Studying Abroad – How Can You Organize Your Money Better

Studying Abroad

Studying abroad is definitely not easy, especially if you don’t consider yourself an independent person. Having a lot of responsibilities is something you’ll have to deal with during your studenthood because no one will be there to take care of the tasks you need to complete. If you got used to your parents cooking, doing laundry or cleaning the house, you might encounter a little bit of trouble when moving alone. Living in another country or another city is difficult enough on its own, without adding studying for university and taking your exams.

You have to learn how to manage your time better, how to take care of each task that you have to complete at the end of the day, how to communicate with people and – last, but not least – how to deal with money. You won’t be able to ask for money each time you spend it recklessly. Students usually get a fixed amount of money each month from their parents and they also get a part-time job to cope with all they have to pay. Yes, it definitely won’t be all milk and honey, but once you get a better grip on it, everything will seem much easier. Here are some tips that could help you manage your money better:

Learn the formula for spending and how financial systems work

So, spending has a formula that you should learn in order to properly manage your money at the beginning of the month. Your after-tax income represents the amount of money you are left with after paying all of your taxes. Put together a list of all the taxes you have to pay each month and see what you have left for your personal needs. Personal needs include housing spending, utilities, debt,and food. After calculating how much you’ll spend on your personal needs, the money left is entirely dedicated to your wants. Dining out every now and then, paying a gym membership or going on a trip with your friends are things that you can or cannot do depending on your financial situation.

The next step would be learning how financial systems work. Your parents don’t have to physically send money to you. Learn more about Kora inclusive financial systems or other services that can help you withdraw, deposit or transfer money easily. In an era of technology, it would be unnecessary to go to the bank to make a money transfer. There are plenty of companies that offer services for fast and secure money transfer. Get informed about how to use them and you’ll no longer have to make additional visits to your bank.

Stop wasting money on…

Students tend to waste money on food. In case you live in an apartment that has a kitchen or a complex with a public space for cooking, don’t hesitate to learn how to cook. In case you spend money on any magazine subscription or anything that’s not relevant to you at the moment, cut it off. Go out less often in case you observe you spend too much money on it.