Many foreign students find managing their expenses especially during the first two years very much challenging. Some end up as drop outs or getting involved with illegal activities due to these financial issues. There are many unexpected expenses that are quite difficult to anticipate and managing them won’t be easy if you don’t work with a plan and a budget. Given in this article is a list of things that will help you manage the expenses thriftily.
Always consider the exchange rate
You must always keep a good watch out on the exchange rate between the currency of the country where you study and your home currency. Especially before you find a part time or a full time job always make sure you convert the amounts that you spend as expenses and see how much is remaining for your future expenses. As the rates are highly volatile and fluctuate too soon if you are making any currency transfers make sure you do them when the rate is in your favor.
Create a budget
Prepare a statement of your monthly income and expenses. Consider all amounts that you will be receiving; from home as well as from a part time job and also take all your expenses into account as well as an extra amount for unexpected sudden expenses. Calculate all your fixed costs like food, study material, rent serviced apartment in Hong Kong cost, internet, phone bill etc. and divide them weekly or monthly in whatever the way you get your income. Check if you have any savings and what other expenses you may have like for entertainment or for a day out. This will give you a lot of freedom in mind as you know where your limits are when spending your money.
How to save
The two things that you can save on are transport and accommodation. If accommodation is provided for you by the university it won’t be a problem but most students have to find accommodation on their own. The best thing for you is to share your rent serviced apartment with a few others who are compatible with you. On the other hand, it is also good to rent or go to a serviced suite, click here for details. This will reduce the cost of the apartment as the amount is shared among two or three others. When traveling make use of your student ID as many countries provide reduced rates for students. Use public transport as much as possible and specially when traveling home or taking long distance flights, book the tickets in advance to avoid peak time high rates.
Know the area of your stay within a few weeks’ time. Walk around and see what shops have the best choices at low rates. Look for a dollar store or a co-operative where you could find good bargains. Learn to cook. Cooking will be very much cost effective than buying food every day.