A new country, new people around, new currency, new syllabi: sounds exciting?
It is! But in the midst of all this, managing one’s expenses can be a daunting task. A new geographical location brings with it the challenges of coping with the unaccustomed economy. Coupled with all this, ensuring good grades in your course is quite trying.
Here we list a number of pointers aimed at helping you understand how to manage your expenses with your allocated finances while studying abroad:
- Make a budget: Making a budget reflecting your inflow and allocating a fixed amount for all expenditures is the ultimate key to manage your finances well while studying abroad. Ensure that you decide how much to spend on which of your planned expenses and stick to it. This will ensure smooth financial flow and also leave you without worries.
- Be technology-friendly: While studying abroad, you could use some money managing apps like GoodBudget, Mint, and Pocket Expense. These allow you to create a log of your daily and monthly expenses and also club them under various overheads like Grocery, Bill, and Entertainment. At the end of the month, you can create a graphical view of your month’s expenses and can track how much you spent where. This is basically like a checklist for your expenses.
An advantage of some of these apps is that it also shows you conversion rates and you can check various expense-related facts in comparison with your home country or the country offering your scholarship.
- Save for emergencies: Keeping some money handy for a rainy day is crucial for managing expenses, even more so when your social interaction is limited in a new country. In case of an emergency, you will have something to fall back on and all that you will need to get you through is your bonds with new friends.
- Keep bank information handy: Remember that bank operation guidelines and hours may be drastically different from what you are used to in your home country. So it is essential to keep your bank information, ATM card, cheque book, and any other voucher available at your university handy. When in need, these will help and be boons.
- Reward yourself for managing expenses well: Do not forget to reward yourself with a shopping surprise or an ice-cream treat once in a while for sticking to your budget. This will gear you up for sticking to your plans ahead.