Managing Finances While Studying: A Student’s Simple Guide!

If you intend to study abroad in a college or university of your choice, it’s important that you consider all the relevant aspects, especially with regards to finances. Most countries that offer quality education have a high standard of living, and managing your finances can be a lot harder than imagined. Keep in mind that there is much more to finance than just the course fees. More often than not, it’s the cost of accommodation and other expenses that take the lion’s share of the overall cost. In this post, we are discussing how you can manage your finances as you study.

  • Think of scholarships. While many universities and colleges do have scholarships, the number of options is extremely limited, and it’s usually the top students who get a chance. However, don’t lose your heart and look for other options. Many local businesses often have competitions that have cash prizes for winners, and you can get some quick cash to keep your finances strong. Although scholarships are useful for sure, small help is always welcome.

  • Get away with the credit card. Believe it or not, students with credit cards with an extended limit often spend the most during their college years. You may want to avoid that. Keep a card, which is a must, but check again if you need extended credit limit. Depending on where you live, a debit card should suffice as well.
  • Find a way to work. In most countries, students are encouraged to take up part-time work, and this is the simplest way to get some more cash for your personal needs. Again, the rules can vary from one university to another, but typically, students can work for around 20 hours per week during the course and as many as 40 hours during the vacation. This is the simplest way to save money while you are abroad.
  • Don’t miscalculate. When it comes to studying abroad or in a good university, most students only consider the cost of accommodation and course fee. There are several other expenses too – Think of the transportation cost, need to get your study materials, ability to enjoy a decent meal once in a while, the need to socialize with friends. To be more precise, set a realistic budget. Do not ignore things that you may need, and that will come in handy as how you plan the expenses.

  • Be a miser. If you are already on a tight budget, you have to find ways to reduce your expenses. You may still win money from scholarships and work, but some places are just more expensive – period. Consider your monthly expenses and things that can be avoided in the first place. For example, if you are having two dinners with friends every month, cut that to one and you can save a good $50. Keep in mind that even the smaller things can go a long way in saving money. It may sound stupid, but having a small piggybank to store change and coins can be helpful by the end of the month.

Check online now to find more on scholarships and other similar opportunities.

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