Keeping a hold of your expenses when you are studying abroad is a concern for many students. You have already spent a fair amount during your admission process to a college or a university abroad with the added expenses of traveling and shopping.
Since you are mindful of your spending, you must be vigilant about the cost of living, the exchange rate, and small yet unavoidable charges that you are paying now and then. By the end of your study abroad experience, your savings, and the work that you have taken up defines your success or failure.
In this write-up, we discuss the ways that you can follow to save and control your expenses when you study abroad.
Monitoring the exchange rate and bank charges
The exchange rate is the money that you get when you change your currency with that of the other country. Checking the rate of exchange before going for foreign currency exchange is a prudent step since they keep on changing. There are processing fees involved when changing your currency; therefore, checking the rate of exchange is a smart step to be taken. In case of a low rate of exchange, wait for a couple of days unless extremely necessary. Make sure that the amount you exchange lasts for a month to skip paying the processing charges again.
When you withdraw from the kiosks using your cards, try to minimize its frequency, and its best if you make it only once a month. Swiping charges are hefty in your host nation, paying your bills, accommodation; mobile charges all in one go is a good practice that will lower your spending altogether. Use credit cards that give reward points. These can be further used to avail discounts on airlines, hotels, insurance coverage, and sometimes you may get a pleasant surprise on your credit card.
Plan a budget
If you move on a pre-decided budget, you ultimately end by saving a decent amount by the end of a month. When you plan a budget and maintain a record of it in the form of noting it in a dairy, following the same for the many expenses you make will lead to control of your expenses and resulting in savings.
Travel by low-cost airlines
When you study abroad and stay in big cities, you get ample opportunities to travel to the new adjoining destination. Pick those airlines which cost you the least. There are additional hidden costs involved when you travel by air, such as your baggage charges, transportation charges, food, and fast boarding charges. Research in detail on those airlines which charge the minimum and give exclusive deals and discounts to students when traveling. Traveling in a low season when the charges are minimal prevent you from spending much.
Stay with friends or in hostels
Hostels are the most economical as an accommodation option. But when you stay in hostels, be prepared to share it with people you don’t know. You will have to spend on the internet, toiletries, water charges and all. You cannot be careless about your belongings and keeping them safe when you go for an outing is a responsibility for you to take. Use padlocks to keep your things safe when you stay in a hostel. Losing your valuable requirements during your study abroad tenure is a big upset as you will have to spend heavily again to get them.
Asking your relatives and friends for providing accommodations is a brilliant method to save on trips that you make. Many a time you may not have to pay a buck for your stay as your pals and relatives may offer you a place as a polite gesture, and even familiarize you with the city.
Use your student card
You have to ask for the student discounts on shopping and dine outs. In most of the places, you get 10-20% discounts. You can ask your college if they issue special student discount ID cards. Validate your student ID before they expire as it is essential to carry it for the many places you visit. When getting syllabus books, there is a special discount on them, and even second-hand books have half the cost. Go for those; it will save your bucks in large.
Use a bike or public transport
To go to the places lying near you avoid taking cabs, make use of a bicycle as it will not only keep you fit but save your few bucks too. For a longer distance, use public transport. The tariff on public transport varies, such as the underground metro may cost low at places than buses. You need to plan your means of transportation according to your budget in your overseas education destination.
If you adhere to these above tips during your study abroad period, you will inevitably learn to save before you begin to earn as wise men say saving is part of earning.