Are you looking forward to a future study abroad opportunity? Have you enrolled at one of the many excellent colleges in London? Are you excited for your studies but worried how you will manage your day to day finances while away from home? If so, these finance tips may be just what you need! Read on for some excellent advice to help you avoid many common student money mistakes and make the most of your time abroad.
Start with a detailed plan of what you will spend each month. Figuring out what you will be spending can be an overwhelming task, but even a rough estimate is better than nothing. Research how much staple items cost in the UK, such as food, clothing and basic transportation. If you know anybody who has previously studied in the UK, politely ask how much they spent each month. Check online sites that are designed to help you find this information. In short, do the necessary research to help you make an educated guess of how much you will need. You will never be entirely accurate, but this is still the best place to start.
Once you have a rough idea of how much the necessities will count each month, figure out what you want to spend on extras as well. Studying abroad at colleges in London will give you plenty of opportunities for fun events and you will want to be prepared to take advantage of them! Even if you can not afford to have a lot of disposable income, a small amount will make you much more comfortable abroad and will allow you spend some time relaxing and enjoying yourself.
It is also extremely important to budget extra money, above what you think will be needed for essentials and non-essentials. This money can be called your "emergency fund" or simply your "unnecessary expenses fund." Either way, it will serve as a safety net while you study abroad. You may never use any of it, or you may suddenly find yourself using all of it! When in a foreign country you never know what will happen, so being prepared for anything is absolutely necessary. The best way to protect yourself from borrowing money or finding yourself in debt is to prepare for the worst.
Another important aspect of student finances is earning income. You may wish to find a job while you are a student, or you may wish to focus all of your energy on your studies. Either way, you will need to find a way to have some money saved up for the expenses we have already discussed. Speak with parents or other relatives and find out if they are willing to contribute to your budget. Consider working during school vacations, on the weekends, or during the months before you are scheduled to leave. The most reliable option is undoubtedly to find a job while attending colleges in London, but this is not always possible or practical. No matter which option you choose, the earlier you begin to plan, the better the results will be.
Start with a detailed plan of what you will spend each month. Figuring out what you will be spending can be an overwhelming task, but even a rough estimate is better than nothing. Research how much staple items cost in the UK, such as food, clothing and basic transportation. If you know anybody who has previously studied in the UK, politely ask how much they spent each month. Check online sites that are designed to help you find this information. In short, do the necessary research to help you make an educated guess of how much you will need. You will never be entirely accurate, but this is still the best place to start.
Once you have a rough idea of how much the necessities will count each month, figure out what you want to spend on extras as well. Studying abroad at colleges in London will give you plenty of opportunities for fun events and you will want to be prepared to take advantage of them! Even if you can not afford to have a lot of disposable income, a small amount will make you much more comfortable abroad and will allow you spend some time relaxing and enjoying yourself.
It is also extremely important to budget extra money, above what you think will be needed for essentials and non-essentials. This money can be called your "emergency fund" or simply your "unnecessary expenses fund." Either way, it will serve as a safety net while you study abroad. You may never use any of it, or you may suddenly find yourself using all of it! When in a foreign country you never know what will happen, so being prepared for anything is absolutely necessary. The best way to protect yourself from borrowing money or finding yourself in debt is to prepare for the worst.
Another important aspect of student finances is earning income. You may wish to find a job while you are a student, or you may wish to focus all of your energy on your studies. Either way, you will need to find a way to have some money saved up for the expenses we have already discussed. Speak with parents or other relatives and find out if they are willing to contribute to your budget. Consider working during school vacations, on the weekends, or during the months before you are scheduled to leave. The most reliable option is undoubtedly to find a job while attending colleges in London, but this is not always possible or practical. No matter which option you choose, the earlier you begin to plan, the better the results will be.
