You decided to go overseas to further your studies or to carry out an internship necessary for you to graduate.
Do not under estimate the money challenges of studying abroad – particularly if this is the first time you will be living abroad for some extended time. Studying abroad places pressure on you – settling in to a new social and educational culture, loneliness as you are leaving your social network and need to start afresh in a new country, fears on whether you will succeed with your studies, the stress of examinations and assignments to complete and pass, leaving behind your girlfriend, dark cold nights and little sunshine as against the Mediterranean blue sea and sky you are accustomed to.
The last thing that you want to face is money problems.
ĠEMMA presents a number of money tips for you to follow that will help you manage the the unique money management challenges at a time when you also need to get used to living on your own.
- Talk to your parents
- Financial need
- Understand student loans
- Know your repayment options
- Separate needs from wants
- Start with the basics
- Spend your money wisely
- Plug spending leaks
- Pay the rent, utility and other fixed costs on time
- Limit transportation costs
- Put your money in the bank
- Choose your credit card carefully
- Use your debit / credit responsibly
- Get help if your are in debt trouble
- Resist peer pressure
- Get organised
- Select housing mindfully
- Make your career a main focus.