How To Be A Frugal Student During Your International Study

Studying abroad can get expensive. Apart from the tuition fee and other educational expenses, you'll also need to shell out money for your everyday living such as for food, clothing, board, and so on. But you don't need to bust your parents' life savings during your international study. Be a frugal student by practicing these smart measures.

Avail the international student ID card

This ID card costs $22 but it can save you hundreds of dollars all over the world. For one, you can use it to get foreign currency at the airport without having to pay for the commission fee. You know how much money you'll be saving with that. Not only that, it also gives you discounts in restaurants, movies, shopping malls, and many more.

Use a debit card

First, you need to open a bank account in the locality. It would be a good idea to use debit card for your expenditures. It would be like using cash with the convenience of the credit card. The difference with the debit card and the credit card is that with the former, the expenses you make are deducted from the money in your bank account while with the latter, you're incurring debt. This will save you more money in the long run because it will help you avoid the temptations of overspending which is common among credit card users.

Set a daily, weekly and monthly budget

Before you can set a budget, go around town to see how prices are. Based on your observations, formulate a budget plan. Allocate a budget per month, which would be allocated towards monthly expenses like board, utility bills, internet, educational expenses, and so on. Then set a weekly budget for weekly expenses like groceries, food, and so on. For the daily budget, allocate an amount of money that you'll carry in your pocket when you go to school everyday. Sticking to your budget would allow you to spend your money smartly and help you save up for the rainy day.

Don't party too hard

All work and no play make Jack a dull boy. Many college students use this cliché as their motto, justifying their partying. There's nothing wrong to go out and have fun but set some boundaries. Sure, it's fun to party all week long and bust your savings on these. But if you think about it, it's not smart to do at all. Go out once a week and be reasonable with the expenses. It would also be a good idea to go out with people who have the same thinking as you do. It would be hard to keep up with people who like to burn their parents' money.

Get insured

Getting insurance like the global student health insurance or study abroad travel insurance can help so much in minimizing expenses such as when you get sick or injured. Medical expenses are very expensive especially in a foreign country so it's best that you are insured to be financially protected from these mishaps.

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