Posted on May 22, 2021
#InternationalStudents #StudyAbroad #ManageMoney 

As an international student, managing money can be challenging. However, with some essential preparation and knowledge, you will not only have enough funds for electricity and other expenses, but you will still be able to treat yourself now and then.

It can be stressful whilst trying to figure out the right way to pay your payments when considering telegraphic transfer fees, bank fees, and so on. If you depend on your parents for financial support, you'll need to find out the most cost-effective way for them to give you money without incurring significant bank charges. To stop being scammed or stolen, it is necessary to keep your money safe and stable while still making it public.

If you've never had to manage your expenses before, it can be not easy. It can be a little hectic as well, but with a bit of practice and direction, you'll soon be a self-sufficient citizen who can handle their expenses as well as extensive financial obligations, including tuition fees and rent. 

Here are some things to remember when handling your finances when travelling:

Managing personal finances

If you juggle a lump amount of money for the whole semester, you'll need to create a monthly budget to ensure you don't go over budget. It can be impossible to predict costs during the first semester, but you can still make a rough estimate and tweak it later.

If your dorm doesn't have a dining or meal schedule, you'll need to find out how much you can spend on food and shopping and whether it's easier to cook at home more often.

When you've budgeted for books and school supplies, food, rent, bills, and personal products, you'll know how much money you have leftover for things like vacations and movies. It's still a brilliant idea to set aside enough money for savings in case of an emergency. 

If you're having trouble making ends meet, it's a positive sign that you can look for a part-time career. Many international students are tempted to get a credit card, but whether you do or not depends on the individual circumstances.

Get yourself a local bank account

First and foremost. The first step in ensuring your financial survival in your new country is to open a bank account. You can consult with Amber, and we will provide you with details on the most common bank accounts in your destination, allowing you to make an educated decision. Since programs differ by the bank, make sure you pick one that offers the most benefits to students and does not charge high fees for foreign bank transactions.

Remember, budget it out

It's essential to understand the current financial situation and build a workable budget strategy. Including annual rent, maintenance costs, groceries, housing, data charges, entertainment, research materials, and travel in your budget. It's a good idea to set aside some money per month for unforeseen circumstances or emergencies.

Time to get smart

Studying abroad is costly, but with careful preparation, you can quickly make it through. Understand what you require and need, and the easiest way to do so is to create a goal list. Find opportunities to save money and put it to good use. You will also save money regularly by following these basic steps:

Studying abroad is costly, but with careful preparation, you can quickly make it through. Understand what you require and need, and the easiest way to do so is to create a goal list. Find opportunities to save money and put it to good use. You will also save money regularly by following these basic steps:

  • Sharing accommodation

  • Get a student discount card

  • Join a library

  • Buy used books or get a digital copy

  • Get passes for local transport

Use your student status

Obtain a student ID card as soon as possible. You may use this pass to get discounts at hotels, stores, movie theatres, public transit, and cultural activities. In times of online living, there are a plethora of websites that provide excellent student discounts on events and shopping; take a look!

If you're going overseas, you can always ask your Amber Counselor about the Student Benefit Card, which gives you access to thousands of exclusive deals for full-time international students in every country provided by us.

Paying for rent

If you live off-campus, you will be responsible for paying the deposit. That's why you have to be sure that you have a lease from the landlord or housing administration office. 

Also, try taking notice of the lease's terms and conditions, and make sure you'll be able to make the payments when they're due. For example, few leases require annual fees, and others only require weekly payments. 

When it comes to payment systems, others require a check, while some require a direct bank transfer. Avoid paying any deposits or rents in cash, regardless of the appropriate payment form, since this may indicate that the landlord uses illegal methods.

We guarantee if you choose Amber, we will not let you face any issues regarding the rents or the leases and take care of your needs.

How can Amber help you?

We at AmberStudent are devoted to giving you the best experience and option for student accommodation worldwide because we apprehend its value. We have upgraded ourselves continuously with the COVID policies and would be more than eager to assist you in those. 

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