Many students dream to study abroad because of the vast exposure and a chance to create an impactful global career move. There is also a certain charm that comes with a foreign degree. Yet, like all great things, this does come at a cost. Financial constraints might affect a students’ experience abroad and therefore; financial management should be a priority for students’ who wish to study abroad.
In many cases students take study loans to manage their financial requirements when they’re looking at studying abroad. That, along with some basic money planning and budgeting one can be smart with other expenses and save some for rewards!
Here are a few points for you to budget and work smart with your funds when abroad:
- Choose your Remittance Partner
Paying your international university fees is one of the biggest components of your expenses when you choose to study overseas. While an education loan partner will disburse your funds to your Indian account, you will need to remit a substantial amount of these funds to your university directly abroad. Choose a trusted forex remittance partner to ensure you receive the best rate of the day and are able to remit your funds safely in a jiffy. Additionally, the WSFx Smart Fx App, lists over 700 reputed universities across the globe to remit your funds in a few clicks!
- Purchase local forex
Purchasing forex locally before you leave abroad can help you reduce costs. Like any other product, compare exchange rates of multiple certified money exchangers or forex companies. Even a slight margin might be of great help when it comes to foreign currency. Wall Street Forex offers competitive exchange rates with real time transparency with and door to door delivery of your foreign currency notes.
- Forex card over Debit/Credit cards
It’s a known rule in the world of travel to always secure yourself with a prepaid forex card over a credit or a debit card when you are travelling abroad. Saving yourself from rate volatility, and securing yourself from cross-currency fees, mark up charges, conversion fees or any hidden charges is the way to go. The WSFx Smart Currency Card is known to be the best forex card for students who are travelling overseas. The card can be loaded in any one of the 14 currencies and money from one wallet can be easily transferred to another when you do decide to go on that trip you didn’t plan for too.
- Remember to Budget it
It is imperative to be aware of your own financial status, for you to create a viable financial plan according to it. It is a wise idea to save some amount of money for sudden emergencies or situations. In your budget plan, you should include factors like your rent, bills, groceries, transport charges, study material in it. With a budget plan it would be easier to differentiate between priorities and non-essential expenses. Additionally, when you transact with WSFx, all students can avail a virtual International Student Identity Card which come with a host of benefits, helping you make the most of your money and thus, ensuring big saves.
- Be Smart with Finance
Studying abroad can prove to be expensive without proper financial planning in everyday behaviour. It is imperative to have a priority list and stick to it. You need to know how to save money on simple things and use it smartly. Reduce expenses by living with your friend, shopping locally, cooking at home, use public transport, explore the benefits on your complimentary virtual WSFx ISIC card, take up a comprehensive travel insurance plan and secure yourself to ensure to make the most of your years studying abroad fun and safe!
- Work to Support yourself
You can save time and expenses with an on campus job. The pay might be less while off campus jobs can usually pay higher. In most countries, students can work up to 20 hours per week. You can also work full time during the term breaks. The income from your job can help you manage expenses while also adding to your resume.
The world is constantly changing and moving towards newer solutions. Wall Street Forex is by your side to help you through securing the best multi currency travel card, best rates and safe transfers for remittance for education abroad, or simply to transfer money abroad online or to transfer funds abroad online in a jiffy.