5 Financial Tips for Students Studying Abroad

Studying abroad is a way to widen your horizons, meet new people and get an education, not just in the direction you’re studying but also an education in life. Living, studying and working in a different culture than your own can help you develop as a person and prepare you for the unexpected.

The downside? Finances. It’s expensive studying abroad, and it’s important that you get a handle on

1) Have a part time job lined up to earn extra cash while you are studying abroad.

Even a babysitting gig once a week, or a couple hours working in a shop can top up your finances or at least give you some weekly spending money so that you don’t have to dig into your savings.

The other plus side of this is that you can spend more time with the locals and learn the language if you’re studying in a non-English speaking country.

2) Give tutoring lessons to other students.

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Maybe they want to learn English. Why not spend a few hours at the weekend offering conversation classes to earn a bit of extra money. Hang up some leaflets on the school notice board and use word of mouth to get yourself a few keen students.

3) Have a credit card for emergencies stashed in the freezer or your underwear drawer.

Emergencies are not a new pair of shoes that you can’t refuse or a night out with the boys at the pub. Emergencies like needing to fly back home, an unexpected medical situation or when you’re extremely short on school fees may count.

If it’s not vital then don’t touch it.

The credit card is there for safety reasons not for you to blow it on material things that you really don’t need.

4) Keep track of your spending by writing everything down.

This may seem like a tedious activity but if you are on a strict budget and need to limit your spending than writing everything down will keep you in control of your finances and help make your money last longer.

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5) Pay in cash rather than by credit card or bank card and keep your receipts.

When you pay with cash, you notice the money disappearing. Shopping with plastic doesn’t feel like shopping at all.

Whatever you do buy make sure you’ve shopped around for the best prices and that you really need it.

When it comes to groceries, find places where you can purchase food cheap but fresh and only buy what you’re going to use so that nothing gets wasted.