Managing your finances when studying abroad

If you have made the decision to study abroad, then it is an exciting time. Education is becoming truly global now with all the international schools and the many exchange programs. Whether you are headed to London, Madrid or Paris, the chance to study abroad for a period of time is a great opportunity.

One key thing to factor in when doing this is managing your finances. After all, you will be there without your parents to do it for you! Making sure that you handle your finances in the right way will save any stress and guarantee that you always have cash for those important things when there.

Making sure that you manage your money properly will allow you to have the best time possible and enjoy yourself as much as you can when there.

What are the best money management tips for foreign students?

It can be a little overwhelming when you start studying abroad, with so much to take in at first. Here are some great tips to make money management that bit simpler:

  • Set up a bank account – wherever you are headed to for your studies, it is always wise to set up a bank account in your new location. This will help greatly for getting paid if you work while there, as well as making it easier to transfer money home if needed. It also makes it much easier for your family to send you extra funds if you run low! One really great tip when moving money internationally is to always use a reputable money transfer company, rather than transferring it via the bank itself. Wherever you are in the world, this is pretty easy – there are a lot of these money transfer companies in London and across the UK that you can use to send money to the country in which you are studying.
  • Set a budget – if you are going to be looking after your own spending, then setting a budget is key. Think about all the things that you need to pay for each week or month and then budget your money out accordingly to cover them all. Of course, any spare money can then be saved or spent on enjoying yourself. 
  • Get a job – although you are there to study, one great tip for managing your finances is to get a part-time job. This will not only help you to manage better financially but also give you extra life skills and a chance to meet more people.
  • Write a shopping list – one of the big areas that most students will overspend in is the food shop. A good way to avoid this is to always write a shopping list out before you go to the shop so that you only buy what you need. You will be amazed at how much this saves you when you are not making random impulse buys!

Looking after your money is essential

For most students looking to study abroad, money management is not the first or most glamorous subject that will spring to mind. However, it is one of the most important. Making sure that you manage your money properly will allow you to have the best time possible and enjoy yourself as much as you can when there.

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