Financial Management for International Students: Practical ways to Save

Financial Management for International Students: Practical ways to Save

Financial constraint is one of the main concerns for students. This worry is reinforced further when studying abroad since you are in an unfamiliar territory. Moving to and settling in a foreign country comes with several expenses which, if not properly managed, can leave you broke and stranded.

Fortunately, you can maximise what you have through appropriate planning and cost-cutting whenever possible. We recommend the following hacks to ensure you have fun while practising enough caution to avoid running out of funds:

Accommodation

If you are not lucky to get college accommodation, you will have to look for an alternative on your own. Since you may not be familiar with the terms and conditions as well as the current going rates, engage the services of a real estate agent to get cheap student accommodation in London. You could also search online and ask for recommendations from student communities. Generally, shared spaces will be cheaper than individual lettings.

Meals

Unnecessary spending on food will get you in trouble, both financially and health-wise. Avoid pre-cooked meals from convenience stores which are not only expensive but unhealthy, too. Cook your own meals, and save on groceries by buying in bulk.

Make a budget

Spending money without a budget leaves room for impulse buying. To avoid this, make a budget and stick to it. There are also plenty of mobile applications that can help you track your spending.

Insurance

A student insurance policy will cover you in case of a medical emergency or when something goes wrong and you need a lot of money at once. Research on the different available premiums and pick one that suits your needs.

Communication

Using your mobile phone services to call friends and family back at home is expensive. Instead, opt for alternatives. Try the different social media calling apps such as Skype, WhatsApp and Facebook Messenger which mostly rely on internet alone.

While the savings on each of the above items might seem minute, when combined they will all go a long way. This way, you can properly distribute your financial resources and channel them where you need them most.