Studying Abroad comes with a High Price. Thus, it only makes sense to develop a well-planned out execution strategy in terms of financial planning, credit and risk exposure, and cash flow management. A good financial strategy goes a long way in developing useful managerial skills, entailing proper allocation of resources arising due to financial, time, and feasibility constraints. There are valuable lessons in saving early in life. A dollar saved early on in life is going to come back to its rightful owner in multiplied form because of compound interest. It’s so very essential to understand the fundamentals of finance. Rich Dad, Poor Dad is a must read for everyone starting on with life-changing education.

Remember, poor financial management cannot be solved with more Money. Hence, rather than feeling for such an effort as a painful process, take it as a lesson of a lifetime. We are mentioning few points worth paying attention to, when it comes to effective money management while studying abroad.

Use the Public Transport wisely

Cities in US, UK, Europe, Australia and New Zealand have a well-developed and efficient public transportation system. Thus, it is highly advised that students take maximum leverage in exploiting this alternative. Bus and metro passes are available to students at reasonable rates and travel is made possible without compromising much on quality and convenience.

Limit Party Time

What good does it serve to binge with friends on weekends and then wasting valuable time in getting back to the state. Much better is to take charge of the limited time that is available, towards furthering your learning and meeting career objectives. The opportunity costs involved in such pleasures are huge. Those party times can be utilized rather on professional networking, doing research on companies, brainstorming in study groups, developing one’s own corporate database etc. to gain measurable progress in reasonable time and space. Engaging in such activities will magnify and multiply the joy and satisfaction. Party can always be done then once every 2 months rather than possibly on every weekend.

Earn While You Learn

A part-time job experience while studying creates a lasting impression in the minds of recruiters since they understand that the candidate is already well versed with work culture, its dynamics, and the emotions that come with it. Equally importantly, the students can cover their living expenses through the money they earn during this time.

Use Travel Card and Medical Card

Governments of all countries have special benefits programs to provide students with travel and medical benefits at subsidized rates. Gaining information on these areas can serve both in routine activities as well as during crisis situations.

Pick a City with Low Cost of Living

Nothing can beat this smart move. This is the one strategic step that can straightaway wipe out 80% of your worries. Finding a city with a moderate or low cost of living can mitigate all the hindrances if it is not exceptionally far from the college campus.

Hone your culinary skills

Avoid eating out on a regular basis and instead start cooking at home. ‘HOW TO COOK EVERYTHING’ is a fabulous app that teaches you to prepare awesome delicacies in short time. The 4 Hour Chef by Tim Ferriss is another valuable resource that can save you money.

Avoid Hotels, Stay in Hostels or Rent in Group

Why stay in hotels when those same benefits can be availed at roughly one-third the price. Staying in hostels allows you to always be updated with latest happening on the campus and the calendar of events about seminars, company visits and the like. Renting in a group is another possibility wherein a synergistic alternative could be arrived at through brainstorming and discussion on multifarious issues and case studies.

Sell Your Books and Notes to juniors

Not just for money, but it also helps you to add on to list of acquaintances and exchange of ideas big time. Alternatively, you can use second-hand books which can be sourced at almost one-fourth price of the originals. Visit the library frequently and make notes. This will not only lead to better retention of the curriculum but also save you expenditure on new books.

Make the Most of the Student Discounts

Whenever and wherever possible, be proactive in availing the most of the student discounts. Be the part of student activity groups, read the campus notice board, and frequent retail stores to know about the latest discounts and festive offers.

Use Car Pool Facility

If you can stay with your friends, it’s wise to plan collectively and make the best use of Car Pool Facility. By this, the entire city can be covered and lunches and dinners can also be met economically.

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