How to manage your expenses as an international student during covid-19 restrictions
As an international student in a foreign country, especially in times of covid restrictions can be tough and sometimes even overwhelming. While managing your studies, you also have to take very good care of yourself and also manage your expenses wisely.
This may sound scary at first but with the proper planning and understanding, you will be able to sail through with ease.
Written below are 7 tips that will help you take charge of your finances and use it most effectively.
First thing, become aware of the status of your finances and then make an economical and practical budget plan. You should factor in the monthly rent, grocery expenses, transportation, recreation, study material, miscellaneous and some extra money for emergencies and unexpected circumstances. This plan will help you know how much you spend in each category, and accordingly, you can divide your finances and keep track of where the money is going.
Make an informed decision while choosing the bank that suits your requirements. Take references from your college counselors and friends from the area for the information on the banks. Every bank offers different services, so it will be helpful to choose the one that gives more student benefits and does not put heavy charges on international transfers, given you might be making those during your stay. Say you are living in a student accommodation in loughborough; in that case, you would want to get an account in a bank that is close by to your place. This is a crucial point to keep in mind because you would be travelling a lot to the bank, initially to set up your account and in future also in case there are any hiccups. So if the bank is nearby, it’ll be helpful for you.
When studying in foreign countries, you get the chance to work part or full time during term breaks. Such an additional income helps you manage extra expenses that you would want to make as a young student and helps you gain knowledge and expand your workforce skills. A couple of things you should check before taking up work is if your student visa allows you to work. Secondly, you might have to pay taxes on what you earn so find out the rules of the new country you are in beforehand.
The way to live comfortably abroad while studying is to do smart planning. Prioritize and make lists to understand what are the things you need and what are things you want. This will help you judge how you can spend wisely on items that are most required and items that you can buy to fulfil your desires.
Be smart with your daily expenses. These can be reduced with simple ways like:
- Accommodation sharing: say your friend lives in student accommodation in edinburgh and even you need to find a place in edinburgh. Then the simplest and most economical decision to make would be to ask your friend if you can move in with them. Especially in these times of corona, living with somebody makes a difference in case of emergencies; you have someone to count on!
- Re-use study material: you can take books/notes from your seniors or even get digital copies of material to save on the expense of having to buy completely new books. You can even join libraries where you are exposed to many resources at an affordable price.
- Shop during sales: a sale is the best time to do your bulk buying. So wait for a sale, keep your list ready and buy in large quantities.
A student card is what is going to help you live in the city with ease. This card enables you to get discounts in shops, on movie tickets, in restaurants, for transportation and sometimes even recreational activities. Find out from your college where you can get this card from, or you can even search online as many websites offer the same.
When you start eating at home, instead of having to eat outside because you can’t cook, trust us, you will save around 30%- 50% of your food budget. Don’t worry, if you think you don’t have time to cook every day, then cook in large amounts so that you can preserve it in the fridge, reheat and eat!
Get into the habit of walking a lot more than you ever have. When you live in foreign countries, it’s most economical to use local transportation or walk or even cycle. Get yourself a cycle that will help you explore the places around your student accommodation in southampton.
Get the most trusted accommodations in the city of your choice with amber that will provide you with hassle-free stay options that best suit your needs! We are constantly helping millions of students worldwide get affordable housing along with the latest covid protocols in place!
Author: riya rohatgi is a graduate of media and communication. She has worked in fields like filmmaking, marketing and designing. She is an adventurous person who loves exploring new things in life.