4 Steps to Manage Finances and Save Money While Studying Abroad
Regardless of whether you’ve decided to pursue a university or college degree abroad, or you’re going on a temporary student exchange program, you will be faced with a number of challenges the biggest one among which is cutting your expenses as much as possible. Because being an international student undoubtedly involves tons of costs. So, applying a few extra tips always comes handy when it can save you money. And here’s how you can do that:
- Open a multi-currency bank account with a bank that offers intuitive online banking and that allows you to access your funds from anywhere
The greatest benefit of that is that you can pay quickly and easily your tuition fees, cover the housing expenses and student memberships in the currency of the country where you will be studying. And you will also be able to have constant access and make bank transfers wherever you are.
- Avoid cash currency exchange
When you exchange money in cash, exchange rates are, more often than not, unfavorable and you are charged a commission fee which is inevitable. That is unless you use the instant currency exchange available in your online banking where you don’t have to pay any commissions and you get preferential rates.
- Pay with a debit card wherever you can
Debit card payments are faster and safer than cash. What is more, the bank doesn’t charge you for paying by card, while, on the other side, to pay in cash, you must first withdraw money from an ATM which comes with a small fee.
- Make yourself follow your budget plan
Easier said than done. We all make money saving budgets and promises to follow them, but unfortunately we are rarely able to stick to them. So, to make it easier and to have actual results, put a daily or monthly spending limit on your debit card.
Being on a save-money mission can be quite stressful when you are in a foreign cultural and social environment and have to adjust to a new more hectic lifestyle. But if you stick to your budget plan and follow the advice above, you will most definitely be able to focus on your studies and the exciting new experiences.