Tips to manage money while studying abroad

Now that you have decided to take the leap and further your studies overseas, it’s time to talk about the money challenges you might face.

Our intention is not to add any extra pressure

BUT

rather to prepare you for these challenges, especially if this is your first time living abroad for a lengthy time.

Heading out on your own is exciting (and maybe a little frightening) – you’ll settle in a new educational culture, make new friends and start afresh in a new country.

Things may be different to what you’re accustomed (e.g. coffee culture, rent, transportation, health insurance, grocery shopping etc.) so money problems are the last thing you want on your hands.

First, get organised, plan ahead and budget way before you step on the plane and buckle your seatbelt. Secondly, we’ve prepared a couple of TIPS that we’re pretty sure will come in handy.

• Factor in other expenses

There’s a list of expenses other than your study program including transport, lodging, health insurance, food & entertainment (among others).

• Understand student loans
• Know your repayment options
• Separate needs from wants (we’ve got a whole blogpost about it right here)
• Manage your funds

We can’t stress this enough. Set a budget and do monitor what you’re spending to stay on track.

• 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 you are in debt trouble

Make sure to send and receive money securely. So avoid using public Wi-Fi networks to do such transfers.

• Resist peer pressure
• Avoid giving in to impulse buying
• Make your study the focus

Hey, that doesn’t mean you can’t have fun. Just don’t forget that you travelled there to study first.