Facing Troubles Managing Finances While Studying Abroad? Here Are Some Tips On How To Do It Right

It is a common complaint among young students who are in a foreign location, that they are not able to save. Saving is a complex procedure which is mastered by only few. But, it is not a rocket science that cannot be learnt. Today, let’s discuss few tips which have worked for students earlier and will continue to do so if effectively used.

Mind your expenses

Students are often swept away by the style of the foreign country they are studying in. With the fancy, students forget that they need to save. Students buy things that would keep them fashion forward. The new city’s cuisine is also an attraction where students usually end up spending more than required. Studying abroad is an expensive decision and little mistakes like this, would cost the students heavily. It is very important that the students restrict themselves. You can shop for your clothing needs online through Nordstrom and other sites which believes in keeping your pockets happy with heavy discounts. Before shopping, make sure that you do a quick online search and pick the best of Nordstrom coupons which would give you a discount on your purchase. Nordstrom sale is also a good option for students with which they can stay ahead of fashion while being soft on pockets. So don’t forget to use a Nordstrom promo code the next time you shop online.

 

Get your facts cleared about conversion rates and ATM transactions

This is one thing that students must clear their doubts about even before arriving. It is very important that you get your knowledge about the conversion rates of your home currency and the currency of the country you are studying in. Students often have a misconception about flat ATM fees, but it must be cleared that there are different charges that the bank might charge upon you. The foreign bank would charge you a certain percentage on every transaction that you make. Students, if have no other option, are advised to withdraw more money in a single transaction than making small transactions many times to save up on the transaction fees that the bank charges.

Global ATM Alliance- a boon for travellers and students

There are some international banks that have entered into an alliance. The banks under this alliance offer its customers freedom to use the ATM’s of other banks under the alliance without any extra charges. With an account in any of the banks under this alliance would be a positive for students who lose their savings on the transaction charges that the bank imposes on their ATM transactions.

With these simple money saving tips, students can manage their finances in a better way. It is always important to plan the budget and stick to it to avoid financial crisis. Students should learn these and other techniques when they are in a new country. They can also use some simple ways to save money like, share a room with friend, cook food instead of eating outside and so on. Shop and save cautiously and make your study abroad a wonderful experience that is not heavy on pockets of your sponsors.