Financial Planning Tips for Students Studying Abroad

You had a long-time desire to study abroad, and now you are there manifesting your dream. Good for you. We know you are passionate about your career and expanding your academic horizons, but we are also familiar with the challenges you experience daily, most specifically related to managing finances.  

Students coming from developing countries with meager resources have difficulty paying for tuition fees, accommodation, and living. Sure, it is difficult, but not impossible. Many students do not only meet their ends but save plenty. They can do it, and so can you. 

In order to learn how you can manage your finances and save money, read this article til the end. But before we explain a few handy tips, we want to instill in your mind that you need to be patient and ready to sacrifice things if they affect your budget. You can’t expect to go all around, have all the fun, spend money on lavish items, and vent about having no money by the month’s end. 

Be mindful, motivated, and strong!

Anyway, here are the most useful tips that you must religiously follow to experience no financial problems abroad. 

Create a Realistic Budget

It is important to create a budget to ensure you are not arbitrarily spending money just to find in the end that you have to save money for a project or another important thing. You must consider this budget seriously, and it should not be forbidden after pinning it to the soft board.

Take your time and list down every single thing that you need to spend money on in the month. From groceries to stationery, travel expenses to rent, and books to tuition fees, jot down everything and allocate a reasonable amount for each. 

Also, you should keep an emergency budget because, at times, you may need money to meet an unexpected need. 

Once you make the budget, make sure you commit to it wholeheartedly. Cheating the budget, even at one point, can sabotage your financial planning efforts so make sure you abstain from even thinking about ditching the budget. 

Use sssBudgeting Tools 

“To err is human”

We know that sometimes you may, out for any reason, lose the string of a budget, but using a budgeting tool will never allow you to do that. Many budgeting tools and applications can help you keep track of your expenses diligently.

They monitor your spending habits and identify where you can cut back. So, it is a great idea to use them and keep yourself accountable and bound to follow your budget. 

Some of the best budgeting apps include Pocket Guard, Mint, YNAB (You Need a Budget), Simplifi, etc. 

Look for a Source of Income

It is always a great idea to find a part-time job to improve your finances. In today’s digital world, it is so easy to find work, and that too from the comfort of your home.

There are various freelancing sites, such as Freelancer, Upwork, Fiverr, etc. All you have to do is create a profile, optimize it with key tactics, and hunt for projects.

Moreover, online availability is a key factor in getting jobs, so it is important to ensure your availability to grab opportunities. For all that, you just need reliable and fast internet. Now if you are studying in the US, you have just the ideal option available for internet service – Spectrum Internet.

It offers high-speed internet at the best rates, so you can meet your needs without burdening your pocket. If you are a Hispanic, you may contact servicio al cliente Spectrum to learn about exclusive deals. 

Cut Down on Expenses

You can’t expect to save money while buying luxury items mindlessly. You can only save money if you cut costs on unnecessary things. Closely look for areas where you can reduce your spending.

For example, you may cook for yourself instead of eating out, avoid buying new clothes instead of stacking up new pieces every month, use public transportation instead of taking taxis, etc. All these are small efforts that can help save for yourself. 

Search for Scholarships

For students, there are a number of scholarships and fee waivers available at universities and outside. Instead of paying large sums for your education, you may obtain a scholarship and get rid of paying your tuition fee.

For getting a scholarship, it is important to plan for getting admission to the university as it comes with a lengthy procedure. However, even if you are admitted into the university, search for available opportunities. 

Find Cheap Accommodation

When it comes to accommodation, you will find different kinds of places to live in, from hostels to apartments and flats to houses. Since you are a student looking for ways to save money, it is recommended to live in cheap hostels.

Pro tip: living in a 2-3 seater room can save you more money. So, do your research and find a hostel near your university that charges less for international students. 

Bottom Line

Saving money is a hell of a task, especially when you are a student living abroad. Go through the tried and tested tips to save money and complete your education with peace of mind.