How Indian Students Studying Abroad Can Manage Their Finances?

The majority of foreign countries like the US, UK, Russia, and Australia are gaining more remarkability as an educational hotspot. The advent of outstanding universities in these countries has pushed youngsters to study abroad. The notion of shifting to foreign countries for further studies is outstanding but managing the finances can be a labyrinthine task. But, put your mind at ease as you have stumbled onto the right write-up today. 

Today, we’ll tell you how to budget your finances while studying abroad. With basic strategic planning, you’ll be having ample money for basic and other expenses.

  • Opening of a Local Bank Account 

Did you know that opening a local bank account saves you from heavy charges of international bank transfers? It must be your first and foremost step when you are about to start studying on a foreign university’s campus. It assists you a lot in financial survival like never before. So you can take the help of an IDP counsellor who’ll furnish you with the information of leading banks in your country. However, the services may vary from bank to bank but make sure that you are getting the maximum benefits on account of a student. 

  • Prepare Budget Roadmap

A company always does budget planning and allocation before starting any project and all. Likewise, when you are shifting abroad for studies, make sure that you craft a concise budget roadmap that eventually helps you manage your finances. For planning this, you must know your present financial situation. While creating budget planning, consider all the factors, such as study material, transportation, grocery, monthly accommodation rent, WIFI charges, and last but certainly, not least is travelling expenses. Additionally, try to save at least some amount every month for emergencies. 

You can also apply for a Forex Card to stay financially sound. TripMoney by MMT offers 0% Forex markup TripMoney Global Cash card.

  • Additional Income with Part-Time 

Most countries enable students to do part-time work to support their lifestyle. Therefore, one can work up to 20 hours per week. Isn’t that great? However, when you are having term breaks, you can get your hands-on work full-time and earn well. But, make sure that your student visa is applicable for this job and then search for the job accordingly.

In this manner, you can earn additional income and grab some additional workforce skills as well. Most noteworthy, you may also need to pay some tax on the earnings as per the country’s rules and regulations. Your part-time job helps you pay all your monthly bills, including credit card payments. 

  • Avail Travel Loans for Your Trips: 

When you go abroad for studies, you may plan some trips to nearby countries and all. Right? These trips can be managed cost-effectively with TripMoney as they offer you TripMoney Global Cash Card without any markup and added charges. Isn’t that great? Get your 0% Forex markup TripMoney Global Cash card right away. Travelling becomes affordable enabling you to save huge money with them. 

  • Smart Planning

Studying abroad with smart strategic planning can be a cakewalk. You can put down the priority list highlighting what you want. After putting it down, analyze how it can be done cost-effectively. Have intensive thinking on how you can manage those priorities at less cost and save some money. Here are some ways that you alleviate your daily expenses-

  1. Prefer to share PG accommodation
  2. Prefer shopping during bumper discounts or sales
  3. Get your hands on students’ discount cards.
  4. Buy local transport pass
  5. Try to buy groceries from the community store
  • College Expenses 

Don’t forget to have some intensive research beforehand if you are eligible for any scholarships or not. Did you know that there are some universities in countries that provide allowances and huge scholarships to students? It can be in the form of cash or allowances. Therefore, make sure that you do best in your school time so that you can get considered for such types of allowances. Apart from this, there will be some book expenses, but these can be managed if you buy second-hand books. A better option than this is getting a library membership. Most importantly, make sure to have enough research before taking admission into any university. 

  • Health Insurance

Note down, medical and health expenses cost a fortune in countries, such as the USA, UK, and more. Make sure that you don’t be reluctant to have medical insurance. However, you may fall ill or may get caught in cold or Covid-19. Isn’t it so?  Therefore, having insurance won’t bother you for financial survival in case of medical emergencies. TripMoney offers you insurance facilities as well; however, you can apply for it. 

The Bottom Line 

So, we have furnished you with strategies to plan your budget while you study in foreign countries. If you adhere to all the above-mentioned points, the process of managing all the expenses becomes a cakewalk. You won’t feel a burden anymore and can easily enjoy the foreign education and lifestyle. Apart from this, try to save as much money on monthly basis and have budget planning. Don’t do necessary expenses, causing you financial stress. We comprehend studying abroad comes with a large number of responsibilities, but it also transforms your personality and shapes your future by adding lots of valuable skills to you. Henceforth, don’t be afraid of expenses as you can manage them by following our guidelines,

Do You Want to Travel to Your Dream Places Without Financial Hassles?

Yes, you can travel to your dream places seamlessly with Trip Money. They provide you with a travel loan and enable you to enjoy travelling effortlessly. Don’t let financial problems ruin your dream of travelling to outstanding destinations that eventually keep your mind calm. Apart from this, we also offer TripMoney global cash cards without any added fees if you are travelling abroad. For more information, you can contact our support team.

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