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Overseas education can be an expensive journey. However, with the right financial moves, it is easy to save money and manage your moolah when abroad. So, here are some money-saving techniques for you to make the most of your study abroad experience.
Key Highlights
Financial well-being is the process of managing finances responsibly both in the present and the future. It’s about developing healthy financial habits so that you can meet your day-to-day expenses and save money.
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Budgeting is important to get a concrete idea about your expenditure and saving. You can learn money management by following a 50/30/20 budget rule, i.e., spend 50% of your money on essential living expenses (groceries, accommodation, utilities, etc.), 30% on non-essential expenses (shopping, entertainment, travelling, etc.), and the remaining 20% should be saved. For instance, if you have USD 1,000, you can spend USD 500 on your essential expenses, USD 300 on non-essential things, and save USD 200.
Noting down your expenditures regularly will give an idea about the monthly payments and how much money you are spending on necessary and unnecessary expenses. Follow this activity and compare your spending every month to cut down on extra costs.
Accommodation is one of the biggest expenditures for students while studying abroad. This expense can be reduced easily by opting for shared accommodations like student dormitories, shared rental apartments, etc. Living with roommates is one of the best ways to save money and make new friends.
Regularly eating out will deplete your financial resources soon. To avoid this, you can learn to cook and prepare meals at home. You can buy groceries from local markets at affordable rates. Moreover, you can prepare your meals in advance so that you can get enough time for your studies. This will also keep your health in check!
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Setting aside a certain amount of money as an emergency fund is a healthy financial habit. An emergency fund acts as your safety net to meet unexpected expenses and thus offers peace of mind.
Studying abroad is a life-changing experience as students get the chance to make new friends, learn about a new culture, and take on new responsibilities to manage everything, including finances. Thus, students need to learn the art of living within a budget to avoid any financial woes.
Some of the most effective saving and managing money tips for students are as follows:
With these interesting strategies, you can enjoy your overseas education without any financial hiccups. If you are facing any financial challenges while planning your academic journey, you can apply for a student loan. At Avanse Financial Services, we offer customised education loans with several benefits. Get in touch with us to know about education loan interest rate, the process to apply for an education loan online, etc.
We always aim to offer you competitive interest rates on your Avanse Education loan.
The rate of interest on your loan is calculated as: Interest Rate = Avanse Base Rate +
Spread.
Our current Base Rate is 14.25% (WEF 01.05.2023).
The Spread is floating and is based on analysis of overall credit and course profiling.
This rate is subject to the terms and conditions of Avanse Financial Services Ltd.