Kirandeep
Moving to a foreign country is generally a new experience for young individuals to manage their finances. However, many students need help managing their finances properly. Regardless of the location you choose to live in, proper money management is necessary because living expenses can be difficult to manage if you don’t keep track of your spending.
Therefore, it is important to learn financial management skills if you want to make your international journey fruitful. It involves all the key aspects of money, such as how to budget, save, and invest money for your well-being. Once you get acknowledged with money management skills, you become financially independent. Without spending more time let’s delve into the tactics for money management.
If you plan to move to the USA in 2024 for higher education, then link with the best immigration consultants who can provide you with in-depth knowledge on the application process for the US study visa. Not only this but make sure to check their previous records when it comes to choosing an experienced visa specialist.
Follow the below tips to manage your money wisely while living abroad:
1. Open A Bank Account
Being an international student, it is important to have a savings account in your local bank abroad. To get the information on this, your visa counselor will guide you regarding the bank. Through this, you can make wise decisions. Because services may differ from bank to bank, so make sure to select the one that provides the most benefits. Above all, the bank does not charge any high fees for the money transfer to international students.
2. Budget Yourself
Making a feasible budget plan by knowing your current financial status will be beneficial for your future. While making a budget plan, add expenses like monthly rent, grocery and electricity bills, transportation, stationery costs, recreation, and much more. By arranging funds for each you can save your money wisely and free from overspending. Most importantly, you can use your saved money in case of an emergency.
3. Be Smart While Spending Money
Studying abroad means you must have enough funds in your account to manage your tuition fees. But how beautiful it is if you get a chance to save your money? Would you like to try this? Of course yes! There are many methods through which you can save money, these solutions are given:
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Choose the shared accommodation for living
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Purchase second-hand books or study material
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Get passes to travel in the public public transportation
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Take advantage of scholarships
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Do inexpensive or thrift shopping instead of spending on expensive things
4. Work To Support Your Lifestyle
As an international student, you have an opportunity to work for 20 hours per week during semester classes and full-time during the semester breaks. To do so, make sure your study visa allows you to work along with study so that you can manage your tuition fees as well as other living expenses without relying on your parents. The plus point of this is you can learn valuable workplace skills at an early age.
5. Make Use Of Student Status
When you arrive abroad, consider receiving a student card as soon as possible. Because this card will allow you to get savings on restaurants, stores, movie theatres, transit, and so on. Many online websites offer discounts to international students on shopping and other activities.
6. Learn How To Cook For Self
Being an international student, it is one of the best ways to save unnecessary spending on eatables. For this, you can save money by cooking food at home. Another plus point is homemade food which keeps your body healthy by providing all the nutrients required to function your body properly. Around 30-50% of money can be saved if you avoid street food and prefer home-cooked food daily. However, it may be difficult for you to cook daily because of the less availability of the time, but you can cook in large portions and then save it in the refrigerator and reheat it when required.
Are you moving to the USA to study? Looking for the best visa professional for your visa application process? If yes, then you should link with the best US visa consultants to clear your visa-related queries.
Wrapping Up
To wrap up, we hope that the above article will help you a lot in managing money effectively while living abroad as an overseas student. By following the above recommendations, you can easily cope with financial obstacles and make your international stay stress-free.
