Many students will choose to study abroad. However, while studying in a foreign country, they can experience financial stress during their college career. In fact, financial management should definitely be considered when studying in another country. This means that all international students must manage their own finances by keeping up with bills, paying fees, and protecting their money from fraud and theft.
Fortunately, with a little experience and guidance, you will soon be able to manage your personal expenses, as well as tuition and rental costs.
Here are 8 tips on how to manage your finances while studying abroad:
1. Understand fees
“There are two types of fees for using a debit card abroad,” says Leo Naylor, an educational author at Written form and Researchpapersuk. “First, a foreign transaction fee is a percentage of the total transaction amount for purchases or withdrawals, which is typically 1 to 3%. While an international ATM fee is a flat fee charged by your bank for every third-party ATM transaction, which can typically be anywhere from $ 2 to $ 5, on top of those third-party fees. Instead, try to find credit cards with no foreign transaction fees to avoid additional costs. “
2. Create a budget
Yes, even if you are studying abroad, you need to have a budget for every day, every week, etc. This will help you avoid unnecessary spending, especially with different currencies.
Once you have a budget plan, you can distinguish which spending is prioritized and which is not essential (i.e. fun and leisure).
3. Spend like a local
Observe the shopping behavior of the locals. Get on with a few locals and imagine the cheapest places to shop (e.g. groceries, stationery, etc). Spend as little as possible in the first few months so you understand how much it costs to get through.
4. Know exchange rates
When spending money overseas, you will find that the local currency exchange rate tells you how much your purchases cost in US dollars (excluding fees). Also, prices tend to fluctuate so you have no way of knowing how much a future foreign purchase will cost you.
Sites like X-Rates offer a currency converter that can be used to quickly compare US dollars and other currencies.
5. Do business with a good bank
Don’t want to visit a physical bank? No problem! Online banks are great for travelers. and they typically have lower fees.
If you are staying abroad for a longer period, you can open a bank account there. However, educate yourself and see if opening a overseas account is the right thing to do, especially in an emergency where your family needs to send money to you.
You might also be interested in: What is it like to study abroad during the Covid-19 era?
6. Avoid fraud and identity theft
Identity theft is everywhere, especially when you are on the go. So:
- Let your bank know that you are going abroad.
- Bring a backup bank card in case your primary card is reset or replaced.
- Keep your passport separate from your bank cards.
- Leave a photocopy of your passport with a trusted person at home and keep another with you (in case your actual passport is lost or stolen).
- Don’t carry a lot of cash with you every day. When you take out a large amount at an ATM, keep most of it in a safe place where you will be and only carry what you need.
- Go to ATMs only in well-lit places. If you see anything suspicious, leave.
- Stick with trusted banking institutions.
7. See If You Need a New Debit Card
“In reality, many American debit cards may not work in certain countries,” says Rhonda Lawson, a personal finance blogger at Draft beyond and Last minute writing. “Indeed, some countries may not have the same EMV chip-enabled technology that can prevent fraud. So be sure to check if you need a new debit card, especially if you plan to stay in another country for a certain period of time. “
8. Look for additional income
It is good for students to have extra income through freelance work, part-time jobs, paid online surveys, etc. With that extra cash, you can pay for tuition, buy school supplies, tackle student loans, and more.
As you can see, financial management shouldn’t take a back seat when it comes to funding your school education, as well as your living conditions and basic needs. We therefore hope that with these 8 tips you can better manage your personal finances and avoid stressful money problems when studying abroad.
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Ashley Halsey is writing to UK research writing service and Gumessays.com. As a professional writer, she has been involved in many projects across the country. In her free time, she gives lectures in business training courses and spends time with her two children.
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