Studying abroad costs around $13,000 in fees on average, but there are many other costs to take into account. If you move to a renowned city like London or Paris, then you can expect to pay more for accommodation, food and activities. You can save cash by moving to a country with low living costs, but you still have to be good at managing your money. When dealing with a foreign currency, it can be hard to gauge how much something costs, causing you to overspend. Luckily, there are a few simple habits you can implement to ensure you don’t run out of money during an amazing year spent studying overseas.
Research Your Destination Country
In order to budget effectively, you will need to become familiar with the price of essentials in your destination. You can find specific advice for different countries online; this review of XE Money Transfer, for example, offers particular advice for New Zealand. Being a relatively expensive country, it is important for students located in New Zealand to set their budget accordingly, while for other countries you might be able to set a less strict budget.
Convert All Your Purchases
Download a currency converter app so that you can see the exact price of everything you buy. The average person overspends when abroad, and it is very rare that someone stays within budget. This is especially true where the value of the currency is significantly lower than your own. When guessing, people tend to estimate a price to be lower than it really is, so use a currency converter to ensure accuracy.
Furthermore, some items that are familiar in your home country may be vastly more expensive abroad, even if general living costs are lower. When you convert the price, you’ll find better deals on locally sourced products.
Explore The Options For Free Fun
Studying abroad is a time to really enjoy yourself, but this doesn’t necessarily involve spending money. If your budget is tight, think about entertainment options which don’t cost a penny. For instance, many museums in the UK are free, while other countries will have plenty of nature you can explore. This could end up being a more fulfilling and memorable experience than that things you pay for.
Studying abroad is an amazing experience, so don’t ruin it by landing in financial problems. Do your research beforehand, keep a close eye on currency conversion rates, and explore free entertainment options. With these three tips, you will find it easier to properly manage your finances while studying overseas.