Explore the ways to save money once you are on the foreign shores

For many studying abroad costs a fortune. But it does not work out to be that way as there are few smart ways to save money. One of the ways could be opting for a shared en suite. When you are studying abroad it happens to be one of the most cherished moments of your life. It is the right time to soak into the atmosphere of cultural and educational experiences and your aim is to have fun to the maximum extent possible. Be aware that a lot of activities on the foreign shores is going to cost you a lot of money and to be short of cash is one of the common problems that students face. It could be from booking your tickets to finding student accommodation cheap, as you might need money for each and everything.

Now, how you can save money once you are in an alien land. Let us explore certain tips on saving money on the foreign shores as this is going to help you considerably

Have a budget ready

Start by preparing a budget and stick to it. It is one of the most important skills for money management abroad. Even if you move somewhere the cost of living is low and have on-campus accommodation if you do not manage money wisely trouble is in store.  If funding and loans are common at the start of your term it could be a lot of money. All this can be hard and tap on to your income and it is better to deduct the essentials. Savings in the form of shared apartment might be a sensible choice.

At an initial level budgeting can be tough as it would be difficult to factor in all expenses. But there are numerous apps and calculators in place to make your task easier.

Be spot on with research

Before you embark on your journey abroad have all research-ready. Ensure that it is as economical as possible. For example, if you are yet to decide on a university check out the cost of living in various locations. A sensible approach would be to opt for budget centric locations where prices are less. When you are a student accommodation is a major expense and a better option would be to avail private halls of residence if there is one.

Exploring the possibility of a part time job

At certain times jobs may be hard to locate if you are a student abroad. But it presents a perfect opportunity to earn some money or gain a certain degree of experience for your future days. Most universities also provide part time internship and job opportunities for the students that can be of immense help. Combining studies with job provides an excellent opportunity for saving money when abroad. Make sure you have sufficient time at your disposal to balance your personal and professional life.

Practice the art of cooking

A major expense of any student who resides on the foreign shores is cooking. For special occasions, if you dine out it is ok for the bank balance. On the other hand, if you happen to munch in restaurants and cafes on a regular basis then you have to give it a serious thought. If you are able to cook food with necessary ingredients at your dual occupancy studio you end up saving a lot of money. Now once you are on the foreign shores you can pick up some traits about the local cuisine. Most of the on campus accommodation spaces have cooking facilities.

Reduce the frequency of calls to your home

If you are trying to settle in a new culture, then getting in touch with your home can seem to assure.  But take into consideration that international calls shoot up the expenses. It is better if you are able to save money once you purchase a local SIM card. They work out to be cheap and you will not be charged for an incoming call. There are various other avenues for calling your home like Google Hangouts, Skype and Whatsapp. If they are not available in a particular country then take help from apps like Viber.

Looking out for cost-effective options

Once you are in a foreign land there is only a limited amount of money that you can take. In fact, a major portion of the amount is spent on en suite or trying to find accommodation. In addition, you might have to purchase cutlery or crockery once you are abroad. It is better to avoid expenses and stick to thrift or cheap stores. There is a strong chance that you might strike some good deals and buy superior quality items at throwaway prices.

Opening up a bank account

Till you are looking to float in banking charges, a sensible move would be to open up a bank account in your home country. Then you can avail a debit or a credit card to authorize transactions abroad. Most countries might require your passport, visa proof along with an initial deposit for setting up an account. In case of others, they might be numerous secondary documents needed like another id or it could be a statement on why an account is needed. An example is to pay your studio rent expenses you might need an account.

It is going to take some amount of time to open up your account, but in the meantime adopt a smart approach to your ATM usage Withdraw a lot of cash at once to minimize charges and even try to figure out whether your parent bank has any affiliations in the foreign country. Remember you might be able to use them for free. Do keep in mind that the credit and debit card companies might even charge you abroad. It is beneficial to stick to cash as far as possible.

To conclude before leaving for the foreign shores these are some pointers you have to be careful. If possible try to fix a shared apartment before you reach the country.