How to manage your personal finances while studying abroad?

As a member of such a tech-savvy generation, managing personal expenses using technology should come as no surprise. Download an app to track expenses and spending habits.

We all see education abroad as an excellent opportunity for our personal and professional growth with the multitude of experiences we gather, during our time abroad. However, studying in a foreign country is an expensive affair considering the many costs involved. To help you, you can follow some saving and management tips.

The first and one of the obvious tips is to minimize your personal expenses. Education abroad is an expensive proposition and when planning, parents need various factors such as tuition fees, as well as living expenses, travel expenses, etc. for the overall budget. Tuition is that major component of your expenses that is beyond your control. But for other lifestyle-related personal expenses, experts say you can try to minimize them as much as possible. Find money-saving solutions to replace your extravagant purchases.

That said, Basil Ali, Co-Founder and COO, Edumpus says, “There are certain expenses that you cannot ignore like food, clothes, stationery, transportation, etc. many of your purchases. Shopping during sales can help you get good quality products at a much more affordable price. For books, you can issue books from your college library or any community library.

It is always recommended by experts to get the services of a local bank as soon as one reaches his study destination. Learn about debit and credit cards and the student benefits they offer.

Ali explains, “As the natives are more aware of the dynamics of the country or the city, so they are the best people who can guide you on where and how you can buy an affordable phone connection or do your daily errands.”

Studying in a foreign country has its own costs and there may be some emergencies that you need to be prepared for. To anticipate such situations and make arrangements for it, consider getting a part-time job. This source of income can be your reservoir for bad days and can also contribute to your student loan.

Ali points out, “As a member of such a tech-savvy generation, managing personal expenses using technology should come as no surprise. Downloading a money management app can help track expenses and provide a detailed report of spending habits. »

Studying abroad comes with a long list of responsibilities, at the same time experts say it’s a huge learning curve for students as they learn basic life skills – Life Management money being the most important. Therefore, Ali adds, “be mindful of your expenses and you will successfully navigate your life-changing study experience.”

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