Financial Survival Guide For International Students

Travelling overseas for your study as an international student will pull up money challenges from your sleeves. Firstly, you must be prepared to learn how to live abroad and handle your financial needs.

Secondly, it could be stressful to figure out the best way to make application and tuition fees, WES, SEVIS, and other payments abroad. However, considering the bank fees, transfer fees, and time you will spend at the bank, a financial app like Pay4Me can eliminate this first step of financial challenges.

Here is what to know about surviving financially abroad:

Open a local bank account

You don’t have to continue using your Nigerian bank account, except it has a branch in your new destination. A local bank account saves you from international bank charges. However, ensure you read about the bank you want to open as a student. 

You can talk to other students about their most preferred banks before you make your bank choice. With such a bank, you can receive payments from Africa. Meanwhile, if you want to make payments from Africa, Pay4Me App can help you with a seamless transaction.

Be Smart with your Money

You must learn how to save money abroad. Since you may not have support from home always, you need to know how to spend reasonably and save on certain items. Differentiate between our needs and wants before you make any financial commitment. 

As a student, you can reduce how you spend money in the following ways:

·         Share accommodation

·         Restrict your credit card usage

·         Buy second-hand books or digital editions

·         Use local transport passes

·         Shop during holiday sales

·         Look for flea markets or local stores for your shopping

Create Your Budget

You will discover that your days of enjoying some free stuff are over when you relocate abroad. Therefore, you here is a list of some of the expenses that await you:

·         Food and groceries

·         Credit card bills

·         Phone bills

·         Electricity bills

·         Monthly rent

·         Recreation and travel

·         Personal expenditure

·         Internet consumption

·         Transportation

·         Insurance payments

·         Toiletries

·         Study material

NOTE:  You need insurance to cover your medical and other emergencies abroad.

Do Not Abuse Your Part-Time Work 

While you have limited time to work as an international student, you should not get into trouble by working more than your allocated hours weekly. Most countries offer 20 hours to work part-time in a week, while you can work full time during your breaks. Do not forget that you must pay tax on what you earn.

The Student Status

You can use your student card for many discounts like movie tickets, shops, transportation, restaurants, and tourism events. Apply for your student card when you relocate to help save on some items. 

Pick Your Social Activities Wisely

Be mindful of what you do during your leisure. Eat less out and cook your meals. Use affordable social places, and don’t try to impress anyone by spending more on your social activities. Learn to establish a budget for everything you do.

Find Entertainment in Your City 

The excitement to conquer the destination and share pictures of your dream tourist attractions can make you spend more during your first few weeks. You should research areas that are cheap or free and save more. You will always find deals and promotions online for some tourist destinations.

Eat at Home

Learn to prepare your meals before you travel abroad for studies. It would be a lifesaver for you. You can eat healthier and save more when you cook. In addition, if you don’t have time to cook, cook in large quantities and store in the fridge for future use.