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Most students get stranded in navigating their ways financially when studying abroad. Even those with good financial literacy at times fail this task. Regardless of that, everybody wishes and wants to study abroad due to the high-paying jobs and global experience that come with it.

Nevertheless, you can stand out from the lot if you know how to manage your expenses as a pro while studying abroad. Managing expenses while studying abroad doesn’t have to be such a herculean task, but as they say, ‘failure to plan is planning to fail’.

The basic fact is, students usually spend more than what they should without considering the conditions that could influence their abroad studies. They then end up with jobs that don’t give them the space to enjoy studies and university as well as make memories.

But in this post, I will touch on these conditions that can hugely impact your study abroad and further help you to be good at managing expenses while you study abroad.

Possible Conditions To Consider If You Want To Study Abroad

Most students only consider tuition fees, accommodation, feeding fees, and scholarships. Those are the apparent ones, but this crop of students is most likely to get hung up financially along the way. Do not mistake, you’re moving into a new space and system, and everything possible can affect your finances. So what other necessary conditions should a student consider?

  • Currency Exchange Pattern and Rates
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This is very crucial in informing your financial decisions. You must know the currency exchange pattern between your home country and your destination. Does it flow in favor of your currency or against your country’s currency, which is likely to survive drastic inflations? the slightest fluctuation in the exchange pattern and rates can affect your overall budget.

  • Banking and International Transaction Fees

Failure to open a bank account in your destination country will deeply hurt your pocket as international transaction charges that will occur while managing your finances across borders can be really excruciating.

  • Overall Standard On Living

Students do consider this option too but are not as into details as they should be. Some only consider accommodation, healthcare, and food. However, things such as phone plan [airtime] clothes [ though non-essential ] and utilities are also very much needed to be considered.

Imagine moving from an African country where airtime is as cheap as $0.008 to the US where you can only get it for at least $30. Where rubbish is disposed off at most $4.4 to where it is $40.

To prevent any financial insurgency, we always advise our readers to have an emergency fund or any miscellaneous budget for any unforeseen expenses and currency rate fluctuations.

Steps To Efficiently Managing Expenses while Studying Abroad

  • Get Your Student ID

To enjoy education abroad with well-managed expenses, you will have to throw some of the weight on the numerous coupons and discounts available at every restaurant, bookshop, eaterie, cinema, and shop for students. But you can’t unless you have your student ID as proof.

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So early as possible, get hold of your student ID as soon as you landed in your destination country and got to the international secondary school.

  • Realistic Budget

You already have an idea about the living conditions of your new home, now create a budget and stick to it. List all your expected expenses, income, and income sources. Know your priorities and set the bar between needs and wants. Have an emergency fund and be realistic about your spending.

You can use the popular 50/30/20 budgeting rule or apps to keep yourself in check.

In case you don’t know what the 50/30/20 budgeting rule is, it simply means you must put 50% of your earnings towards needs, 30% for wants, and 20% for savings.

  • Save On Housing/Accommodation

This entails a little more. Explore options such as shared apartments, hostels, university accommodations, homestays. Factors such as proximity to the school, location, amenities, and route or easiness to commute to school. And don’t hesitate to grab any of these.

Transportation fees can add up really fast whether you have a car or uses public transport, closeness to your institution can cut down cost.

  • Financial Assistance and Scholarships

Most international universities with international students have grants, sponsorships, and scholarships in place to help cushion their education financially. So before you jump on board, make sure you explored these opportunities and apply for as many as they permit for a single student.

  • Insurance

Many international universities in the US and Canada provide group plans for student health insurance. Make sure you purchase insurance coverage in your institution and make good use of it. In that case, you won’t have to break your emergency fund in times of sickness, be it a little cold or malaria.

  • Part-Time Employment Opportunities
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If regulations permit, consider working part-time while studying. It can provide extra income and valuable work experience. Research the work permits, visa regulations, and restrictions on working hours for international students.

Look for job opportunities on campus, in local businesses, or explore remote work options. Strike a balance between work and academics to ensure your studies remain a priority.

As stated above, make sure you have a local bank account in your new home, have a phone plan that suits your pocket, explore accommodation options and chose the best fit for your pocket, and be quick to apply for any available grant or aid for international students.

With these tips, I am sure you are ready like a pro to take control of managing expenses while studying abroad with smiles all through your years of studying.

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