Tips to Manage Your Money While Studying Abroad

Tips to Manage Your Money While Studying Abroad
Presently, more and more students are opting to study abroad. When doing so, finance planning and management become crucial. Although many countries offer affordable courses and programs, it will continue to be a bit expensive affair. However, this should not stop you from fulfilling your dream of studying abroad. There are numerous ways available that you can follow to manage your finances well to have a smooth yet hassle-free study abroad experience.

Some of the tips for how to manage your money while studying abroad have been discussed here:

Tip 1: Explore on-campus job opportunities

If you want to make some money while studying abroad, then it is an easy way to do so. There are so many universities and colleges that offer this type of opportunity to help students work within the boundaries of the institution and earn some bucks to support their education. Some on-campus job opportunities include – research assistants, teaching assistants, library attendants, etc. By earning money from these jobs, you can manage several smaller expenses with ease.

Tip 2: Check for the part-time job options available

Many universities and colleges allow their students to work off-campus or part-time during terms to gain relevant industry experience and off-course, to earn some money. You can also work full-time during your summer and winter holidays as well to make more bucks. In general, the universities allow working for 20 hours for part-time jobs and 40 hours for full-time jobs per week. Please note that the duration may vary from one country to another and from one university to another. These opportunities largely help students in carrying out certain expenses smoothly.

Related: 5 Myths about Studying Abroad

Tip 3: Choose hostels over private apartments or housing options

Finding accommodation in the campus is always affordable when compared to private housing options. When you choose to stay in a hostel, it is a room that is shared by two or more people. This is the reason why the cost automatically comes down. In addition to this, hostels are mainly within the premises or situated close to the university. It cuts down transportation costs as well. Even though you can consider a private apartment or housing option if you have enough people to share the expenses. Since accommodation is one of the most expensive parts of this journey, you must plan well and take the right yet informed decision.

Tip 4: Prepare monthly budgets to keep a track of expenses

Preparing monthly budgets can benefit you largely. By doing this, you can understand and list down several expenses such as tuition fees, accommodation cost or rent, food, transportation, etc. This habit will help you keep a track of money spent and the amount left in your account. Drawing monthly budgets will also help you identify the areas where you are overspending and you need to control.

Tip 5: Keep an eye over minor expenses too

When you have a limited budget, even a smaller expense can add up largely to your main expenses. Spending on food in restaurants or cafes can prove to be extremely expensive. To control this, you can start cooking. In addition to this, do not get into the habit of shopping for unnecessary stuff. For instance, a normal jacket is double or triple the cost in a foreign country when compared to the cost in your native country. So, try not to do it until it is extremely important.

Closing Remarks

You just read for how to manage your money while studying abroad. Do you need assistance in finding the most affordable study abroad destination? If yes, then AEC can help you find the university and program that best fit your pocket and match your interest area and career objectives. To check out more about us and our student-centric services, call us on +91-8448446609 or 011-43334444 or share your queries with us at [email protected].