As part of a generation that is so technology-adept, managing personal expenses using technology should not come as a surprise. Downloading an app to keep track of the expenses and spending patterns.
We all consider overseas education as a great opportunity for our personal and professional growth with the host of experiences that we gather, in our time abroad. However, studying in a foreign country is an expensive affair given the several costs that come with it. To help with that, there are some money-saving and managing tips that you can follow.
The first and one of the obvious tips is to minimize your personal expenses. Overseas education is an expensive proposition and while planning, parents need various factors such as college fees, along with the living expenses, travel expenses, etc. for the overall budget. Tuition fee is that major component of your expenses that is not under your control. But for other personal, lifestyle expenses, experts say you can try to minimize them as much as possible. Find thrifty solutions to substitute your extravagant purchases.
Having said that, Basil Ali, Co-founder and COO, Edumpus says “There are certain expenses which you cannot ignore like food, apparel, stationery, transportation, etc. There are various brands that offer student discounts that can get you a deal on a lot of your purchases. Shopping during sales can help you get good quality products for a much more affordable price. For books, you can issue books from the library of your college or any community library.”
It is always recommended by experts to get services from a local bank as soon as one reaches one’s study destination. Enquire about debit and credit cards and what student benefits they offer.
Ali explains, “As the natives are more aware of the dynamics of the country or city, therefore, they are the best people who can guide you on where and how you could purchase an affordable phone connection or buy your daily groceries from.”
Studying in a foreign country comes with its own costs and there can be certain emergencies which you need to be prepared for. To anticipate such situations and make provisions for the same, consider getting a part-time job. This source of income can be your rainy day reservoir and can contribute towards your education loan as well.
Ali points out, “As part of a generation that is so technology-adept, managing personal expenses using technology should not come as a surprise. Downloading a money management app can help keep track of the expenses and give a detailed report of the spending patterns.”
Studying abroad comes with a laundry list of responsibilities, at the same time, experts say it’s a huge learning curve for the students who get to learn basic life skills – Managing money being the most important one. Hence, Ali adds, “be mindful of your expenses and you will sail through your life-changing study experience successfully.”