Studying Abroad? Finance Expert Shares 5 Tips To Save Money

Studying abroad comes with a lot of miscellaneous expenses that you cannot plan for before you fly off to study in your dream college. Therefore, it is crucial to understand a few tips and tricks that can help you save some bucks at the end of every week and month.

We connected with finance influencer and expert Bhanu Pathak to bring you three tips that will help you save money and use it when the need arises. It will also help you learn the art of saving, investing, and becoming financially independent.

Opt For A Part-Time Job To Earn Extra Money

Many students opt for a part-time job while living abroad. It helps them earn their living and live a better life. If you have additional expenses in a month, want to take a trip, or enjoy with your friends, some extra money helps you stay on your feet.

It will also prevent you from asking for money from your family. It will take the load from their shoulders and facilitate you to live your life on your terms. A part-time job also allows you to experience the culture closely and help you get acquainted with natives. When you interact with people from another country on a daily basis, it helps you feel less of an outsider. It helps you ease in and settle well.

Use Prepaid Forex Card For Transferring Amount

According to the expert, you should use prepaid Forex cards instead of credit and debit cards for everyday expenses in a foreign country. The most amazing feature of these cards is you can quickly transfer money from your Forex card to your bank account without hassle.

The finance expert suggested getting a Neo Global Forex card to make transactions. It is considered the best option for Indian students (Scholarships For Indian Students) trying to make their future in a foreign country.

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Smart Planning Saves Money

He said that in order to save money, a person needs to strategise smartly. Instead of picking a single room to stay or booking a flat/ apartment, you should take a room in sharing. Many universities offer scholarships to foreign students to help them fulfil their dreams. It decreases the amount of loans and spending.

The expert suggested getting your hands on the information related to such scholarships beforehand so that you can apply and get selected on the basis of merit. You should also open an account in a nearby bank because if you have to use an ATM of an Indian bank, you might end up withdrawing more because of the fee induced when you have to convert Indian currency into foreign denominations. It will also reduce your frequent visits to banks, and you will not have to pay a high amount for converting rupees into another currency.

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A few other tips you need to keep in mind while trying to save money when you are studying abroad is using your international student ID card. It will help you avail of big discounts. You can use an ISIC card to get discounts all around the world.