As we all know, studying abroad is an exciting and life-changing experience, but it can also bring with it, a host of challenges, particularly financial.
As an international student in Ireland, managing your finances becomes crucial for you if you’re looking to make the most of your time without falling into common financial traps.
So, today, in this blog we’ll be exploring a few steps you can take that will essentially help you make the most of your budget while you’re studying in Ireland.
1. Create a Realistic Budget
Okay, your efforts in avoiding common pitfalls in Ireland, start with creating a realistic budget, first. And this is because as a student who’s entering adulthood and learning about life, you might be tempted to explore a lot of things.
And in doing so, you’ll also be spending quite a bit of your money; the confidence for which will only come to you if you’ve planned your finances well by allocating your funds at the right places.
However, while you’re doing all of this, remember to make the budget as practical as possible, because if you don’t, the chances of you sticking with it are quite less.
Here, apps like YNAB (You Need A Budget) can help you a lot.
2. Choose Affordable Accommodation
Now, after you’ve learned to budget wisely, it’s time for you to start thinking about the aspect that’s going to make any of your budgeting efforts possible for you – opting for pocket-friendly accommodation. However, this should not be confused with you opting for a dilapidated one.
Yes, the stays that you might find might not be the absolute perfect one but our advice here would be to judge the options based on what amenity or quality matters to you the most.
It can be your need to make friends, play games, work out, and so on. Anything goes.
3. Beware of Hidden Fees and Expenses
Once you’ve gotten inside your stay, it’s time for you to analyse your financial statements and check for hidden costs.
Honestly, you shouldn’t be even a bit ashamed to enquire about those if you find a discrepancy that rings a bell because your hesitation might cost you money that you could have used elsewhere.
A better alternative would be to open up a student bank account in a local financial institution that ensures that your funds are safe and secure.
Also, you can even consult them for avenues where you can potentially park your surplus corpus instead of spending it on things you don’t feel passionately about.
4. Cook at Home
Speaking of passion, one good way to budget as an international student and channel your passion for food at the same time is cooking at home; because let’s face it, all of us love food! You can also make your favourite dishes at your student accommodation in Cork, right?
You can start by sourcing the groceries from affordable supermarkets like Lidl, Aldi, and Tesco. After that, you can just plug in some music while you’re crafting the most delicious culinary items.
This way you not only end up making the most out of your money, but your time and passion as well.
5. Take Advantage of Student Discounts
Since we’ve talked about getting your groceries from affordable supermarkets, we’d advise you to take adequate advantage of student discounts.
In this regard, Ireland’s Student Leap Card or a Young Adult Card allows you to travel at reduced rates on buses, trains, and trams.
Similarly, there might be plenty of departmental stores where you can flaunt your student credentials and benefit from them. Only, we’d say that don’t overdo them as overdependence on discounts will eventually result in you prioritising savings over quality.
6. Manage Currency Exchange Costs
Also, when it comes to budgeting as an international student in Ireland, it’s pretty important that you keep an eye on currency exchange costs regularly; especially before transferring money from your student accommodation in Dublin. This is because in many cases students have had to pay hidden fees for availing of money transfer facilities.
Facing such issues might discourage you from making financial transactions, which serves very little purpose. This is because making transactions on a regular basis builds up your credit score.
So, we’d advise you to research the market thoroughly before finalising one as money once lost on ill-informed decisions, won’t return; a penny saved is a penny earned.
Conclusion
So, putting all of it together, we’d say that managing your money as an international student in Ireland is not much of a task.
You must remember that you’ll have to cut down on a few unnecessary expenses, educate yourself on financial matters, and then make choices that are free from any emotional biases. You’ve got this, all the best!
How can amber help you?
amber helps you secure student accommodation of your choice on your study abroad journey. Having served 80 million students (and counting), amber is your one-stop shop for all your accommodation needs. Download the amber app from the Google Play Store or App Store to book an affordable home for your adventure.
Author’s Bio
Ayush is a daydreamer with a knack for rationalising his abstract thoughts into reality. You will find him gazing at the flowers, longing for the raindrops to play music on their soft petals. He likes to enjoy an unhealthy amount of cinema, for he believes that is the healthiest way to live a thousand different lives.
