. Starting from restaurants, transport, cinemas, shops, grocery stores or even local events, just displaying your student pass can help you save hefty money. As soon as you set your foot in university, get hold of your student ID. 

4. Cut down on Costs

Understanding your needs & wants by maintaining a priority list is the best way for cost cutting. Look for methods to save money and utilize it wisely. Rent usually takes up a major portion of your budget, whether you are living on campus or off. Every option comes with its own set of pros & cons, look for which works best for you. 

You may also lower your everyday expenses by taking steps like : 

• Sharing accommodation
• Get student discount cards
• Buy used books or digital copies
• Join a library
• Get passes for local transport
• Shop during sales
• Purchase from community stores

5. Insurance

Medical bills can be quite expensive in countries like the USA, so if you are planning to continue your education there, don’t be reluctant to invest in premium health insurance. You never know when you fall sick, as small as a cold or a global pandemic aka covid outbreak. 

6. Work to Earn some Extra Funds

In the majority of the countries, you are allowed to work full-time for 20 hrs per week during your term break. Just check if your student visa allows you to work & find a job accordingly. Check with the university department for any openings at your college. Another option is to take up freelance projects or invest your savings to earn an additional income. 

7. Scholarships, University/Private Grants to apply for

There are a lot of scholarships & university grants available to ease your financial burden if you apply them on time. These privileges are mostly need-based or scholar based. Governments of respective countries provide scholarships & grants to attract more university students. 

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8. Choosing the Appropriate Education Loan

With the evolving aspirations of international education, India requires loan providers who comprehensively understand the needs of students, parents & academic universities. With the technological advancements in the Fintech space, students are empowered with self-education as well as self-service capabilities. 

Digital processes are taken care of through fintech solutions & integrated platforms without the hassle of submitting long physical paperwork. Students are not only provided with suitable financing options on these platforms, but also informed about their choices and options, as well as assistance throughout the entire study abroad process. 

9. Manage your Accommodation Rent

Finding housing is one of the most crucial considerations when studying abroad, among many others. Ideally, this will be a place you feel at home in for at least one to two years. In light of this, it’s crucial to consider all your possibilities and make a decision that fulfills all of your requirements. After you receive your acceptance letter & you accept that, start exploring the study overseas accommodation. This will give you plenty of time to consider all your options and choose the one that best meets your requirements in terms of ease and price. You’ll probably be living alone for the first time as an international student, so you’ll need to budget your money. It is critical to keep in mind that this significant choice should not be made hastily. You’ll be residing at your flat or dorm to live, eat, sleep, study, and unwind. In order to feel comfortable throughout your time abroad, it is crucial to select the right space for you.

University Living provides student accommodation in countries and cities across the globe. With millions of students attending university every year, the need for an easy, reliable, and smart way to find and book student housing has spiked. Using cutting-edge technology, talent from all over the world, and some outside-the-box thinking, University Living makes the journey towards finding the perfect student home simple, secure, and smooth.