Tips for managing money while studying and living abroad

 As an international student, it can be

difficult to manage your finances. However, with some basic planning
and understanding, you’ll have enough money not only for utilities and
other expenses, but also to reward yourself from time to time.

1. Have a local bank account

First things first. Setting up a bank account in your new country is
the first step towards your financial survival. Your IDP advisor can
help you with information about the main bank accounts in your
destination, so you can make an informed decision. Since the services
vary from bank to bank, make sure you choose the one with maximum
benefits for students and don’t charge high fees for international wire

2. Remember, budget it

It is important to know your current financial situation and make a
practical budget plan. Be sure to include factors such as monthly rent,
utility bills, groceries, transportation, data costs, recreation, study
materials, and travel. It is wise to set aside an amount every month for
unexpected situations or calamities.

Tips for managing money while studying and living abroad

3. Time to get smart

Studying abroad is expensive, but with smart planning you can survive
very easily. Understand what you need and what you want, and the best
way to do that is to make a priority list. Find ways to save your money
and use it wisely. You can also reduce your daily expenses with simple
methods such as:

  • Sharing accommodation
  • Buy student discount cards
  • Buy used books or digital copies
  • Join a library
  • Buy passes for local transport
  • Shopping during the sale
  • Shop at community stores

4. Work to support your lifestyle

In most countries you can work up to 20 hours a week and full time
during breaks. Just check if your student visa allows you to work and
look for a job accordingly. This extra income can help you manage your
expenses well, in addition to increasing your staffing skills. Keep in
mind that you may have to pay a certain amount of tax on your earnings,
so check your new country’s rules for international students beforehand.

5. Use your student status

Purchase a student card as early as possible. With this card you get
discounts on restaurants, shops, cinema tickets, transport and various
cultural events. There are even many websites that offer great student
discounts on events and shopping, check them out!

If you’re moving to Australia, ask your IDP advisor about the IDP
ISIC Student benefit card to take advantage of thousands of special
offers for full-time international students.

6. Know what to do and where to go

Understand which activities are costing you more than you can make
use of. If you’re tight on your budget, limit your shopping or eating at
fancy restaurants. Why not call friends over for a game of monopoly

7. Learn to cook

Why not? Use your ‘eat out’ budget and buy fresh ingredients to cook
at home. Believe us, you will save about 30% – 50% of your food budget!
If you’re short on time, cook in large batches and store in the
refrigerator; reheat and eat later, so you don’t have to cook every day.

8. Explore the place

Each destination is packed with great places to explore and have fun,
and believe it or not, most of them are free or for a small fee. Find
such places, form a group and go exploring!

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