Many Indian students presently intend to pursue their higher education at prominent international colleges, with the majority preferring to study in Canada, Australia, the United Kingdom, and the United States. Studying in these institutes provides them with global experience as well as some of the top post-study career opportunities. However, until they start working, many students must spend their college years fully reliant on their parents' funds. Most of these students struggle to make ends meet because they lack the knowledge to manage their funds appropriately.
If you want to begin your studies abroad, here are some wise money management tips to help you relish the entire university experience.
1. Budgeting for the Month:
When living away from home for the first time, a basic rule is to organize your monthly spending. You will have many more expenses in a new country than at home, and you must learn to distinguish the necessary ones. List your monthly rent, groceries, utility bills, study material expenses, and commute to create a practical financial plan. Divide the remainder of the budget into two parts: one for an emergency fund and one for recreational activities. Writing down all of your spendings in a journal at the end of the day is a wonderful method to start financial planning and budgeting. It aids in financial planning, especially when you've spent some unique spending.
2. Choosing a Student Pass:
The nicest part of being a student in nations such as Canada, the United States, the United Kingdom, and Australia is that you can use your student pass to enjoy incredible discounts and specials on almost anything. Restaurants, theatres, bookstores, grocery stores, and even local activities are included. A student pass is best used for mobility and commuting. Your student pass is valid on all modes of public transportation, including buses, subways, and streetcars. Just keep in mind to apply for one as soon as you get to your university.
3. Take Public Transportation:
Taxis are pricey even when traveling within your own country. And, as a new international student, you won't have the funds or the necessary documents to purchase a car. That is why we constantly advise students to learn the local bus and tube routes and only use public transit. A bus or tube pass can help you save even more money. If you are skeptical of public transport, or if your college and student housing are not too far away, you can get a bike for your daily trip.
4. Reduce College Expenses:
It is prohibitively expensive for Indian students to study in Canada or anywhere else in the world. However, if you organize your finances wisely, you may live a comfortable life on a tight budget. You must discover ways to cut costs, such as choosing shared housing, obtaining a student pass, acquiring used books or digital versions, cooking instead of eating out, purchasing from community stores, shopping during sales, and so on.
5. Establish a Local Bank Account:
As soon as you've settled in, look into the procedure of creating an account with a local bank. Choose one that is affiliated with your college and is welcoming to overseas students. This is to prevent the unwelcome transactional fee that would be charged when converting foreign currency from an overseas bank to an Indian bank and vice versa. When researching banks, you should also educate yourself on when and when not to make money transfers.
6. Work to Supplement Your Income:
The great majority of overseas students work part-time while attending college. It allows students to obtain valuable experience in the real world while also earning some extra money. You should also look at some decent job opportunities around your college campus or where you will be staying. The extra money will allow you to spend more independently and relieve some of the pressure from your parents' shoulders. Some colleges also provide on-campus employment possibilities. And we'll gladly assist you in connecting with the appropriate personnel.
7. Learn to Perform Your Chores:
If you live off campus, whether in shared housing or on your own, not relying on someone to do some basic tasks for you is a terrific way to save money. It entails cooking, cleaning, putting out trash, washing clothes, and so on. Before traveling abroad, you must learn to accomplish these things on your own and maintain your overall cleanliness. Furthermore, learning to make your meals can save you the trouble of getting takeaway every time, while also assisting you in staying healthy and avoiding avoidable medical bills.
8. Buy Like a Local:
A native is always aware of the greatest bargain stores and markets. Befriend and observe locals to learn where they shop, go to the movies, and what neighboring areas they like to visit. Keep your expenses to a minimum for the first few months so you can learn how much everything costs and what tactics locals use to save money.
9. Purchase Insurance:
In other countries, healthcare and dental treatment are exorbitantly priced. Not to mention the possibility of being involved in a fatal accident. Health insurance is required for students studying in Canada and the United States. In addition, our mentors advise students to purchase travel insurance in case their luggage is forgotten by airport personnel.
10. Investigate Other Financing Options at Your College:
Whether you have a scholarship or not, many colleges in Canada, Australia, the United States, and the United Kingdom provide awards to high-achieving students. Colleges will occasionally host events or activities with cash or in-kind prizes. To receive these benefits, you must be proactive in both your academics and extracurricular activities.
Conclusion
Even though attending your dream overseas university may be costly, you may still have a great time as a student while you're studying abroad if you use some wise money-management strategies. After all, it's usually preferable to have a few extra dollars on hand than to constantly borrow them from people or squeeze pennies. After all, you are the one who must repay it all, along with your student loan debt. Therefore, you will be better able to enjoy your time at university the earlier you learn to manage your cash.
For more detail about Sharda University visit www.sharda.ac.in
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