Money is a crucial factor for Indian students while planning their study abroad journey. Due to the weakness of Indian economy, our students have to face a lot of problems in managing their study abroad finances. They may even have to curb their study dreams because of the money factor that is involved in an entire process.
The problem with Indian students is that they don’t have enough exposure to deal with financial problems that arise during their study abroad journey.
There are several methods of saving money as an international student in your study destination that many students are not aware of.
By implementing few simple techniques and strategies, it is possible to make huge savings. All it demands is awareness and some conscious efforts to make considerable money savings.
Different methods that may be used to save money while you’re studying abroad are as listed below:
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The biggest mistake students, often, tend to make is underestimating the value of their student ID cards. By using their ID cards, the students can make savings on almost everything right from food to travel to housing and much more.
Even more, it is recommended that you buy your International Student ID card (ISIC). It may cost you money, but the benefits you reap are far greater than your invested amount. This card is recognized all over the world and you can use it everywhere you go to avail discounts on a number of things.
2. Choice of a Bank
You must choose your bank and credit/ debit card wisely after carrying out an extensive study of the available options. Some banks may offer policies that are of great interest for students. Further, they may have different business collaborations to offer you various discount schemes.
3. Work Opportunities
Many countries have laws that allow you to work part-time as an international student while you’re studying abroad. The law defines the maximum number of hours you’re allowed to work during a week to manage your expenses.
Part-time work options are an excellent way of earning some money to manage your fees or personal expenses. The best part is that there are a number of options to choose from and you can select one depending upon your interest.
4. Means of Transportation
You can largely cut down your expenses depending upon the choice of your mode of transportation.
Consider buying weekly or monthly student passes and get to know public transportation. Even better if you can start walking. You’ll get to spare a lot of cash.
Wiser heads would always warn you getting dependent on cabs or private taxis. The cab rides are going to make deep holes in your pockets.
In order to save huge chunks of money that are involved in studying abroad; the right approach is to apply for a scholarship. There are varying amounts of scholarships available for international students. Even more, the students may also apply for grants that are offered by the universities and philanthropic organizations.
6. Plan your Monthly Budget
If you plan your monthly budget in a wise manner and stick to it, there are bright chances that you don’t end up broke. Furthermore, you will save on spending extra cash. There are different simple measures you may take to spend wisely and stay tight on a budget:
- You can use Skype, Hangouts or Whatsapp calling feature to stay in touch with your friends and family back home or even in your study destination. Avoid the use of pre-paid calling cards as it can get sinfully expensive.
- Avoid hanging out frequently with your friends and eating out at fancy restaurants.
- Buy your necessities from the wholesale departmental stores like Coop, Marshalls, Target, etc.
- Always watch out for coupons. You are likely to get some very interesting deals.
- Get friendly with locals. You never know when they start doing some amazing favors for you.
We at study destination are always there to help you in your study destination journey. Never ever hesitate in contacting us in case you have any questions regarding studying abroad!
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