7 WAYS TO MANAGE YOUR FINANCE AS AN INTERNATIONAL STUDENT

Managing expenses as an international student can be hard, especially in the first few weeks when you are settling in a new country. Students who often depend on their finances on either scholarships or parents need to run on a tight budget, and managing it can be difficult. However, with proper budget management, it is possible to manage the finances even as an international student. Here are a few ways to manage it.

1. Create A Budget 
The foremost important thing to get started with your financial management is to create a budget. Also, this budget should be a practical budget with a buffer space. While creating a budget, consider your financial status first. What is the monthly allocation of the budget? Is there an extra source of income like a part-time job or money from Lottery Sambad? Then list out the expenses. It is better to categorize the expenses into fixed expenses like rent and utility bills. The other category includes non-fixed expenses like recreation activities, buying tickets to Dhankesari, or partying with friends. It will help you better understand where you can save money and spend it on important things.

2. Look For Subsidies 
Most popular international education destinations provide student subsidies. There are public discounts on food and even travel passes. The same rules apply to libraries. Look for student discounts always and be thrifty about it. Getting student discounts can save tons of your money.

3. Get A Part-Time Job 
Getting a part-time job is not compulsory, but it can prove to be extremely helpful. It is common for international students to pursue part-time job to reduce their financial burden. Look for jobs that are hiring freshers or college students and apply. However, pursuing your part-time job ensures that it does not hamper your studies. You are out here in a foreign land to complete your education and not to work. Pick a part-time job that easily fits into your schedule without overburdening you.

4. Observe The Locals 
The locals are experts in managing their monthly expenses in that particular country. When you observe or talk with the locals, you get to learn their spending habits. Information on where you can find groceries at a reasonable price or a departmental store that sells products at wholesale rates provides you with a cost-effective way to get the things that you need without burning a hole in your pocket.

5. Invest In A Bicycle
With the rising cost of fuel across the globe, transportation has become an expensive affair. If you need a mode of transportation to reach your campus, we recommend you invest in a bicycle. With a bicycle at your disposal, you also save time by waiting for a bus. Similarly, you save money on cab transportation when you miss a bus. Many western countries have bicycle-friendly zones, and it is common for students to ride to their campus. You should consider the option of buying or renting a bicycle.

6. Opt For Used Or Digital Textbooks 
Books are expensive, especially books designed for higher education. You can save a lot of money if you go either for used or digital textbooks instead of a new textbook. Also, you have the option of borrowing textbooks from the library. Furthermore, once the course is over and you no longer need the books, sell the textbook and reinvest it to buy another reused book. Maintain a good connection with your seniors because you can always borrow their books too.

7. Avoid Non-Essential Expenses
If you are an impulsive buyer, you need to control the urge to buy anything impulsive just because you feel that you need that product at a particular moment. Impulse buying can greatly affect your budget and create a tight situation for you. You can know more about the non-essential expenses once you observe your spending habits. Therefore, we also recommend you keep track of your expenses. Many budgeting apps allow you to create both a budget and monitor your expenses.

To manage your finances, you must engage in proper planning and expenses. If the planning is rigorously followed, you might also end up saving money. Also, it is important to note that sometimes there are unwanted expenses that cannot be avoided. Having some money in your savings can prove to be quite handy in such situations.